Investors have a growing appetite for “alternative proteins” as a healthier, more environmentally sustainable food source.
The California-based Beyond Meat, known for its plant burgers, raised $55 million from former McDonald’s CEO Don Thompson’s Cleveland Avenue, a food-and-beverage venture firm, with backing from poultry giant Tyson Foods’ venture fund.
The funding comes after Beyond Meat’s deal to sell its vegetarian burgers in the casual dining chain TGI Friday’s. Alternative protein was a $4.2 billion market worldwide last year; it’s expected to grow by as much as 25% by 2022.
In August, Impossible Foods raised $75 million for its meatless burgers.