Plant-based burger maker Beyond Meat has raised a further US$55mn in its latest round of fundraising - enough to triple the production capacity of its well-known “bleeding” meat burger and plant-based alternatives.
The latest fundraising round for Beyond Meat was led by venture capital fund Cleveland Avene, which is significant given its founding by form McDonald’ CEO Don Thompson.
This adds to the US$90mn raised in previous funding rounds with notable investors including Bill Gates, Leonardo DiCaprio and Twitter co-founders Biz Stone and Evan Williams.
Tyson Foods, the largest US meat company by sales, increased its stake in the company beyond the initial 5% it acquired in October 2016, calling it a “game-changing product.”
“Global demand for all protein remains high and we’re passionate about meeting that demand sustainably,” said Justin Whitmore, executive vice president of corporate strategy and chief sustainability officer at Tyson.
“Our investment in Beyond Meat provides another fantastic alternative for consumers as we strive to sustainably feed the world.”
Beyond Meat said that it would use the funds to triple the size of its production, fund its R&D efforts and expand sales and distribution.
The company’s burgers are currently sold in more than 5,000 stores including Whole Foods and Kroger.
Next month, the plant-based protein maker aims to enter all TGI Friday restaurants, which will integrate the vegan patty into their Burger Bar.