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Tyson Ventures, its venture capital arm, joined other investors
in the deal raising funds for Chicago-based Tovala, which uses
bar-code technology in meal preparation. Tovala will use the
money for marketing, product investment and expansion.
David Rabie, Tovala co-founder and chief executive officer, said
the ovens will make it easier for people to eat at home by
controlling the experience including the hardware, software and
food without sacrificing convenience, health or taste.
Tovala provides a steam oven and delivers ready-to-cook meals,
and the customer scans a bar code with a smart phone to cook the
meal.
Last month, Tyson said it invested in Memphis Meats, a startup
that grows meat from animal cells. Late last year Tyson
increased its stake from 5 percent in plant-based protein
producer Beyond Meat, but did not say by how much.
The financial terms of the Tovala deal were not disclosed.
"We're a protein company now and with that comes a whole host of
new spaces to look at and opportunities to consider, if you
think about that in the framing for what we're going to
ultimately focus on," Justin Whitmore, Tyson's executive vice
president of corporate strategy and chief sustainability
officer, told Reuters.
Whitmore said the deals with the alternative protein startups
does not mean Tyson is moving from its traditional meat roots.
"Growth in protein implies there could be new alternatives
emerging and that's where you see some of our investments in the
cultured and veg-based meat spaces and our protein space as
well," said Whitmore.
(Editing by Jeffrey Benkoe)
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