AUSTIN, Minn. – Hormel Foods Corp. announced on Oct. 6 that its venture capital arm of the company, 199 Ventures, has entered into an exclusive partnership with The Better Meat Co, based in Sacramento, Calif.
The company’s alliance will help bring a new mycoprotein and other meat-alternative food products to market.
According to The Better Meat Co., Rhiza’s mycoprotein is produced via a potato-based fermentation that was started by the company. It has a meat-like texture that claims to have more protein than eggs and more iron than beef. The ingredient is also free from major allergens, low in fat, and does not contain cholesterol or genetically modified organisms.
“As a global brand food company, we understand that our food culture is changing at a rapid pace and that people are curious and willing to try great tasting plant proteins,” said Fred Halvin, vice president of development company at Hormel Foods. “We are delighted to be working with the team at The Better Meat Co. to continue to provide delicious and convenient mycoprotein and plant protein products. “
The Better Meat Co. started in 2018 and produces alternative meat creations that are mixed with beef, pork, chicken or fish. Its first major partnership led to the launch of Perdue Farms’ Chicken Plus line of fillets, patties and nuggets, which is now sold in 7,100 grocery stores.
“We are proud to partner with Hormel Foods to unleash the power of fermentation to create an even more sustainable food supply,” said Doni Curkendall, executive vice president of operations at The Better Meat Co. “Hormel Foods has a vast expertise in animal and plant protein, and we look forward to working together to bring our delicious mycoprotein to the world. “
Hormel launched 199 Ventures in 2019 to help the company invest in other businesses that are aligned with its future in food processing.
Hormel Foods has developed other plant-based products for Planters Peanuts, Skippy Peanut Butter and Justin’s Nut Butters, as well as several plant-based pizza toppings in the restaurant industry by l through its subsidiary Burke Corporation and under the Happy Little Plants brand.