199 Ventures, the venture capitalist arm of Hormel Foods, has partnered with The Better Meat Co. to develop new mycoproteins and plant-based proteins.
"As a global branded food company, we understand our food culture is changing at a rapid pace and people are curious and willing to try great tasting, plant-based proteins," said Fred Halvin, vice president of corporate development at Hormel Foods.
"We are excited to work with The Better Meat Co. team to continue to offer delicious and convenient mycoprotein and plant-based protein products."
The agreement will focus on The Better Meat Co.’s Rhiza mycoprotein ingredient, an all-natural ingredient produced via potato-based fermentation. Rhiza has a meat-like texture, more protein than eggs and more iron than beef. The ingredient can also be used to enhance ground beef, pork, fish or crab or as an egg replacer in baked foods.
"We're proud to partner with Hormel Foods to unleash the power of fermentation to build an even more sustainable food supply," said Doni Curkendall, executive vice president of operations at The Better Meat Co. "Hormel Foods has a deep bench of expertise in both animal and plant proteins, and we look forward to working together to bring our delicious mycoprotein to the world."
The Better Meat Co. opened a new mycoprotein fermentation facility in Sacramento earlier this year. The company also has partnerships with several other meat and poultry companies, including Johnsonville Sausages and Perdue Farms.
Expansion of existing brands
The partnership expands Hormel Foods’ portfolio of plant-based and plant-forward proteins.
In 2019, Hormel launched the Happy Little Plants brand, a plant-forward protein portfolio. Happy Little Plants are distributed in select retail outlets. Its flagship product is a ground plant-based protein alternative containing 20 grams of non-GMO soy protein, is only 180 calories, with no preservatives, no cholesterol and is gluten-free.
Hormel Foods operates in many food categories. Specific to the poultry industry, it is the parent company of Jennie-O Turkey Store and Applegate. However, it also is the parent company of Spam, Skippy, Black Label bacon, Columbus Craft Meats and Planters, among other brands.
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