Tyson Foods venture capital arm Tyson Ventures has invested in the US-based food startup company Memphis Meats, which produces cultured meat from animal cells.

Financial details of the investment have not been divulged by either company.

With this investment, Tyson Foods will acquire a minority stake in Memphis Meats and will be joining a diverse group of investors that include Bill Gates, Richard Branson, DFJ, Atomico, and Cargill.

Tyson Foods corporate strategy and chief sustainability officer executive vice-president Justin Whitmore said: “We’re excited about this opportunity to broaden our exposure to innovative, new ways of producing meat, especially since global protein demand has been increasing at a steady rate.

“We continue to invest significantly in our traditional meat business, but also believe in exploring additional opportunities for growth that give consumers more choices.”

“We are accelerating our work and building out a world-class team to make this a reality.”

The investment will be used by Memphis Meats to speed-up product development.

The meat company is currently expanding its team of chefs, scientists, creative people and business people.

Memphis Meats co-founder and CEO Uma Valeti said: “We are excited that Tyson Foods will be joining us in our mission to bring meat to the table in a sustainable, affordable and delicious way.

“Our vision is for the world to eat what it loves, in a way that addresses today’s challenges for the environment, animal welfare and public health. We are accelerating our work and building out a world-class team to make this a reality.”