Puris Proteins, a Minnesota company that provides a key ingredient for Beyond Meat products, has received a $75 million investment from agribusiness giant Cargill.
Founded in 1985, Puris is the largest North American producer of pea protein. The company will use the funding from Cargill to more than double production at its 200,000-square-foot facility in Dawson.
"This investment will grant Puris the ability to support more food companies, more farmers and more consumers faster," Puris President Tyler Lorenzen said in a statement.
Wayzata-based Cargill has now invested more than $100 million in Puris over the last two years. It first invested $25 million in January 2018, then contributed another $12.5 million six months later.
"As consumer demand increases for plant-based proteins, we want to make sure that Cargill, with our partner Puris, can deliver on-demand with great tasting, sustainable and label-friendly pea protein for customers in North America and across the world," Laurie Koenig, Cargill texturizers and specialty lead, said in a release. "This investment also provides significant support to the local economy with approximately 90 new jobs and a new revenue stream for Midwest farmers."
Companies like Beyond Meat have grown in popularity over the past several years as demand for alternative proteins has increased. The company sells its Beyond Burgers at grocery stores and restaurant chains across the country.
Beyond Meat raised approximately $240 million at a valuation slightly shy of $1.5 billion when it made its initial public offering in May. Earlier this month, the company priced its secondary offering of shares at $160 – more than six times the price charged less than three months ago.
Analysts predict that pea protein will be a $300 million industry by 2025 – outgrowing other plant proteins like soybeans.
