Tyson Foods Inc.'s venture capital arm, Tyson Ventures, has sold its stake in plant-based protein startup Beyond Meat, regulatory filings show.
The sale was first reported by Axios' Pro Rata e-newsletter.
Tyson, of Springdale, had invested about $23 million in the company. It purchased a 5 percent stake for $15 million in 2016, then added another 1.5 percent stake later that year for about $8 million.
Financial terms of the sale weren't available. In a statement, the meat processor said it was pleased with its investment and "the time is right to exit."
"Beyond Meat provided an early opportunity for Tyson Ventures to invest in plant-based protein products that many consumers are seeking. We wish the leadership of Beyond Meat all the best," the company said.