One of the world's biggest meat companies just invested in a Bill Gates-backed startup that makes lab-grown meat

• Tyson Foods announced on Monday that it has invested in Memphis Meats, a startup that makes cultured meat.
• Past investors have included Bill Gates, Richard Branson, and the food and agricultural giant Cargill.
• Proponents of plant-based and lab-grown meat say that they are environmentally -friendly alternatives to traditional meat.
• The meatless protein industry is expected to grow globally, despite the fact that meat consumption may hit an all-time high this year in the United States.

Tyson Foods — one of the largest meat producers in the world — is looking beyond the farm for chicken and beef.

On Monday, the company announced that its venture capital arm has invested in Memphis Meats, a Silicon Valley startup the grows meat in a lab. Tyson is not disclosing the value of the deal, which will focus on product development.

It will join Memphis Meats' list of prominent backers, including Bill Gates, the food giant Cargill, and Richard Branson.

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This isn't the first time that Tyson has thrown support behind meat alternatives. In 2016, the company bought a 5% stake in Beyond Meat, a company that makes plant-based burgers, chicken, and sausage.

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The plant-based meat industry is expected to grow globally in coming years, despite the fact that red meat consumption may hit an all-time high this year in the United States.