Tyson Foods joins the venture capital field

The venture capital market is getting... beefier.

On Monday meat processor Tyson Foods announced it would be creating a $150 million venture capital fund designed to "fuel the future of food."

The fund, called Tyson New Ventures, will be looking for companies that are pursuing new ways to commercialize "delicious, safe and affordable alternative proteins," fight hunger and food loss, as well as tapping into the so-called "Internet of food" that uses technology and the internet to improve the food chain process.

Tyson's announcement comes less than two months after it disclosed that it had taken a 5% stake in alternative meat company Beyond Meat. While at the time the investment appeared as an outlier for the maker of brands like Hillshire Farm, Sara Lee, and Jimmy Dean meats, the move now has been revealed to be the first for the new investment arm.

The new fund will be based in Chicago, not Springdale, Ark., like its parent company. Mary Kay James, a former venture capital manager at DuPont Ventures, will be leading the group.

Tyson Foods is just the latest "Big Food" company to join the world of venture capital. Breakfast giants Kellog's and General Mills have each created similar investment divisions as has Coca-Cola and Campbell Soup.

The move towards investments comes as traditional food companies look for new ways to find innovation in the food space. At $150 million Tyson's fund is one of the larger food-company ventures announced this year. Kellogg's fund, announced in June, plans to invest about $100 million in food startups. Campbell's venture, announced in February, said it plans to spend $125 million.

Follow Eli Blumenthal on Twitter @eliblumenthal