USA, New York. Next Gen Foods announced the rollout of its first product, a plant-based chicken alternative, available in a range of iconic restaurants across the US after the largest Series A funding round to date for a plant-based meat company.
Founded in 2020, Next Gen Foods is a food-tech start-up developing and commercializing innovative and sustainable plant-based food products – including its flagship product, TiNDLE. The plant-based chicken alternative has seen rapid success across several culinary epicenters – including Singapore, Hong Kong, Amsterdam, and Dubai – and the new funding supports Next Gen Foods' acceleration to bring Tindle to key markets around the globe like the United States.
Participating in the Series A round are new international investors Alpha JWC, the Southeast Asian venture capital firm; the Singapore-based global investment fund, EDBI; and UK-based MPL Ventures. Returning from previous rounds are Temasek through its newly established Asia Sustainable Food Platform, GGV Capital, K3 Ventures, and Bits x Bites.
With the company's plans to swiftly increase its global footprint this year, the fundraising comes from a broad mix of both Europe and Asia-based investors, following the seed round of $30 mill. that took place last summer. Total funding for the start-up now exceeds $130 mill.
Growth for 2022 and beyond
The new funding will help to increase the distribution of Tindle throughout all 50 states in the U.S. In addition, the recent raise will support and increase Next Gen Foods' R&D and product innovation capabilities at its brand new research hub set to open in Singapore later this year. The company's state-of-the-art R&D and Innovation Center – developed in partnership with the Food Tech Innovation Center (FTIC), established by Temasek's Asia Sustainable Foods Platform – will act as a launchpad for the development and trial of new technologies, applications, and products.
Next Gen Foods also intends to expand its R&D team across Singapore and the United States to include additional protein scientists and food technologists with ingredient and product development expertise.
In less than one year, Tindle grew from being served in a handful of Singapore-based restaurants to being served in more than 200 restaurants across the United States, Asia, the Middle East, and Amsterdam.
"Within a year, we've gone from launch to more than 200 restaurants on three continents. We will continue this relentless momentum in 2022 thanks to strong demand from chefs, distributors and consumers," said Rohit Bhattacharya, Chief Financial Officer at Next Gen Foods.
Rapid growth, global vision
Next Gen Foods was founded in 2020 by Brazilian-born poultry exporter and food industry veteran Andre Menezes and German native Timo Recker, whose family business made schnitzel and other meat products for three generations. After meeting through an introduction by Rohit Bhattacharya, who is now the start-up's Chief Financial Officer, they decided to work on products that reduce humanity's reliance on animal agriculture.
The early leadership team – including Chief Marketing Officer Jean Madden – worked closely with Chief Technology Officer and the brainchild behind Tindle, John Seegers, to develop a flagship product through extensive research into what makes chicken taste and perform like chicken. The company's proprietary emulsion of plant-based ingredients mirrors the aroma, cookability, and savory qualities that typically come from chicken fat.
They named their first product Tindle as a modern reference to 19th-century Irish physicist John Tyndall, who proved the connection between atmospheric CO2 and the greenhouse effect.
The company's proprietary emulsion of plant-based ingredients mirrors the aroma, cookability, and savory qualities that typically come from chicken fat.
Source: Next Gen Foods