Next Gen Foods, a Singapore-headquartered foodtech startup that has developed chicken meat made from plants, announced raising $20 million more in its extended seed funding round.
The latest fundraising brings the foodtech startup’s total seed round to $30 million, with support from GGV Capital, Bits x Bites, Yeo Hiap Seng, Temasek, and K3 Ventures.
Next Gen Foods said it will use the fresh investment to fuel its entry into the US market within the next 12 months as it sees a huge gap for plant-based chicken in the US.
The US is the largest plant-based meat market and home to leading plant-based brands such as Impossible Foods, Beyond Meat, and others. According to reports, the US retail market for plant-based foods was worth $7 billion in 2020.
“The US is the world’s biggest market for plant-based foods. We are already putting our foundations in place to be in-market within the next 12 months as we accelerate our goal of becoming the world’s number one plant-based chicken,” said Next Gen Foods co-founder and CEO Andre Menezes.
Next Gen markets chicken made from plants under the brand TiNDLE. First launched in Singapore in early 2021, TiNDLE is sold in over 70 restaurants in Singapore, Hong Kong, and Macau. These include ADDA by four-time Michelin Star Chef Manjunath Mural and two Michelin Star Bo Innovation by Chef Alvin Leung in Hong Kong.
Developed by Next Gen CTO John Seegers in collaboration with chefs and for chefs, the first TiNDLE product, TiNDLE Thy, brings the unmistakable taste and versatility of chicken.
Chefs can easily use TiNDLE Thy to prepare dishes in multiple culinary applications, and for many kinds of cuisines – Western, Chinese, Indian, Middle Eastern, and more.
Offering high protein, high fibre and low carb, TiNDLE is also GMO and naturally cholesterol-free, according to the startup. It meets the nutritional guidelines for the Healthier Choice Symbol administered by Singapore’s Health Promotion Board due to its lower sodium and lower saturated fat content as compared to regular plant-based meat alternatives.
Next Gen is also making changes to its leadership team, with Timo Recker taking the position of Chairman. Andre Menezes becomes Chief Executive Officer, and Rohit Bhattacharya, who was previously Director at Temasek, joins as Chief Financial Officer.