Singapore’s Next Gen gets $20m for US push
Singapore’s Next Gen Foods, which markets the vegetarian chicken brand Tindle, has raised $20 million from VCs including GGV Capital, with a view to entering the US.
Temasek Holdings and Singapore's K3 Ventures also participated, as did Yeo Hiap Seng, a regional food and beverage company. They were joined by Chinese agriculture and food tech investor Bits x Bites, which is currently raising its second fund with a target of $70 million.
The investment extends a $10 million seed investment in March, bringing the overall round to $30 million. It is touted as the largest-ever seed round for a plant-based food start-up. It coincides with significant leadership changes within the start-up, including the naming of a new chairman and CEO, as well as the nomination of a Temasek director as CFO.
Next Gen launched in early 2021, with Tindle going on to be sold in around 70 restaurants across Singapore, Hong Kong and Macau. This includes ADDA by four-time Michelin star chef Manjunath Mural and Bo Innovation, a two Michelin star restaurant by chef Alvin Leung in Hong Kong.
Tindle is said to accurately reproduce the taste and versatility of chicken, allowing cooks to prepare dishes in multiple culinary applications and for many kinds of cuisines. Next Gen claims it is high in protein and fiber and low carb, as well as naturally cholesterol-free and free of genetically modified organisms.
The company plans to hire more than 50 US employees across R&D, sales, supply chain, finance, and marketing in support of its US launch. The US is the largest plant-based foods market globally and considered to be underserved in the chicken category. Co-founder and incoming CEO Andre Menezes said his company expects to be established in-market within 12 months.
“Our partnership with the NextGen team is underpinned by our commitment to team up with founders who show real passion and flair in solving the fundamental challenges of our time – food sustainability is one of them,” Jenny Lee, a managing partner at GGV, said in a statement.
“By leveraging technology to create delicious plant-based foods, NextGen has a unique global opportunity to popularize non-animal food products and let consumers know that great flavor can go hand-in-hand with both great nutrition and sustainability.”
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