Singapore-based Next Gen Foods will deliver its plant-based rooster different to the US after elevating a $20 million seed extension. Buyers included GGV Capital, agriculture and meals tech-focused Bits x Bites, meals and beverage firm Yeo Hiap Seng, entrepreneur and “Blitzscaling” creator Chris Yeh and English footballer Dele Alli.
Returning buyers embrace Temasek, which led Subsequent Gen Meals’ unique $10 million seed spherical, introduced in February, and K3 Ventures. The primary $10 million was already the biggest seed funding ever raised by a plant-based meals tech firm, based mostly on information from Pitchbook, and now the spherical totals $30 million. A part of the funding shall be used to fill 50 roles within the U.S. for its analysis and improvement, gross sales, provide chain and finance and advertising and marketing groups.
Subsequent Gen additionally introduced modifications to its management group. Co-founder Timo Recker is shifting from his chief govt officer place to chairman, whereas Andre Menezes, one other founder, will take over the CEO spot. Former Temasek director Rohit Bhattacharya will be part of the startup as its chief monetary officer.
Subsequent Gen’s rooster different, referred to as TiNDLE, launched in Asia by partnerships with eating places and is now served in additional than 70 places in Singapore, Hong Kong and Macau. Over the subsequent 12 months, Subsequent Gen will take an identical strategy because it enters the U.S., working with meals providers in cities to develop TiNDLE dishes for his or her menus. Finally it should broaden to different distribution channels, like retail, Menezes advised TechCrunch.
To copy rooster meat’s texture, Subsequent Gen makes use of a proprietary mix of plant-based fat, together with sunflower oils, and pure flavors. This permits TiNDLE merchandise to copy the aroma and browning of rooster when it cooks.
Within the U.S., Subsequent Gen faces rivalry from plant-based meals corporations like Past Meat, which launched its Rooster Tenders product at about 400 eating places earlier this week. Panda Specific, a preferred meals chain, can also be piloting Past Meat orange rooster.
When requested concerning the aggressive panorama, Menezes mentioned, “We’re actually glad this sector is gaining traction and we don’t see different plant-based corporations as our opponents. The one competitors we fear about are the businesses bringing unsatisfactory merchandise to shoppers. Shoppers might find yourself having the incorrect impression that plant-based meals compromise in style and expertise even as we speak.”
He added that TiNDLE is GMO and cholesterol-free, and Subsequent Gen has an asset-light enterprise mannequin that can make it simpler to scale into new markets.
Earlier than launching Subsequent Gen, Recker based German-based LikeMeat, whereas Menezes labored at one of many world’s largest poultry exporters earlier than serving as basic supervisor of Singapore meals distributor Nation Meals.
In a press release, GGV managing associate Jenny Lee mentioned, “The Subsequent Gen group has one of many strongest founder-market matches in foodtech, having beforehand developed and efficiently launched a plant-based meat product for the European market. The group’s deal with product high quality, model recall and distribution gives a powerful basis for the longer term progress of the corporate.”