Singapore-primarily based fully mostly Next Gen Foods will bring its plant-primarily based fully mostly rooster different to the US after elevating a $20 million seed extension. Merchants included GGV Capital, agriculture and meals tech-focused Bits x Bites, meals and beverage company Yeo Hiap Seng, entrepreneur and “Blitzscaling” author Chris Yeh and English footballer Dele Alli.
Returning investors encompass Temasek, which led Next Gen Foods’ usual $10 million seed spherical, launched in February, and K3 Ventures. The well-known $10 million became as soon as already the most most well-known seed funding ever raised by a plant-primarily based fully mostly meals tech company, primarily based fully totally on records from Pitchbook, and now the spherical totals $30 million. Fraction of the funding can be ancient to own 50 roles in the U.S. for its study and kind, gross sales, supply chain and finance and advertising groups.
Next Gen additionally launched changes to its management crew. Co-founder Timo Recker is though-provoking from his chief govt officer assign apart of abode to chairman, while Andre Menezes, one other founder, will catch over the CEO spot. Broken-down Temasek director Rohit Bhattacharya will join the startup as its chief financial officer.
Next Gen’s rooster different, called TiNDLE, launched in Asia through partnerships with restaurants and is now served in larger than 70 locations in Singapore, Hong Kong and Macau. Over the next 12 months, Next Gen will catch a identical reach as it enters the U.S., working with meals products and companies in cities to accumulate TiNDLE dishes for his or her menus. Within the damage this can score bigger to other distribution channels, adore retail, Menezes suggested TechCrunch.
To duplicate rooster meat’s texture, Next Gen uses a proprietary blend of plant-primarily based fully mostly fat, in conjunction with sunflower oils, and natural flavors. This enables TiNDLE merchandise to replicate the aroma and browning of rooster when it cooks.
Within the U.S., Next Gen faces opponents from plant-primarily based fully mostly meals firms adore Beyond Meat, which launched its Rooster Tenders product at about 400 restaurants earlier this week. Panda Converse, a usual meals chain, is additionally piloting Beyond Meat orange rooster.
When requested relating to the competitive landscape, Menezes acknowledged, “We are with out a doubt satisfied this sector is gaining traction and we develop now not knowing other plant-primarily based fully mostly firms as our opponents. The finest opponents we disaster about are the firms bringing unsatisfactory merchandise to customers. Customers could possibly impartial now not sleep having the defective impact that plant-primarily based fully mostly foods compromise in taste and ride at the same time as of late.”
He added that TiNDLE is GMO and ldl cholesterol-free, and Next Gen has an asset-gentle industry model that can score it more uncomplicated to scale into original markets.
Earlier than launching Next Gen, Recker founded German-primarily based fully mostly LikeMeat, while Menezes worked at no doubt one of many realm’s largest poultry exporters sooner than serving as usual supervisor of Singapore meals distributor Country Foods.
In a assertion, GGV managing accomplice Jenny Lee acknowledged, “The Next Gen crew has no doubt one of many strongest founder-market fits in foodtech, having previously developed and efficiently launched a plant-primarily based fully mostly meat product for the European market. The crew’s point of interest on product quality, brand purchase and distribution gives a stable foundation for the long term say of the company.”