SINGAPORE — Next Gen Foods, a manufacturer of meat alternatives, raised $100 million in Series A financing, bringing its total funding to more than $130 million. The round marked the largest Series A to date for a plant-based meat maker, according to the company.
Singapore-based Next Gen was founded in 2020 by Andre Menezes, a Brazilian-born poultry exporter and food industry veteran, and Timo Recker, a German native whose family business made schnitzel and other meat products. Following a chance meeting at a business incubator, the pair began working together to develop products that could reduce the global food system’s reliance on animal agriculture. The company’s first product, Tindle, is a plant-based chicken analogue named after the 19th century physicist John Tyndall, who proved the connection between atmospheric CO2 and the greenhouse gas effect.
Tindle is made with just nine ingredients and is free from antibiotics, hormones, cholesterol and GMOs. The high fiber and high protein meat alternative is available on menus at more than 200 restaurants across three continents. It is served in a wide variety of dishes — from satay and schnitzel to chicken cordon blue — throughout Singapore, Hong Kong, Amsterdam and Dubai.
Next Gen will use funds from its $100 million Series A round to bring Tindle to North America. It is rolling out Tindle nationwide through Goldbelly, an online marketplace, and is partnering with foodservice operators in San Francisco, Los Angeles, New York, Miami and Philadelphia. The funding also will bolster Next Gen’s R&D capabilities at its new research center in Singapore, which is set to open later this year.
New investors EDBI, Alpha JWC Ventures and MPL Ventures participated in the Series A round alongside returning investors Temasek, Global Fund GGV Capital, K3 Ventures and Bits x Bites.“There’s no question that the United States is home to some of the best food cities on the planet, and we’re excited to bring Tindle to this market and hear what consumers think,” Mr. Menezes said. “The United States has long been a target market for us, and thanks to our lineup of fantastic investors who have participated in this funding round, this is only the beginning of our journey in delivering delicious and sustainable foods to reverse our climate crisis.”