Next Gen Foods, the Singapore plant-based meat and dairy supplier, has sold a stake to German media group ProSiebenSat.1.
The exact terms were not disclosed but the transaction – described as a “media-for-equity deal” – was, Next Gen Foods said, “valued at eight figures” in euros.
ProSiebenSat.1., which is behind channels including Sat. 1 and ProSieben, acquired the shares through its in-house investment arm SevenVentures.
In a statement, the owner of the Tindle meat-free brand said the agreement gave the company “a unique opportunity to increase its existing brand awareness and visibility in the German market”.
Next Gen Foods already sells its Tindle brand through German retailer Edeka.
“With a strategic partner like SevenVentures, there is potential to introduce Tindle to new audiences, but also unlock opportunities for consumers to better understand the broader role that plant-based foods play in fighting our global climate crisis,” Next Gen Foods CEO and co-founder Andre Menezes said.
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The investment is the first time ProSiebenSat.1 has invested in the plant-based meat industry, Florian Hirschberger, the CEO of SevenVentures, said.
Hirschberger said the broadcaster wanted to use its reach “to raise awareness for impact and sustainability.”
He added: “We believe that our media-for-equity investment comes at the perfect time to accelerate and support a nationwide retail roll-out.”
Last year, Next Gen Foods launched Tindle in the UK through local grocer Morrisons and in the US at select restaurants.
Set up in 2020, the company raised $100m in a Series A funding round last year. Backers have included Singapore’s state investment fund Temasek, GGV Capital, K3 Ventures and agriculture and food-tech venture fund Bits x Bites.
In March, Next Gen Foods added to its portfolio with the acquisition of UK alt-dairy start-up Mwah!
ProSiebenSat.1’s investment in Next Gen Foods is not the first time a media group has backed a fledgling meat-free brand.
In 2019, UK group The Meatless Farm received an unquantified “seven-figure” investment from TV broadcaster Channel 4 via its Commercial Growth Fund in return for an undisclosed stake in the company.