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February 15, 2022

Next Gen takes plant-based ‘chicken’ to US after bumper funding round

The new funding will support the launch of Tindle into US foodservice.

By Andy Coyne

Singapore start-up Next Gen Foods is taking its faux-chicken Tindle brand to the US after raising what it claims is a record US$100m Series A round for a plant-based meat business.

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Next Gen, co-founded in 2020 by Brazilian-born food industry veteran Andre Menezes and German native Timo Recker, whose family business made schnitzel and other meat products for three generations, has been backed by new investors Alpha JWC, EDBI and MPL Ventures.

Singapore’s state investment fund Temasek, GGV Capital, K3 Ventures, and agriculture and food-tech venture fund Bits x Bites were returning investors. Total funding for the company now exceeds $130m.

Next Gen said the fresh financing will support the launch of Tindle into US foodservice, a plan outlined last summer when the company secured an extension to its seed funds.

The company said Tindle will be available in a range of restaurants across the East and West Coasts in some of the country’s “leading foodie cities”.

Tindle is already available in Singapore, Hong Kong, the Netherlands and Dubai.

Menezes, Next Gen’s CEO, said: “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.

“The US has long been a target market for us and thanks to our line-up 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.”

The start-up plans to expand Tindle to additional major US cities in the next few months, including Miami and Austin.

It also plans to use the money raised to support its R&D capabilities at its research hub, which is set to open in Singapore later this year.

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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
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