Next Gen Foods, the Singapore plant-based meat business, has added to its portfolio with the acquisition of UK alt-dairy start-up Mwah!
Financial terms were not disclosed. The deal is the first acquisition made by Next Gen Foods since it was set up in 2020. It invested in London-based Mwah! two years ago.
Mwah!, which makes plant-based gelato, has raised US$2m in seed funding. Later this month, its products will go on sale at two locations in the UK capital – Floozie Cookies and WAVE.
A representative for Next Gen Foods said the company would look to use its existing distribution to launch Mwah! products into “key markets”, including the UK, the US and Germany.
Damian Piedrahita, the CEO and co-Founder at Mwah!, who is set to stay with the business, said: “We know they are the right company to help us expand and tap into the rising consumer desire for more innovations in taste and decadence from the dairy category.”
Next Gen Foods has raised $130m in funding to date, finance centred on helping it launch products under its plant-based meat Tindle. Backers have included Singapore’s state investment fund Temasek, GGV Capital, K3 Ventures and agriculture and food-tech venture fund Bits x Bites.
Last month, the company announced it had added the German grocery channel to its markets with listings at Edeka.