Fledgling Singapore-based meat-free firm Next Gen has outlined its expansion plans after closing its round of seed funding.
Last autumn, Next Gen, co-founded by the former CEO of German meat-alternative business LikeMeat, said it had at that point raised US$2.2m in seed funding. The closing of the round, announced today (25 February), saw Next Gen attract $10m in total. Citing data from M&A researchers Pitchbook, Next Gen said the backing amounted to “the largest ever for a plant-based food tech company”.
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The funding will be used for the launch of Next Gen’s plant-based chicken consumer brand Tindle in Singapore and R&D.
The company, which has a launch of strategy of focusing first on foodservice, is eyeing markets further afield, telling just-food the first move into restaurants in Singapore will be “followed by a handful of additional Asian cities, then [the] US in select markets”. Next Gen is also eyeing a possible move into Europe within two years.
Backers include Singapore state investment fund Temasek and Switzerland-based investor Blue Horizon.
The first Tindle product will be Tindle Thy, an alternative to a chicken thigh.
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By GlobalData
