Next Gen Foods, makers of TiNDLE, the popular chicken made from plants, said Tuesday it has raised a $100 million Series A funding round – the largest Series A to date for a plant-based meat company.
Participating in the Series A round are new international investors Alpha JWC, the Southeast Asian venture capital firm; the Singapore-based global investment fund, EDBI; and UK-based MPL Ventures, Next Gen Foods said in a statement.
Returning from previous rounds are Temasek through its newly established Asia Sustainable Food Platform, GGV Capital, K3 Ventures and Bits x Bites.
With the company’s plans to swiftly increase its global footprint this year, the fundraising comes from a broad mix of both Europe and Asia-based investors, following the seed round of $30 million that took place last summer. Total funding for the startup now exceeds $130 million.
Next Gen Foods has also launched in the United States. The firm is now offering its first product, TiNDLE, across a range of iconic restaurants in the United States in some of the country’s leading ‘foodie’ cities including San Francisco, Los Angeles, Napa, New York, Miami and Philadelphia. The startup plans to expand TiNDLE to additional major U.S. cities in the next few months, including Austin and more.
“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,” said Andre Menezes, Chief Executive Officer and Co-Founder of Next Gen Foods.
“The U.S. 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,” he said.
The new funding will help to increase distribution of TiNDLE throughout all 50 states in the U.S. Beginning today, distributors nationwide can now exclusively order the product through DOT Foods – the largest food redistributor in America for over 60 years. Restaurants can order TiNDLE directly through their local distributor, or it is also available for purchase on FoodServiceDirect.com – the convenient online marketplace for quality food and supplies. Restaurants in the San Francisco Bay Area can also acquire through Cheetah, a local e-commerce marketplace, serving the best restaurants in the region.
In addition, the recent raise will support and increase Next Gen Foods’ research and development (R&D) and product innovation capabilities at its brand new research hub set to open in Singapore later this year. The company’s state-of-the-art R&D and Innovation Center – developed in partnership with the Food Tech Innovation Center (FTIC), established by Temasek’s Asia Sustainable Foods Platform – will act as a launchpad for the development and trial of new technologies, applications and products.
Next Gen Foods also intends to expand its R&D team across Singapore and the United States to include additional protein scientists and food technologists with ingredient and product development expertise.
“Within a year, we’ve gone from launch to more than 200 restaurants on three continents. We will continue this relentless momentum in 2022 thanks to strong demand from chefs, distributors and consumers, who love TiNDLE for its great taste and tiny environmental footprint,” said Rohit Bhattacharya, Chief Financial Officer at Next Gen Foods.
“We are grateful to have mission aligned and long-term global investors supporting us during such a critical phase for the company – bringing their expertise and visionary leadership,” he said.
Founded in 2020, Next Gen Foods is a food-tech startup developing and commercializing innovative and sustainable plant-based food products – including its flagship product, TiNDLE. Next Gen Foods is backed by a team with proven experience in plant-based food technology, global brand development, and global distribution scaleup.
“GGV is excited to deepen our relationship with the Next Gen Foods team with this Series A funding round. We seek companies that can separate themselves from the rest of the industry through technology, innovation and passion,” said Jenny Lee, Managing Partner at GGV Capital.
“Next Gen Foods’ growth in less than a year has been remarkable, as is their ongoing commitment to being part of the solution for how global food production will play a significant role in addressing the impact of climate change. We look forward to their next phase of expansion into the U.S. and beyond,” she said.
Existing investors in Next Gen Foods include NX-FOOD and Yeo Hiap Seng – as well as prominent personalities such as business guru and author Chris Yeh and famed English footballers Dele Alli and Kieran Gibbs.