Next Gen Foods has raised $100 million in a funding round which it claims marks “the largest Series A to date for a plant-based meat company”.
The Series A round included new investors, such as Southeast Asian venture capital firm, Alpha JWC, and Paul McCartney’s MPL Ventures. Next Gen Foods’ latest funding push was also backed by existing investors, including Temasek and Bits x Bites.
The new funding will support Next Gen Foods’ aim to swiftly expand its global footprint this year. The company’s vegan chicken product, Tindle, launched in the US this week through a raft of restaurant partnerships, and the start-up plans to further increase distribution – both within the country and internationally.
Andre Menezes, CEO and co-founder of Next Gen Foods, said: “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”.
Tindle – which is made of nine simple ingredients – is also available in restaurants in Singapore, other Asian markets, the Middle East and Amsterdam.
The raise will help Next Gen Foods to boost the R&D and product innovation capabilities at its new research hub, which is set to open in Singapore later this year.
“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.”
Founded by veterans of the meat industry, Next Gen Foods uses Lipi – its proprietary emulsion of plant-based ingredients – to help recreate the aroma and other qualities that typically come from chicken fat.
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