Last October Next Gen launched with founder capital of $2.2 million
Foodtech start-up Next Gen has closed $10 million seed round – the largest amount raised by a plant-based start-up to date. The cash injection came from Singapore sovereign fund Temasek, K3 Ventures, and New Ventures, the venture capital arm of the Singapore Economic Development Board, with participation from NX Food, FEBE Ventures, Blue Horizon Ventures and Better Bite Ventures.
Last October Next Gen launched with founder capital of $2.2 million.
Singapore-based Next Gen is now set to launch its consumer brand plant-based chicken alternatives brand Tindle next month.
The company also plans to launch its product in neighbouring Asian cities and will also use the funds for R&D to develop more plant-based products.
Next Gen co-founder Andre Menezes argued consumers and chefs want texture in chicken, the taste and aroma, features that are largely related to chicken fat, and explained that’s why the company decided to produce thighs instead of breasts.
The start-up has created a chicken fat made from a blend, called Lipi, to emulate the smell, aroma and browning when you cook.
For Menezes, investors in the plant-based space are aware of the need for a transformation in the food and meat industry, and expressed confidence that Nex Gen’s experienced team and asset-light business model allow it to enter the market and scale our business quickly.
In a statement the firm’s co-founder Timo Recker added: “The exceptional response from our investors, raising more than our initial $7 million target, is a strong validation of our team, our technology, our business model, our fantastic product, and our expansion strategy.”
Date published: 26 February 2021