Next Gen, a Plant-Based Food Startup Business, Brings in $10 Million in Seed Funding

By James White Thursday, March 4, 2021

As the world continues to understand the environmental impacts of the agricultural industry, many businesses and companies are looking at ways to sustainably grow and manufacture food products. Other companies, like startup business Next Gen Foods, are offering plant-based meat alternatives in an effort to stem emissions and energy use associated with producing animal-derived products.

The startup plant-based food company recently announced that its business raised $10 million in seed funding from investors. Temasek, K3 Ventures, EDB New Ventures, and others backed the food tech business as it prepares to launch TiNDLE, its plant-based chicken brand.

TiNDLE Buttermilk Burger.

Chicken With a Significantly Smaller Carbon Footprint

The startup company was co-founded in 2020 by entrepreneurs Timo Recker and Andre Menezes and is looking forward to selling its alternative protein products to restaurants throughout Singapore beginning in March. In the future, the business hopes to expand its products to consumers cooking at home.

“Consumers and chefs want texture in chicken, the taste and aroma, and that is largely related to chicken fat, which is why we started with thighs instead of breasts,” said Menezes, COO of the food tech company. “We created a chicken fat made from a blend, called Lipi, to emulate the smell, aroma and browning when you cook.”

The startup company claims that plant-based chicken, like its TiNDLE chicken thigh, uses 74% less land and 82% less water than animal-based products while also producing 88% less greenhouse gas emissions. The food tech business uses natural ingredients in its chicken, avoiding genetically modified organisms (GMOs) as well as any hormones or antibiotics.

Joining the Alternative Meat Market

According to a report from UBS, the global plant-based meat market is expected to reach a value of $50 billion by 2025. Many competitors besides Next Gen, including other startup companies, are active in the industry.

Beyond Meat, which went public in 2019, has already established partnerships with fast-food chains, including KFC, Subway, and Denny’s. Beyond Meat reported net Q3 revenues of $94.4 million last year. The privately-owned Impossible Foods is also a major player in the market. The rival startup company has garnered $1.4 billion from investors since its inception, according to Crunchbase.

Still, Impossible Foods and Beyond Meat have primarily focused on the production of plant-based beef products. Next Gen hopes to occupy a similar space in the industry but with a focus on providing plant-derived chicken products.

About the Author

Headshot of James White

James White is a Michigan State University graduate with a BS in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.

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