Next Gen Foods Launches Plant-Based Chicken in the US - $20M Seed Extension

Next Gen Foods Secures $20 Million to Expand Plant-Based Chicken to the U.S.

Next Gen Foods, a company headquartered in Singapore, is poised to introduce its innovative plant-based chicken alternative to the American market. This expansion is fueled by a recently secured $20 million seed extension round of funding.

Investment Details and Key Investors

The investment round saw participation from prominent firms and individuals. These include GGV Capital, Bits x Bites – a venture capital firm specializing in agriculture and food technology – and Yeo Hiap Seng, a well-known food and beverage company.

Furthermore, entrepreneur and author Chris Yeh, known for his work on “Blitzscaling,” and professional footballer Dele Alli also contributed to the funding. Existing investors, such as Temasek and K3 Ventures, also reaffirmed their support.

Total Funding and U.S. Expansion Plans

This extension brings the total seed funding raised by Next Gen Foods to $30 million. Previously, the initial $10 million seed round, led by Temasek in February, already represented the largest seed funding achieved by a plant-based food tech company, according to PitchBook data.

A significant portion of these funds will be allocated to establishing a U.S. presence. Specifically, Next Gen Foods intends to fill 50 positions across various departments, including research and development, sales, supply chain management, finance, and marketing.

Leadership Transition

Next Gen Foods has also announced adjustments within its leadership structure. Co-founder Timo Recker will transition from his role as Chief Executive Officer to Chairman of the board.

Andre Menezes, also a co-founder, will assume the position of CEO. Adding to the strengthened leadership, Rohit Bhattacharya, formerly a director at Temasek, will join the company as its Chief Financial Officer.

TiNDLE's Launch Strategy and Product Differentiation

Initial Market Entry and Future Distribution

Next Gen’s TiNDLE chicken alternative has already been successfully launched in Asian markets through strategic partnerships with restaurants. Currently, it is available in over 70 locations across Singapore, Hong Kong, and Macau.

The company plans to replicate this approach in the U.S., initially collaborating with foodservice providers in key cities to integrate TiNDLE into their menus. Long-term plans include expanding into retail channels, as stated by Menezes to TechCrunch.

Replicating Chicken Texture and Flavor

To accurately mimic the texture of chicken meat, Next Gen Foods utilizes a unique combination of plant-based fats, including sunflower oils, and natural flavoring agents. This formulation allows TiNDLE products to achieve the characteristic aroma and browning associated with cooking chicken.

Competitive Landscape

The U.S. market presents a competitive environment, with established plant-based food companies like Beyond Meat already making inroads. Beyond Meat recently launched its Chicken Tenders product in approximately 400 restaurants, and Panda Express is currently testing Beyond Meat orange chicken.

However, Menezes views the growing sector positively, stating that Next Gen Foods doesn't perceive other plant-based companies as direct competitors. The primary concern, he emphasized, is ensuring consumers receive high-quality products that deliver on taste and experience.

Product Attributes and Business Model

TiNDLE is formulated to be both GMO-free and cholesterol-free. Furthermore, Next Gen Foods operates on an asset-light business model, designed to facilitate rapid scaling and expansion into new markets.

Founders' Experience

Prior to founding Next Gen Foods, Recker established LikeMeat in Germany. Menezes brings extensive experience from the poultry industry, having previously worked for a major global poultry exporter and served as the general manager of Singapore-based food distributor Country Foods.

Investor Confidence

GGV managing partner Jenny Lee expressed strong confidence in the Next Gen Foods team, highlighting their deep understanding of both the market and product development. Lee noted the team’s prior success in launching a plant-based meat product in Europe, emphasizing their focus on product quality, brand recognition, and effective distribution as key drivers for future growth.