Singapore's Emerging Food-Tech Scene and the Rise of Next Gen

Singapore is rapidly establishing itself as a significant center for food-tech startups, fueled in part by governmental programs designed to encourage the development of meat alternatives. A recent addition to this growing landscape is Next Gen, poised to introduce its plant-based “chicken” brand, TiNDLE, to restaurants across Singapore next month.

The company announced today a successful seed funding round of $10 million, secured from investors including Temasek, K3 Ventures, EDB New Ventures – the investment division of the Singapore Economic Development Board – NX-Food, FEBE Ventures, and Blue Horizon.

Record-Breaking Seed Funding

According to data compiled by PitchBook, Next Gen asserts that this represents the largest seed round ever secured by a company specializing in plant-based food technology. This marks the first instance of external investment for the startup, surpassing their initial goal of $7 million.

Next Gen was founded last October by Timo Recker and Andre Menezes, initially capitalized with $2.2 million in funding from the founders themselves.

Introducing TiNDLE Thy: A Chicken Alternative

Next Gen’s inaugural product, TiNDLE Thy, is formulated as an alternative to traditional chicken thighs. The ingredient list comprises water, soy, wheat, oat fiber, coconut oil, and methylcellulose – a common culinary binder.

However, the key to replicating the flavor of chicken lies in a unique combination of plant-derived fats, such as sunflower oil, and natural flavorings, enabling it to cook and behave similarly to chicken meat.

A Vision for Plant-Based Chicken Leadership

Menezes, Next Gen’s chief operating officer, conveyed to TechCrunch that the company’s ambition is to become the leading global provider of plant-based chicken, mirroring the positions held by Impossible and Beyond in the realm of plant-based burgers.

“Both chefs and consumers desire a specific texture in chicken, along with the characteristic taste and aroma, which are largely attributable to chicken fat,” explained Menezes. “This is why we initially focused on thighs rather than breasts.”

“We developed a chicken fat analogue, named Lipi, composed of a blend of oils, to accurately reproduce the scent, flavor, and browning effect during cooking.”

Experienced Leadership

Both Recker and Menezes bring substantial experience from within the food industry to their roles. Recker previously established LikeMeat, a plant-based meat producer based in Germany, which was acquired by the LIVEKINDLY Collective last year.

Menezes’ career in food began in Brazil, at one of the world’s largest poultry exporters. He transitioned to plant-based meat after serving as the general manager of Country Foods, a Singaporean importer and distributor specializing in innovative and sustainable products.

“My time within the traditional meat industry made it evident that its long-term sustainability was questionable,” Menezes stated.

Growing Consumer Demand for Alternatives

In recent years, a growing number of consumers have shared this perspective, actively seeking alternatives to animal products. UBS projects that the global plant-based protein market will experience an annual growth rate exceeding 30%, reaching approximately $50 billion by 2025.

This growth is driven not only by vegans and vegetarians but also by individuals seeking healthier and more ethically sourced protein options.

Millennial and Gen Z Driving the Shift

Millennial and Generation Z consumers, in particular, are demonstrating a willingness to reduce their intake of meat, eggs, and dairy products, fueled by increasing awareness of the environmental consequences of large-scale livestock production, as noted by Menezes.

“They recognize the sustainability benefits, as well as the health advantages, such as lower cholesterol or improved nutritional value, depending on the specific product.”

Healthier Choice and Initial Launch Locations

TiNDLE Thy is low in both sodium and saturated fat and has been awarded the Healthier Choice Symbol by Singapore’s Health Promotion Board. The newly acquired funding will facilitate the launch of TiNDLE Thy in prominent Singaporean restaurants.

These include Three Buns Quayside, the Prive Group, 28 HongKong Street, Bayswater Kitchen, and The Goodburger.

Future Expansion Plans

Over the coming one to two years, Next Gen intends to secure Series A funding, introduce additional brands and products, and expand into key target markets: the United States (where they are currently recruiting a growth director to establish a distribution network), China, Brazil, and Europe.

Following collaboration with restaurant partners, Next Gen also plans to make its products accessible to home cooks.

“We began by partnering with chefs because they represent a discerning audience,” said Menezes. “If chefs approve of the product, we are confident that consumers will as well.”