Singapore’s food industry remains bustling with new entrant Next Gen, specializing in the production of plant-based food(meat), announcing a raise of S $10 million through its seed funding round late in February 2021. The round witnessed participation from a myriad of investors including Temasek, EDB new ventures, Blue Horizon, NX-food, K3 ventures and FEBE ventures.
Investors: According to Next Gen, S $10 million is the highest amount of investment ever raised by a plant-based food tech company. As mentioned earlier the round witnessed major participation from a myriad of investors:-
- EDB Ventures- A Singapore based investment company that invests, among other things, in promising ventures and startups in the domain of biomedical science, communication technology, food-tech and more.
- Temasek- Another Singapore based commercial investment company owned by the Government of Singapore. It has a net portfolio investment of around S$306 billion, and it runs with the motto of transforming economies, growing middle-income populations, deepening comparative advantages and emerging champions.
- Blue Horizon- A food-tech based venture capital investment company, that seeks to nurture emerging ventures in the field of sustainable food technology.
The new round of investment is posited to be utilized for the launch of TiNDLE THY, and expansion of market reach.
About Next Gen: Launched by Timo Recker and Andre Menezes, Next Gen seeks to revolutionize the way consumers look at the food industry. Their first product TiNDLE is entirely plant-based chicken which is prepared with ingredients like water, soy, wheat, oat fibre, coconut oil and methylcellulose, a culinary binder. Next Gen seeks to bring in not only the same but also a better flavour, texture and quality into its plant-based chicken compared to traditional chicken. Its product TiNDLE THY received the Healthier choice symbol, administered by Singapore’s Health Promotion Board.
It describes its mission as follows- “To make leaving a better world for our kids a pleasure, not a pain; by using plants to create delicious and satisfying foods that will make you forget why animals were ever needed for food.”
What the COO has to say:
“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. We created a chicken fat made from a blend, called Lipi, to emulate the smell, aroma and browning when you cook.”– Andre Menezes, Chief Operating Officer of Next Gen.
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