Participated · Seed · Feb 2021

Next Gen Foods is a Singapore-based alternative protein company and creator of TiNDLE, a plant-based chicken alternative made from a proprietary blend of plant-based ingredients. The company develops components, ingredients and recipes while using an asset-light model that contracts production to manufacturing partners to scale internationally. TiNDLE is being launched through chef and restaurant partnerships and is available in cities including San Francisco, Los Angeles, Napa, New York and Philadelphia, and in markets such as Singapore, Hong Kong, Macau, Abu Dhabi, Kuala Lumpur, Dubai and Amsterdam. U.S. distribution is expanding (available via DOT Foods, FoodServiceDirect.com and Cheetah in the Bay Area) and the company plans to push TiNDLE into all 50 states. Next Gen Foods is building an R&D center in Singapore in partnership with the Food Tech Innovation Center and intends to hire protein scientists and food technologists in Singapore, Europe and the U.S. It plans to expand TiNDLE’s product roster (eg, nuggets or tenders) and eventually introduce alternatives to other animal proteins, though broader protein launches are unlikely within the next two years. Next Gen Foods produces TiNDLE, a plant-based chicken alternative formulated with a proprietary blend of plant-based fats, including sunflower oils and natural flavors to replicate chicken aroma, browning and texture. TiNDLE is GMO- and cholesterol-free and has launched in more than 70 restaurant locations across Singapore, Hong Kong and Macau. The company follows an asset-light business model and plans to enter the U.S. over the next 12 months via foodservice partnerships, later expanding into other distribution channels such as retail. Next Gen will use part of the recent funding to hire about 50 U.S.-based roles across research and development, sales, supply chain, finance and marketing. Leadership changes announced alongside the fundraise include co-founder Timo Recker moving to chairman, founder Andre Menezes becoming CEO, and former Temasek director Rohit Bhattacharya joining as CFO. Next Gen Foods is a Singapore-based plant-based protein company preparing to launch its first brand, TiNDLE, which will offer a variety of plant-based 'chicken' products. The startup raised $10 million in a seed round, a deal the article says breaks the global record for the largest seed round by a plant-based startup. Next Gen will use the funds to launch TiNDLE in Singapore and other Asian cities, hire its first US employee, and fund further product research. The company plans to be on track for a Series A within the next two years. The article places the raise and product roadmap in the context of growing plant-based demand and market projections for the sector.

Participated · Seed · Feb 2021

Next Gen produces TiNDLE, a plant‑based chicken product developed by CTO John Seeger with expert chefs that is high in protein and fiber, low in carbs, naturally cholesterol‑free and meets Singapore Health Promotion Board guidelines. TiNDLE has launched in March and is already sold in about 70 restaurants across Singapore, Hong Kong, and Macau, with a Kuala Lumpur debut planned. The company plans to use its recent funding to enter the U.S. market within 12 months, recruit about 50 U.S. employees, set up an R&D center in Singapore, and diversify its product range. Next Gen is expanding further across APAC and the Middle East and aims to enter Europe after a planned Series A. The startup’s product positioning emphasizes lower sodium and saturated fat versus some alternatives and adaptability across cuisines. Publicly available information values the company at about US$180 million. Next Gen's first product, TiNDLE Thy, is a plant-based alternative designed to emulate chicken thighs' texture, aroma and browning using a proprietary blend of plant-based fats called Lipi. Ingredients include water, soy, wheat, oat fiber, coconut oil and methylcellulose; TiNDLE Thy has received Singapore’s Healthier Choice Symbol and is low in sodium and saturated fat. The company will launch TiNDLE in Singaporean restaurants next month with partners such as Three Buns Quayside, the Prive Group, 28 HongKong Street, Bayswater Kitchen and The Goodburger. Next Gen raised $10 million in seed funding — its first external investment — exceeding an original $7 million target; the founders initially contributed $2.2 million of capital. Investors in the round include Temasek, K3 Ventures, EDB New Ventures, NX-Food, FEBE Ventures and Blue Horizon. Over the next year or two the company plans to raise a Series A, roll out more brands and products, expand into the U.S., China, Brazil and Europe, and move from restaurant partnerships to availability for home cooks.