Agriculture

The next generation earns $ 100 million in the largest Series A vegetable protein

Next generation productsthe company behind the alt-chicken brand TindleAccording to AgFunder data [disclosure: AgFunder is AFN‘s parent company.]

Funding came from new investors, including Indonesian venture capital Alpha JWC Venturesassociated with the Government of Singapore EDBIand British MPL Ventures – a firm owned by the former Beatle and renowned vegetarian and animal rights activist Paul McCartney.

Existing fans, including, joined the round Themes – who invested through it recently launched the Asian Sustainable Power PlatformBits x Bites, GGV Capitaland K3 Ventures.

The A-Series injection to date is over $ 130 million.

There are two main directions of how capital will be used, according to CFO of Singapore startup Rohit Bhattacharya.

«Last year we raised about $ 30 millionand a trigger for this round [was] attract other investors who are connected to the mission and can help us expand – particularly in the United States, “he said. AFN.

The second part uses funding to support the company’s innovation capabilities, including the opening of a research and development center in Singapore in partnership with shareholder Asia Sustainable Foods Platform.

“Focus market number one”

Starting this month, Next Gen’s flagship product – its chicken thigh counterpart, Tindle Thy – is distributed in all 50 U.S. states.

It will initially be on the menu of restaurants in Los Angeles, New York, Philadelphia and San Francisco. It will also be available to distributors and restaurants through B2B providers Cheetah, Dot Foodsand FoodServiceDirect.com.

“We will use a very similar strategy to what we used in the Asia-Pacific region: starting with a few restaurants, working with chefs,” says Bhattacharya.

“The product was originally developed with chefs, for chefs.” This is because the next generation wants consumers to “get the first couple of experiences [of Tindle] be great; understand that delicious food does not necessarily involve animal husbandry ”.

An Italian plant-based restaurant in San Francisco Baia is one of those who will serve Tindle as their patron.

“As a non-vegan chef, I can definitely guarantee that this product is very close to imitating the taste and texture of chicken,” Joshua Yap said in a statement, Baia’s executive chef. «Tindle opens a big window for chefs, vegans or not, to play with them and create new recipes in their kitchens ”.

American celebrity chefs who support the product include reality TV chefs The Rock of Spirit – World Health Organization joined Next Gen as a culinary advisor and consultant in October last year – and a specialist in barbecue Chad Rosenthal.

Bhattacharya describes the United States as the next generation “Market focus number one” for the near future. Co-founder and CEO Andre Menezes has moved to a country where the company has also retained the strategic image of the former Impossible products Director of Communications Rachel Conrad, who joined her as an independent board member.

Product Conveyor Plans

As for the product, Next Gen will focus on offering more Tindle formats in the near future – such as nuggets, pies and tenders.

Currently, the product, which is made from nine GMO-free ingredients, including soy, wheat, coconut and oats, is sold to chefs in “shapeless” form so they can shape and cook it to their liking.

“Now we have passed through the catering channel. Going from there, tindle pies and nuggets [will] make it more accessible, ”says Bhattacharya, for example, for fast food restaurants.

“We would also like to expand into other channels; ultimately, the maximum effect will only be with omnichannel. ”

In the long run, startups will explore other potential product lines, such as analogues of other meat and dairy products; but so far « The goal is to really make Tindle a global brand, ”he says.

Part of this equation is the creation of the next generation a new global research and development center in Singaporewhich was announced last November and will be supported by part of the company’s Serie A funding.

The center will be housed in the new Food Technology Innovation Center established by the Asia Sustainable Foods Platform and A * STAR – National Research Institute of the city-state – and will use its common facilities to conduct research and development in the field of new protein products and ingredients.

https://agfundernews.com/next-gen-foods-nets-100m-in-plant-based-proteins-biggest-series-a-to-date The next generation earns $ 100 million in the largest Series A vegetable protein

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