Singapore-based Subsequent Gen Meals will convey its plant-based rooster various to america after elevating a $20 million seed extension. Traders included GGV Capital, agriculture and meals tech-focused Bits x Bites, meals and beverage firm Yeo Hiap Seng, entrepreneur and “Blitzscaling” writer Chris Yeh and English footballer Dele Alli.
Returning traders embody Temasek, which led Subsequent Gen Meals’ unique $10 million seed spherical, introduced in February, and K3 Ventures. The primary $10 million was already the most important seed funding ever raised by a plant-based meals tech firm, based mostly on information from Pitchbook, and now the spherical totals $30 million. A part of the funding will likely be used to fill 50 roles within the U.S. for its analysis and improvement, gross sales, provide chain and finance and advertising groups.
Subsequent Gen additionally introduced modifications to its management group. Co-founder Timo Recker is transferring from his chief government officer place to chairman, whereas Andre Menezes, one other founder, will take over the CEO spot. Former Temasek director Rohit Bhattacharya will be a part of the startup as its chief monetary officer.
Subsequent Gen’s rooster various, known as TiNDLE, launched in Asia by way of partnerships with eating places and is now served in additional than 70 places in Singapore, Hong Kong and Macau. Over the subsequent 12 months, Subsequent Gen will take the same method because it enters the U.S., working with meals companies in cities to develop TiNDLE dishes for his or her menus. Ultimately it’s going to increase to different distribution channels, like retail, Menezes informed TechCrunch.
To duplicate rooster meat’s texture, Subsequent Gen makes use of a proprietary mix of plant-based fat, together with sunflower oils, and pure flavors. This permits TiNDLE merchandise to copy the aroma and browning of rooster when it cooks.
Within the U.S., Subsequent Gen faces rivalry from plant-based meals corporations like Past Meat, which launched its Rooster Tenders product at about 400 eating places earlier this week. Panda Specific, a well-liked meals chain, can be piloting Past Meat orange rooster.
When requested concerning the aggressive panorama, Menezes mentioned, “We’re actually glad this sector is gaining traction and we don’t see different plant-based corporations as our rivals. The one competitors we fear about are the businesses bringing unsatisfactory merchandise to customers. Customers could find yourself having the unsuitable impression that plant-based meals compromise in style and expertise even at present.”
He added that TiNDLE is GMO and cholesterol-free, and Subsequent Gen has an asset-light enterprise mannequin that can make it simpler to scale into new markets.
Earlier than launching Subsequent Gen, Recker based German-based LikeMeat, whereas Menezes labored at one of many world’s largest poultry exporters earlier than serving as common supervisor of Singapore meals distributor Nation Meals.
In a press release, GGV managing companion Jenny Lee mentioned, “The Subsequent Gen group has one of many strongest founder-market suits in foodtech, having beforehand developed and efficiently launched a plant-based meat product for the European market. The group’s concentrate on product high quality, model recall and distribution offers a robust basis for the longer term progress of the corporate.”