Singapore is rapidly turning right into a hub for food-tech startups, partly due to authorities initiatives supporting the event of meat options. One of many latest entrants is Subsequent Gen, which can launch its plant-based “hen” model, known as TiNDLE, in Singaporean eating places subsequent month. The corporate introduced right now that it has raised $10 million in seed funding from buyers together with Temasek, K3 Ventures, EDB New Ventures (an funding arm of the Singapore Financial Growth Board), NX-Meals, FEBE Ventures and Blue Horizon.
Subsequent Gen claims that is the most important seed spherical ever raised by a plant-based meals tech firm, based mostly on information from PitchBook. That is the primary time the startup has taken exterior funding, and the funding exceeded its unique goal of $7 million. Subsequent Gen was launched final October by Timo Recker and Andre Menezes, with $2.2 million of founder capital.
Subsequent Gen’s first product is known as TiNDLE Thy, an alternative choice to hen thighs. Its components embody water, soy, wheat, oat fiber, coconut oil and methylcellulose, a culinary binder, however the important thing to its chicken-like taste is a proprietary mix of plant-based fat, like sunflower oil, and pure flavors that enables it to prepare dinner like hen meat.
Menezes, Subsequent Gen’s chief working officer, instructed TechCrunch that the corporate’s objective is to be the worldwide chief in plant-based hen, the best way Inconceivable and Past are identified for his or her burgers.
“Shoppers and cooks need texture in hen, the style and aroma, and that’s largely associated to hen fats, which is why we began with thighs as a substitute of breasts,” stated Menezes. “We created a hen fats comprised of a mix, known as Lipi, to emulate the scent, aroma and browning once you prepare dinner.”
Each Recker and Menezes have years of expertise within the meals trade. Recker based German-based LikeMeat, a plant-based meat producer acquired by the LIVEKINDLY Collective final yr. Menezes’ meals profession began in Brazil at one of many world’s largest poultry exporters. He started working with plant-based meat after serving as common supervisor of Nation Meals, a Singaporean importer and distributor that focuses on progressive, sustainable merchandise.
“It was clear to me after I used to be contained in the meat trade for thus lengthy that it was not going to be a sustainable enterprise in the long term,” Menezes stated.
Over the previous few years, extra customers have began to really feel the identical method, and started searching for options to animal merchandise. UBS expects the worldwide plant-based protein market to extend at a compounded annual development charge of greater than 30%, reaching about $50 billion by 2025, as extra folks, even those that aren’t vegans or vegetarians, search more healthy, humane sources of protein.
Millennial and Gen Z customers, specifically, are keen to scale back their consumption of meat, eggs and dairy merchandise as they turn out to be extra conscious of the environmental impression of business livestock manufacturing, stated Menezes. “They perceive the sustainability angle of it, and the well being side, just like the ldl cholesterol or dietary values, relying on what product you’re speaking about.”
Low in sodium and saturated fats, TiNDLE Thy has acquired the More healthy Selection Image, which is run by Singapore’s Well being Promotion Board. Subsequent Gen’s new funding might be used to launch TiNDLE Thy, beginning in common Singaporean eating places like Three Buns Quayside, the Prive Group, 28 HongKong Avenue, Bayswater Kitchen and The Goodburger.
Over the subsequent yr or two, Subsequent Gen plans to lift its Sequence A spherical, launch extra manufacturers and merchandise, and develop in its goal markets: america (the place it’s at the moment recruiting a development director to construct a distribution community), China, Brazil and Europe. After working with restaurant companions, Subsequent Gen additionally plans to make its merchandise out there to house cooks.
“The rationale we began with cooks is as a result of they’re very exhausting to crack, and if cooks are proud of the product, then we’re very certain prospects might be, too,” stated Menezes.