Makers of the plant-based chicken brand TiNDLE, Next Gen Foods, have secured a US$20 million extension of its seed round, taking the entire round to US$30 million, the largest ever for a plant-based start-up. The funds will primarily be used to launch ‘TiNDLE’ in the US, the largest plant-based meat market.
Developed by Next Gen CTO John Seegers in collaboration with chefs and for chefs, the first TiNDLE product is TiNDLE Thy. It can be used to prepare dishes in multiple culinary applications and for many kinds of cuisines – Western, Chinese, Indian, Middle Eastern and more.
Offering high protein, high fiber and low carb, TiNDLE is also GMO and naturally cholesterol-free. TiNDLE Thy meets the nutritional guidelines for the Healthier Choice Symbol administered by Singapore’s Health Promotion Board due to its lower sodium and lower saturated fat content than regular plant-based meat alternatives.
High profile investors
New investors in this latest round include Global Fund GGV Capital, making its first investment in plant-based chicken; China-based agriculture and food tech venture fund Bits x Bites, investing actively in the alternative protein space; Yeo Hiap Seng, a leading Asian food and beverage player with a strong presence in the plant-based dairy space.
Also joining the new investor list is Chris Yeh, co-author of Blitzscaling, a book on how tech companies build scale quickly; a prominent group of athletes, including English footballer Dele Alli. Existing investors include Temasek and Asia-based venture capital fund K3 Ventures.
As part of its market entry to the US, the company will hire more than 50 employees across research and development, sales, supply chain, finance and marketing. Employees will primarily be based in the San Francisco Bay Area.
Diversifying NPD
The company will also use the extended funding for continued international expansion in APAC and the Middle East, developing its technology, establishing a research and development center in Singapore and product diversification.
“The United States is the world’s biggest market for plant-based foods. We are already putting our foundations in place to be in-market within the next 12 months as we accelerate our goal of becoming the world’s number one plant-based chicken,” says co-founder and CEO Andre Menezes.
“The outstanding response from both existing and new investors shows their confidence in our innovative technology, highly scalable business model, differentiated taste experiences and the ability of our team to make TiNDLE a market leader in the US.”
“The NextGen team has one of the strongest founder-market fits in FoodTech, having previously developed and successfully launched a plant-based meat product for the European market. The team’s focus on product quality, brand recall, and distribution provides a strong foundation for the future growth of the company,” adds Jenny Lee, a managing partner at GGV Capital. “Our partnership with the NextGen team is underpinned by our commitment to team up with founders who show real passion and flair in solving the fundamental challenges of our time – food sustainability is one of them.”
“By leveraging technology to create delicious plant-based foods, NextGen has a unique global opportunity to popularize non-animal food products and let consumers know that great flavor can go hand-in-hand with both great nutrition and sustainability.”
First launched in Singapore earlier this year, TiNDLE is sold in over 70 restaurants in Singapore, Hong Kong and Macau. This includes ADDA by four-time Michelin Star Chef Manjunath Mural and two Michelin Star Bo Innovation by Chef Alvin Leung in Hong Kong.
“Following our March 2021 TiNDLE launch, we have expanded to three key markets, and we expect to be in more than five by end-2021, a mark that some leading brands do not cross after years of existence. We are scaling at this incredibly fast pace with our asset-lite business model, distribution network, talent, and collaborations with great chefs and hot restaurants,” added Jean Madden, Next Gen CMO.
