Foodtech raises $100m for 'plant-based chicken'
Next Gen Foods, a plant-based chicken startup founded by former BRF executive Andre Menezes and Timo Recker, has just written a new chapter in the global foodtech industry. Just over six months after celebrating the biggest seed of a plant-based startup, when it raised $30 million, the owner of the Tindle brand broke barriers again.The Singapore-based foodtech has raised $100 million in the biggest series A round ever by a company of its kind. The round included the participation of Alpha JWC, a venture capital manager in Southeast Asia, EDBI and UK-based MPL Venturesa. Temasek, GGV Capital, K3 Ventures and Bits x Bites, which were already investing, followed suit. The valuation was not disclosed, but the startup claims that the amount exceeds "well" the $180 million valuation of the seed.The round also marks the debut of Tindle in the United States, significantly expanding the footprint of Next Gen Foods. "Adding up the population of all countries, we could serve less than 50 million inhabitants. But the U.S. has more than 300 million. You can already have a sense of expansion," Mr. Menezes, CEO of the startup, told Pipeline, Valor’s business website.With a strategy initially focused on restaurants, a way to convince those attracted by famous chefs about the potential of cooking with plant-based chicken, Tindle was already in restaurants in Singapore, Malaysia, Macau, Hong Kong, Dubai and Amsterdam. The idea is to reach retail only in 2023.Upon landing in the U.S., Next Gen Foods surprised skeptics who doubted the company’s expansion speed. "I came here at the end of September, after the launch in Dubai. Our crazy ambition was to make the launching in the first quarter, which we did, but a lot of people said it wasn’t realistic," recalls Mr. Menezes.Living in Chicago to prepare for the arrival of the startup, Mr. Menezes worked on the various fronts necessary to bring the product to the United States, which includes the import process — the outsourced factory is in the Netherlands —, definition of the storage and distribution structure and prospecting of restaurants that already have dishes with Tindle on their menu. "We already have dozens of restaurants we’ve talked to, and we’re in talks with hundreds," he said.Starting this Tuesday, Tindle will be in select restaurants in California, New York, Miami, Philadelphia, a process that included long conversations with chefs to develop recipes. Unlike the traditional plant-based industry...
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