Temasek-backed foodtech firm bags $100m from Alpha JWC, others

Next Gen Foods, a Singapore-based foodtech startup, has raised US$100 million in its series A financing from Alpha JWC Ventures, EDBI, and MPL Ventures, among others.

Existing investors such as GGV Capital, K3 Ventures, and Bits x Bites, as well as Temasek’s newly established Asia Sustainable Foods Platform, also took part in the round.

Photo credit: Next Gen Foods

Founded in 2020, Next Gen Foods is developing sustainable plant-based food products – including its flagship product Tindle, a plant-based chicken substitute. Tindle is currently sold in 70 restaurants across Singapore, Macau, and Hong Kong.

“We are fighting against the clock to reverse climate change,” said Rohit Bhattacharya, chief financial officer of Next Gen Foods.

The latest investment will help Next Gen Foods increase distribution of Tindle throughout the US, which has been one of the company’s target markets for a long time.

North America is the fastest-growing region in the global plant-based meat industry, with chicken meat alternatives sold as strips, nuggets, and burgers accounting for a significant slice of the market.

Next Gen Foods will also increase its research and development capabilities at its new research hub, set to open in Singapore later this year. The company’s research center – developed in partnership with the Food Tech Innovation Center – will act as a launchpad for the development and trial of new technologies, applications, and products.

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The foodtech firm intends to expand its research and development team across Singapore, Europe, and the US to include additional protein scientists and food technologists with ingredient and product development expertise.

In July 2021, Next Gen raised US$20 million in an extended seed funding round from Temasek, K3 Ventures, GGV Capital, and Bits x Bites, as well as individual investors like England football professional Dele Alli.

To date, the company has raised a total of over US$130 million.