Next Gen Foods, a company that makes alternative meat, has secured $100 million in a Series A round led by Alpha JWC Ventures and others.
EDBI, Singapore’s Economic Development Board’s investment arm, and MPL Ventures, a venture business established by Paul McCartney that normally invests in music startups, are among the new investors.
The round also saw participation from existing investors like Bits x Bites, K3 Ventures, GGV Capital and Temasek. Last year, Next Gen managed to raise $30 million in two seed rounds. After the series A round, the total amount raised by the company has now reached $130 million.
Dutch-based data provider Dealroom stated that this latest funding qualifies as the largest Series A round of an alternative meat company to date.
According to a press release, Next Gen will utilise the new capital to accelerate distribution of its Tindle substitute meat product in the United States, in conjunction with Dot Foods, the country’s largest food distributor. It also has partnerships with restaurants in New York, Los Angeles, San Francisco, Miami, Philadelphia, among other cities in the United States.
Next Gen was founded in October 2020 by Timo Recker, the founder of the German plant-based protein company LikeMeat, and Andre Menezes, the former general manager of Country Foods in Singapore. They invested $2.2 million into the company as a start-up capital.
After the United States and Europe, Next Gen intends to expand into China and Brazil, both of which are big consumers of chicken.
Next Gen’s strategy also comes at a time when the plant-based meat market is becoming increasingly crowded, with established food companies like Nestle joining the fray.
However, Bhattacharya believes that there is room for more than one player. He stated that the meat industry is estimated to be worth $1.4 trillion. The value of [poultry] is $300 billion. Even at a low penetration rate, such as 0.3 percent of chicken, they’re dealing with a billion-dollar alternative meat player.