Singaporean plant-based ‘chicken’ maker gets $100 million investment

Next Gen Foods Pte, a Singapore-based maker of faux chicken meat, raised $100 million to expand in the U.S., the world’s biggest market for plant-based protein foods.

Investors in the Series A round included Alpha JWC, EDBI and MPL Ventures, with existing backers Temasek Holdings Pte, GGV Capital, K3 Ventures and Bits x Bites participating. The fresh capital brings the total raised by the startup to more than $130 million and follows a seed round last year.

Next Gen Foods’ product, called Tindle, contains “lipi,” a signature mix of plant-based ingredients the startup says imparts a chicken-like taste the same way heme is considered key to the Impossible Burger’s flavor.

Next Gen plans to distribute to restaurants in major cities including San Francisco, Los Angeles and New York, hoping to win over fans before expanding to more locations and stores. The company will also use the fresh funds for research and development, education and to build up its supply chain.

Read the complete article at www.bloomberg.com.


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