After its $ 10 million round in February, which the company said was the biggest ever in the plants sector, the Singapore-based startup Next generation Today announces a $ 20 million extension for a total of $ 30 million, which will be invested to launch TiNDLE, its new brand of plant-based chicken, in the United States.
“Following our March 2021 Launch of TiNDLE, we have expanded to three key markets, and we expect to be more than five by the end of 2021 â³
Founded by Timo Recker of LikeMeat and Andre Menezes, the Next Gen chicken product with the interesting name TiNDLE is currently sold in over 70 restaurants in Singapore, Hong Kong and Macau, including ADDA by Manjunath Four times Michelin starred Chef and two Michelin Bo Innovation stars by Chef Alvin Leung in Hong Kong.
The company is using the new funds to hire more than 50 employees in research and development, sales, supply chain, finance and marketing. Employees will be primarily based in the Bay Area. The company will also use the extended financing to continue its international expansion in Asia-Pacific and the Middle East, by developing its technology, by creating a research and development center in Singapore and product diversification.
New investors in this latest round include Global Fund GGV Capital, which is making its first investment in plant-based chicken; ChinaBits x Bites, an agriculture and food technology venture capital fund that actively invests in the alternative protein space; Yeo Hiap Seng; and Chris Yeah, co-author of Blitzscaling. Existing investors include Temasek, and Asia– K3 Ventures venture capital fund.
“United States is the world’s largest market for plant-based foods. We are already putting our foundations in place to be in the market for the next 12 months as we accelerate our goal of becoming the world’s number one plant-based chicken, âsaid co-founder and CEO AndrÃ© MÃ©nezÃ¨s. âThe exceptional response from existing and new investors demonstrates their confidence in our innovative technology, our highly scalable business model, our differentiated taste experiences and our team’s ability to make TiNDLE a market leader in the United States. “
“Following our March 2021 Launching TiNDLE, we have expanded to three key markets, and we expect to be more than five by the end of 2021, a mark that some big brands do not cross after years of existence. We are evolving at this incredibly fast pace thanks to our business model, our distribution network, our talents and our collaborations with great chefs and hot restaurants, âadded Jean Madden, new generation marketing director.