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Next Gen Foods, a plant-based food company in Singapore, has raised a US$100 million Series A funding round.
Investors in the round include Alpha JWC, EDBI, and MPL Ventures (UK). Returning investors, including Temasek (through its newly established Asia Sustainable Food Platform), GGV Capital, K3 Ventures and Bits x Bites, also joined the round.
The company plans to increase its global footprint this year.
This deal comes after a seed round of US$30 million last summer, which takes its total funding raised to date to over US$130 million.
Next Gen Foods has also launched in the US to offer its first product TiNDLE across a range of iconic restaurants in San Francisco, Los Angeles, Napa, New York, Miami and Philadelphia. The startup plans to expand TiNDLE to new US cities in the next few months, including Austin. According to CEO and Co-Founder Andre Menezes, the US has long been a target market for the firm.
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The new funding will help increase the distribution of TiNDLE throughout all 50 states in the US. In addition, it will also support and increase Next Gen Foods’ R&D and product innovation capabilities at its brand new research hub set to open in Singapore later this year. The centre will act as a launchpad to develop and trial new technologies, applications, and products.
Next Gen Foods also intends to expand its R&D team across Singapore and the US to include additional protein scientists and food technologists with ingredient and product development expertise.
“Within a year, we’ve gone from launch to more than 200 restaurants on three continents. We will continue this relentless momentum in 2022 thanks to strong demand from chefs, distributors and consumers, who love TiNDLE for its great taste and tiny environmental footprint,” said Rohit Bhattacharya, CFO at Next Gen Foods.
Last July, Next Gen Foods added US$20 million to take its total seed funding to US$30 million. This came less than five months after it raised US$10 million from a host of investors, including Temasek and K3 Ventures.
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