(Bloomberg) — Plant-based chicken maker Next Gen Foods has closed a $10 million seed round co-led by Temasek International, a rare early-stage bet by Singapore’s state-owned investor.
The funding round was also backed by family office K3 Ventures, the Economic Development Board of Singapore’s New Ventures unit and NX-Food, a startup hub owned by Germany’s Metro AG. The investors will help fund a regional expansion as Next Gen prepares to start selling to Singapore restaurants from March 18.
The deal is a sign that Temasek, which manages S$306 billion ($232 billion) and also backs plant-based beef rival Impossible Foods, is ramping up deals in the alternative protein space as Singapore attempts to secure 30% of its food locally by 2030. While the firm’s subsidiaries like Vertex Venture Holdings have previously invested in seed funding rounds, the parent company has traditionally backed more mature businesses at the Series A level and beyond.
Next Gen was co-founded by Timo Recker, whose family has long worked in pork production. He wanted to move away from meats and in 2013 used his industrial know-how and some family capital to launch LikeMeat, which sells currywursts, schnitzels and other products made of soy and peas.
Tindle Brand
Recker sold control of that business last year and launched Next Gen in Singapore. It uses suppliers in the Netherlands to produce soy-based chicken pieces with “lipi,” a trademarked mix of plant-based ingredients it says imparts a chicken-like taste in the same way heme boosts the realism of Impossible Foods’ fake-beef burgers. The product will be sold under the brand name Tindle.
But where Impossible Foods’ heme features genetically engineered soy – forcing it to gain regulatory approval before entering some markets – Next Gen uses natural ingredients. For K3 Ventures Chief Executive Officer Meng Xiong Kuok, that was an important factor in making the investment.
“Building up their capabilities based on non-GMO soybeans helps guarantee and set the foundations for their potential entry into the China market,” he said.
Singapore is positioning itself as a global hub for alternative protein development and production. It recently became the first country to approve the sale of cell-based chicken via Eat Just Inc. and is home to Shiok Meats – a producer of lab-grown prawn meat.
The backing of institutional investors won’t guarantee success, with startups and conglomerates around the world working on plant-based meat products. The segment is expected by UBS Group AG to be worth more than $51 billion by 2025, or about 2.5% of the overall meat market.
Next Gen outsources the manufacturing of its products and will initially sell through restaurants instead of direct to consumers. To prevent partners from replicating their recipe, contractors produce different components before it’s assembled into the final product. Its Netherlands-based partner can produce 5,000 tons annually, enough for 9,000 restaurants, and Recker predicts this capacity will be enough to last two to three years.
“We’re building now our teams and will then scale the brand globally,” he said. “We want to become the undisputed leader for plant-based chicken.”
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
