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- Next Gen Foods
Next Gen Foods Valuation, Funding & Investors
Next Gen Foods is valued at $180M as of July 2021.
Last Next Gen Foods valuation
$180M
Seed · Jul 2021
Last Next Gen Foods funding round
$100M
Series A · Feb 2022
Cumulative funding Next Gen Foods raised
$132M
across 4 funding rounds
Key investors in Next Gen Foods
Temasek
K3 Ventures
GGV Capital
BYLD
Bits x Bites
EDBI
Next Gen Foods Overview
About Next Gen Foods
Next Gen Foods is a Singapore-headquartered food technology company producing plant-based proteins under the Always Legit brand, including chicken alternatives derived from pea protein. Established in 2020, the firm raised $35 million in Series A funding and distributes products across Southeast Asia and Europe through partnerships with retailers like FairPrice and NTUC. Its manufacturing facility in Singapore produces high-protein fillets mimicking real meat texture, targeting a reduction in animal agriculture dependency.
Founded
2020
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Valuation
$180M (Jul 2021)
Next Gen Foods Valuation
Next Gen Foods is currently valued at $180M, based on its seed round in July 2021.
The $20M round included Temasek, Chris Yeh, Bits x Bites, BYLD, Yeo Hiap Seng and 3 other investors.
Next Gen Foods valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2021 | Seed | $180M |
Next Gen Foods Funding History
Next Gen Foods has raised a total of $132M across 4 funding rounds.
Next Gen Foods' first fundraising round was a $2M seed round in October 2020. The most recent completed round was a $100M Series A in February 2022.
Next Gen Foods funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2022 | Series A | Temasek; Alpha JWC Ventures; AENU; Bits x Bites; MPL Ventures; EDBI; GGV Capital; K3 Ventures | $100M | - | Next Gen Foods, a Singapore-based alternative protein startup founded in 2020, produces TiNDLE, a plant-based chicken product designed to reduce reliance on animal agriculture. The company debuted TiNDLE less than 18 months prior to the round and achieved rapid adoption, launching in over 200 restaurants across culinary hubs including Singapore, Hong Kong, Amsterdam, and Dubai within a year. On February 15, 2022, it announced U.S. availability in select restaurants in cities like San Francisco, Los Angeles, New York, and Philadelphia, with plans for broader distribution. The $100 million Series A funding round, the largest ever for a plant-based meat company at the time, was led by new investors Alpha JWC Ventures, EDBI, and MPL Ventures, alongside returning investors including Temasek Holdings (via its Asia Sustainable Food Platform), GGV Capital, K3 Ventures, and Bits x Bites. This brought total funding to over $130 million, following a $30 million seed round the previous summer. Existing backers also include NX-FOOD, Yeo Hiap Seng, and individuals like Chris Yeh, Dele Alli, and Kieran Gibbs. Proceeds will fuel U.S. expansion through all 50 states via partnerships with distributors like Dot Foods, FoodServiceDirect.com, and Cheetah, alongside enhancements to R&D. The company is building a new research hub in Singapore in partnership with Temasek's Asia Sustainable Foods Program and the Singapore Institute of Food and Biotechnology Innovation, and plans to hire protein scientists and food tech experts. Next Gen Foods positions TiNDLE as a chef-favored alternative with strong demand due to its taste and low environmental impact, competing in the growing plant-based meat sector alongside brands like Impossible Foods and Beyond Meat. Investors highlighted the company's remarkable growth and innovation in addressing climate change through sustainable food production. |
| Jul 2021 | Seed | Temasek; Chris Yeh; Bits x Bites; BYLD; Yeo Hiap Seng; GGV Capital; Dele Alli; K3 Ventures | $20M | $180M | Next Gen Foods, a Singapore-based plant-based protein startup, closed a $20 million seed round extension in July 2021, bringing total seed funding to $30 million. The round was led by returning investors Temasek and K3 Ventures, with new participants including GGV Capital, Bits x Bites, Yeo Hiap Seng, entrepreneur Chris Yeh, and English footballer Dele Alli. This $30 million total represented the largest seed round ever raised by a plant-based protein company at that time. The company makes TiNDLE, a plant-based chicken product made from soy protein, wheat gluten, wheat starch, and sunflower and coconut oils, containing 17 grams of protein per serving. At the time of the funding announcement, TiNDLE was sold in more than 70 restaurants across Singapore, Hong Kong, and Macau, having launched in March 2021. Proceeds were designated for US market expansion, with plans to hire more than 50 employees primarily based in the San Francisco Bay Area, as well as continued expansion in APAC and the Middle East, and establishment of an R&D center in Singapore. The company is led by CEO Andre Menezes and Chairman Timo Recker (formerly CEO), with Rohit Bhattacharya joining as Chief Financial Officer. The startup operates an asset-light business model focused on restaurant distribution and chef partnerships rather than manufacturing its own production facilities. |
| Feb 2021 | Seed | Temasek; FEBE Ventures; Jan Wilmking; BYLD; NX Food; Blue Horizon Corporation; K3 Ventures | $10M | - | Next Gen Foods, a Singapore-headquartered food tech startup, raised US$10 million in a seed round on February 25, 2021. Investors included Temasek, K3 Ventures, EDB New Ventures, NX Food (part of METRO AG), FEBE Ventures, and Blue Horizon, along with others such as Jan Wilmking, BYLD, and Youcef Oudjidane. This followed an earlier US$2.2 million founder capitalization, bringing early funding to over US$12 million. The proceeds funded the global launch of its plant-based chicken consumer brand TiNDLE, set to debut in Singapore restaurants in March 2021 via distributor Classic Fine Foods, with plans for expansion to other Asian cities, Europe, and the United States. Funds also supported ongoing research and development for additional plant-based products and recruitment, including a US Growth Director. The company positioned TiNDLE as a premium chicken alternative targeting foodservice channels amid rising demand for sustainable proteins. Next Gen Foods later extended its seed with an additional US$20 million from returning investors including Temasek, K3 Ventures, GGV Capital, and Bits x Bites, bringing total seed funding to US$30 million. In 2022, it raised a US$100 million Series A, the largest for a plant-based meat company, with new investors Alpha JWC, EDBI, and MPL Ventures, totaling US$130 million raised to date for US expansion and a Singapore R&D center. |
| Oct 2020 | Seed | - | $2M | - | - |
Who has invested in Next Gen Foods?
16 investors have backed Next Gen Foods across its funding rounds, including Temasek, K3 Ventures, GGV Capital, BYLD, Bits x Bites and EDBI.
Next Gen Foods Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Participant | Feb 2021 | ||
| 3 | Participant | Feb 2021 | ||
| 2 | Participant | Jul 2021 | ||
| 2 | Participant | Feb 2021 | ||
| 2 | Participant | Jul 2021 | ||
| 1 | Participant | Jul 2021 | ||
| 1 | Participant | Feb 2021 | ||
| 1 | Participant | Feb 2021 | ||
| 1 | Participant | Feb 2022 | ||
| 1 | Participant | Feb 2022 | ||
| 1 | Participant | Feb 2022 | ||
| 1 | Participant | Feb 2022 | ||
| 1 | Participant | Jul 2021 | ||
This data is available for Pro users. Sign up to see all 16 Next Gen Foods investors. Start Free Trial | ||||
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Start Free TrialNext Gen Foods Competitors
Next Gen Foods competitors include listed companies like Beyond Meat and Cabio Biotech (Wuhan) Co, and private ones like THIS, Kite Hill, Voyage Foods and Fazenda Futuro.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $193M | - | ||
| Publicly listed | $275M | $266M | $201M | 1.7x | ||
| Private | - | - | $121M | - | ||
| Private | - | - | $85M | - | ||
| Private | - | - | $395M | - | ||
| Publicly listed | $84M | $33M | $211M | - |
Next Gen Foods Public Comps
Next Gen Foods is still privately-owned, but its public comps include Fine Foods, HKFoods, CJ Freshway, Cakovecki Mlinovi, Mineralbrunnen, Naturhouse Health, Life Water Industries, Rokiskio Suris, Grupo Minsa and Meysu.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $290M | $40M | 1.0x | 1.0x | 7.4x | 7.1x | |||
| $1.1B | $70M | 0.4x | 0.4x | 6.0x | 5.6x | |||
| $2.5B | $118M | 0.2x | 0.2x | 4.0x | 4.0x | |||
| $458M | $28M | 0.5x | - | 7.6x | - | |||
| $187M | $23M | 1.2x | - | 9.5x | - | |||
| $55M | $17M | 2.8x | 2.7x | 8.9x | 8.9x | |||
| $51M | $17M | 3.8x | 3.5x | 11.5x | 10.8x | |||
| $464M | $34M | 0.4x | - | 5.9x | - | |||
This data is available for Pro users. Sign up to see all Next Gen Foods competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Next Gen Foods
| When was Next Gen Foods founded? | Next Gen Foods was founded in 2020. |
| Where is Next Gen Foods headquartered? | Next Gen Foods is headquartered in Singapore, Singapore. |
| Is Next Gen Foods publicly listed? | No, Next Gen Foods is a private, VC-backed company. |
| What is Next Gen Foods' valuation? | Next Gen Foods was last valued at $180M in its seed round in July 2021. |
| How much funding has Next Gen Foods raised? | Next Gen Foods has raised $132M across 4 funding rounds. |
| What was Next Gen Foods' last funding round? | Next Gen Foods' last funding round was a $100M Series A in February 2022. |
| Who are Next Gen Foods' investors? | Next Gen Foods' investors include Temasek, K3 Ventures, Bits x Bites, BYLD, GGV Capital, Chris Yeh, FEBE Ventures, Jan Wilmking, Alpha JWC Ventures, AENU and 6 others. |
| Which companies are comparable to Next Gen Foods? | Companies comparable to Next Gen Foods include THIS, Beyond Meat, Kite Hill, Voyage Foods, Fazenda Futuro and Cabio Biotech (Wuhan) Co. |
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