Ex-Beatle McCartney gives a little help to alt-chicken as part of US$100M TiNDLE mega investment
16 Feb 2022 --- Under the banner of MPL Ventures, Paul McCartney is part of a US$100 million series A round of funding in Next Gen Foods producer of TiNDLE, a plant-based chicken alternative. This funding round is pegged as the biggest so far for a plant-based meat company demonstrating the evolution of alt-meat and the opportunities to tap into growing appetites for non-animal based food.
Following an earlier round of seed funding of US$30 million, TiNDLE plans to expand its global footprint this year. The new funding will help increase distribution throughout the US and see major expansion of vegan chicken served across US foodservice, particularly “foodie cities” such as California, Los Angeles, New York, Napa, Miami and Philadelphia.
“The US has long been a target market for us and thanks to our lineup of investors who have participated in this funding round; this is only the beginning of our journey in delivering delicious and sustainable foods to reverse our climate crisis,” explains Andre Menezes, CEO and co-founder of Next Gen Foods.
TiNDLE features the distinctive flavor of chicken, thanks to Lipi, Next Gen Foods proprietary emulsion of plant-based ingredients that mirror the aroma, cookability and savory qualities that typically come from chicken fat.
Alt-chicken expanding globally
MPL Communications is the umbrella company for the business interests of McCartney and handles his post-Beatles work. Additional investors in the round include Southeast Asian venture capital firm Alpha JWC and the Singapore-based global investment fund EDBI.
Temasek is returning from previous rounds through its newly established Asia Sustainable Food Platform, GGV Capital, K3 Ventures and Bits x Bites. The new funding supports the expansion of the alt-chicken in foodservice and distribution, along with the research and development of new sustainable foods.
Next Gen Foods launched in Singapore in 2020 with seed funding of US$2.2 million.
TiNDLE fried alt-chicken nuggets are now available in US foodie cities.
TiNDLE has seen rapid growth across several culinary epicenters, including Singapore, Hong Kong, Amsterdam and Dubai. The new funding will accelerate the alternative chicken product growth in the US, among other key markets.
TiNDLE is high in protein and fiber and contains no antibiotics, hormones, cholesterol, or genetically modified ingredients.
R&D boost in Singapore
The recent raise will support and increase Next Gen Foods’ R&D and product innovation capabilities at its new research hub set to open in Singapore later this year.
The R&D and Innovation Center, developed in partnership with the Food Tech Innovation Center (FTIC), established by Temasek’s Asia Sustainable Foods Platform, will serve as a launchpad to develop and trial new technologies, applications and products.
“Within a year, we’ve gone from an initial launch to more than 200 restaurants on three continents. We will continue this momentum in 2022 thanks to strong demand from chefs, distributors and consumers, who value our product for its taste and tiny environmental footprint,” says Rohit Bhattacharya, chief financial officer at Next Gen Foods.
Plant-based meat alternatives are better for the environment.
Reducing the environmental footprint
On average, plant-based chicken uses less land, less water and produces less CO₂ than birds. Choosing plant-based chicken over avian meat saves 82% less water, 74% less land and 88% less greenhouse gas emissions, Next Gen Foods reports.
Innova Market Insights highlights that branding with more specific plant protein claims is booming with terms such as “plant power” more commonly used.
The use of plant-based claims for global food and beverage launches had a CAGR of 37 percent over the 2016 to 2020 period. This compares with 10% for vegan positionings and a marginal decline for the more mainstream and established vegetarian category.
The market researcher highlights a need for choice and multiple product positionings as “there is no single definition of a plant-based customer.”
Instead, the category is drawing almost equal attention from health champions, eco-warriors and ethical shoppers. Although vegetarianism and veganism continue to attract fresh supporters, the flexitarian movement is growing faster.
By Inga de Jong
