Plant-based Meat Start-up ‘Next Gen’ Launches In Singapore With US$2.2 Million Funding
Friday, October 2nd, 2020 | 727 Views
Foodtech start-up Next Gen, offering plant-based meat products, has launched in Singapore with Seed funding of US$2.2 million. Co-founded by Timo Recker and Andre Menezes, Next Gen has established its headquarters, leadership team and research and development (R&D) centre in Singapore, from where it will build a global consumer brand, with China, the USA and Europe as targeted strategic markets.
The global plant-based protein segment is expected to reach US$85 billion by 2030 according to UBS. Asia will see significant growth according to Technavio, projected to reach an estimated market value of US$12.75 billion by 2030.
“Next Gen’s asset-lite model enables more investment into its technology, R&D and marketing, as it builds a unique, global consumer brand. We are launching in Singapore, with anticipated expansion to China, USA and Europe over the next three years. Our plant protein production and distribution are being built around a network of partners, who bring capacity, expertise and resources that can be scaled quickly,” said Timo Recker, CEO.
Next Gen has chosen Singapore as its global headquarters for its innovation ecosystem, and its centrality to Asia. Singapore offers a strong infrastructure to support food technology innovations like alternative protein. To become more self-sufficient and reduce its dependence on food imports, Singapore introduced its “30 by 30” vision in 2019 to locally produce 30 percent of Singapore’s nutritional needs by 2030. Singapore’s investment firm Temasek Holdings has invested about US$5 billion in the agri-foodtech sector in the past few years.
“We are building a global consumer brand from Singapore. The city offers a fantastic entrepreneurial ecosystem, private equity and venture capital, and an enviable legal and support environment. It also has a vibrant dining scene and some exceptionally talented chefs, who will help us to introduce our brand to the people of Singapore, and from here to those across Asia and around the world,” commented Andre Menezes.