Singaporean food technology start-up Next Gen Foods raised $100 million in its latest funding round as the company entered the US market.
The funds will help the start-up to expand into various US states, support research and development activities to produce new sustainable food products, and improve product innovation capability at its research centre that will open in Singapore this year, Next Gen Foods said on Tuesday.
South-East Asian venture capital firm Alpha JWC, Singapore-based global investment fund EDBI and the UK's MPL Ventures participated in the funding round.
The US has long been a target market for us and thanks to our line-up of fantastic investors who have participated in this funding round, this is only the beginning of our journey
Andre Menezes,
chief executive and co-founder of Next Gen Foods
Returning investors from the previous rounds included Temasek, through its newly established Asia Sustainable Food Platform, GGV Capital, K3 Ventures and Bits x Bites.
“The US has long been a target market for us and thanks to our line-up of fantastic 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,” said Andre Menezes, chief executive and co-founder of Next Gen Foods.
Founded in 2020, the start-up is now offering Tindle — its popular chicken substitute made from plants — in top restaurants in the US. The American debut follows the company’s successful UAE launch in September last year.
The Tindle food trailer was also part of the Middle East’s first-ever vegan food festival held at the festival garden of Expo 2020 Dubai.
Plant-based chicken isn’t new. Competition has been heating up with a number of exciting new launches from big players.
On average, “meat” made from plants uses less land, less water and produces less carbon dioxide than regular meat. Plant-based chicken uses 82 per cent less water and 74 per cent less land while reducing greenhouse gas emissions by 88 per cent, a report by sustainable food and agriculture firm Blue Horizon said.
Tindle is available in various markets, including the UAE, Singapore, Hong Kong and the Netherlands.
The new funding will help the company to introduce Tindle to “key markets around the globe”, said Next Gen Foods, which raised $30m last year.
“GGV is excited to deepen our relationship with the Next Gen Foods team … we seek companies that can separate themselves from the rest of the industry through technology, innovation and passion,” said Jenny Lee, managing partner at GGV Capital.
“We look forward to their next phase of expansion into the US and beyond.”
Next Gen Foods aims 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 have gone from launch to more than 200 restaurants on three continents,” said Rohit Bhattacharya, the company’s chief financial officer.
“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 Mr Bhattacharya.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
NBA Finals results
Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)
Barbie
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David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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Killing of Qassem Suleimani
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
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Available: Now
List of alleged parties
May 15 2020: PM and Carrie attend 'work meeting' with at
least 17 staff members
May 20 2020: PM and Carrie attend 'bring your own booze'
party
Nov 27 2020: PM gives speech at leaving do for his staff
Dec 10 2020: Staff party held by then-education secretary
Gavin Williamson
Dec 13 2020: PM and Carrie throw a flat party
Dec 14 2020: London mayor candidate Shaun Bailey holds staff party at Conservative
Party headquarters
Dec 15 2020: PM takes part in a staff quiz
Dec 18 2020: Downing Street Christmas party
Jetour T1 specs
Engine: 2-litre turbocharged
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Torque: 390Nm
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Ads on social media can 'normalise' drugs
A UK report on youth social media habits commissioned by advocacy group Volteface found a quarter of young people were exposed to illegal drug dealers on social media.
The poll of 2,006 people aged 16-24 assessed their exposure to drug dealers online in a nationally representative survey.
Of those admitting to seeing drugs for sale online, 56 per cent saw them advertised on Snapchat, 55 per cent on Instagram and 47 per cent on Facebook.
Cannabis was the drug most pushed by online dealers, with 63 per cent of survey respondents claiming to have seen adverts on social media for the drug, followed by cocaine (26 per cent) and MDMA/ecstasy, with 24 per cent of people.
Brief scores:
Day 2
England: 277 & 19-0
West Indies: 154
ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final
