Next Gen, a plant-based meat start-up, has launched in Singapore with Seed funding of $2.2 million.
Next Gen has established its headquarters, leadership team and 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 company is co-founded by Andre Menezes and Timo Recker, who was previously the founder and CEO of German plant-based meat company LikeMeat (which was acquired by LIVEKINDLY Collective earlier this year).
Andre Menezes, who is co-founder and Chief Operating Officer of Next Gen, was previously the General Manager of Country Foods Singapore, where he was involved in making Impossible Foods a household name in Singapore. He has played an instrumental role in introducing plant-based protein across Asia in the past few years.
“The demand for plant-based meat products has exploded in the last few years, with over $1.5 billion invested in the first seven months of 2020, more than double 2019’s investment of $534 million,” said Mr Recker,
“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. For example, we have manufacturing capacity of over 5,000 tons per year in place.
“Based on current average consumption, that means we expect we could serve 9,000 restaurants. We target to launch the consumer brand within the next six months.”
“We are preparing to onboard external investors in a Series A financing round in 2021. Those funds will drive our global expansion, technology and R&D.”