Next Gen co-founders Andre Menezes and Timo Recker (R)
Next Gen, a startup offering plant-based meat products, has launched in Singapore.
Next Gen was co-founded by Timo Recker (CEO) and Andre Menezes (COO).
Recker, who infused a seed funding of US$2.2 million into Next Gen, previously founded plant-based meat company LikeMeat. The German company’s products are sold in 10 European countries through 15,000 supermarkets.
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Earlier this year, LikeMeat was acquired by global plant-based food company LiveKINDLY Collective.
Menezes was previously General Manager of Country Foods Singapore, where he was involved in making Impossible Foods.
Next Gen produces and commercialises plant-based meat products. Recker claims their products are 100 per cent plant-based, with the taste, texture and satisfaction of meat.
The startup has a manufacturing capacity of over 5,000 tons per year in place. Based on current average consumption, Recker expects to serve 9,000 restaurants. “We target to launch the consumer brand within the next six months.”
The startup is preparing to raise its Series A financing in 2021 to drive its global expansion, technology and R&D. “We anticipate expansion into China, the US and Europe over the next three years,” Recker said.
Why Singapore?
Next Gen has established its headquarters, leadership team and R&D centre in Singapore, from where it aims to build a global consumer brand, with China, the US and Europe as targeted strategic markets. The city-state was chosen for its innovation ecosystem and its centrality to Asia. It also 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 per cent of Singapore’s nutritional needs by 2030.
Singapore’s investment firm Temasek has invested about US$5 billion in the agri-foodtech sector in the past few years.
Global plant-based protein industry
The global plant-based protein segment is expected to reach US$85 billion by 2030, according to UBS. Asia will see significant growth, which is projected to reach an estimated market value of US$12.75 billion by 2030.
Plant-based meat consumer demand is fuelled by health concerns, environmental awareness, along with the improving taste and quality of plant-based products.
The two big brands – Impossible and Beyond Meat – have a combined market value of more than US$12 billion.
“The demand for plant-based meat products has exploded in the last few years, with over US$1.5 billion invested in the first seven months of 2020, more than double 2019’s investment of US$534 million,” said Recker.
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Image Credit: Next Gen
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