A move into the US pits Next Gen Foods against Impossible Foods Inc. and Beyond Meat Inc., whose meatless offerings have gained ground in many eateries and homes. The alternative protein market has been on the rise as consumers look for options that might be more sustainable than traditional animal products.
Next Gen Foods Pte, a Singapore-based maker of faux chicken meat, raised US$100 million ($134.7 million) to expand in the US, the world’s biggest market for plant-based protein foods.
Investors in the Series A round included Alpha JWC, EDBI and MPL Ventures, with existing backers Temasek Holdings Pte, GGV Capital, K3 Ventures and Bits x Bites participating. The fresh capital brings the total raised by the startup to more than US$130 million and follows a seed round last year.
