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Growing internationally with Next Gen Foods
Singapore food-tech start-up joins international plant-based movement
The international market for plant-based foods is projected to grow 500% to USD 162 billion by 20301 as consumers become more conscious of how certain foods can impact their health, as well as the environment.
With the world’s population expected to reach 10 billion by 2050, plant-based foods are set to play an increasingly significant role in fulfilling future nutritional needs and shaping sustainable food systems.
Next Gen Foods, a Singapore-headquartered food tech start-up, is developing innovative and sustainable plant-based food products for an international market.
Rohit Bhattacharya, Chief Financial Officer at Next Gen Foods, said: “By creating delicious plant-based foods, we firmly believe that we can make it easier for consumers to live a more sustainable lifestyle.”
Founded in 2020, Next Gen Foods recently raised US$100 million in the largest Series A round for any plant-based meat category, bringing the company’s total funding raised to date to US$130 million.
Its flagship plant-based chicken substitute product has seen traction amongst consumers and the culinary communities globally, across Singapore, Hong Kong, Middle East, Netherlands, U.K. and the U.S.
Scaling the business efficiently and sustainably with the right partners
The asset-light start-up opts to work with select manufacturing partners across markets, instead of building its own production facilities. This has enabled it to focus on product design and development, quality assurance, and amassing global expertise, as it scales its business efficiently and sustainably.
Fortunately, HSBC recognised the potential of what we were trying to achieve and offered to support us with our banking needs and international ambitions right from the start
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Rohit continued: “Funding aside, having been able to work with partners who understand our business and share our vision for a better planet has been a key contributor to our success.
“When we first started as a young company, identifying a banking relationship was a challenge. Fortunately, HSBC recognised the potential of what we were trying to achieve and offered to support us with our banking needs and international ambitions right from the start.
“The bank has also helped us to expand internationally but in a sustainable way – extending our sustainable commitment through cash savings and investments. This was really important for us when choosing a banking partner and echoes our sustainability focus as a company trying to do good.”
Sustainable finance solutions to support innovation and growth
With Next Gen Foods taking its business to new heights, as it moves into the U.S. market this year, and develops new products, greater emphasis will be placed on localising and optimising its sourcing, production lines and supply chains.
Rohit added: “As we evolve our business model, we will certainly look to explore other viable, sustainable financing solutions to help us in our international expansion.”
For business with international ambitions, understanding their transition challenges is crucial in supporting them in growing responsibly.
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Regina Lee, Head of Commercial Banking, HSBC Singapore, said: “For businesses with international ambitions, understanding their transition challenges is crucial in supporting them in growing responsibly. For Next Gen Foods who have expanded internationally since they were founded in 2020, doing this in a sustainable way was important and aligned with the company’s ethos.”
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