Next Gen Foods, renowned for its fibrous and juicy Tindle product, has taken a significant step forward in the plant-based market with its latest acquisition, adding a new layer to its offerings. A press release regarding the acquisition outlines the company’s vision: Next Gen aims to serve as a platform for “like-minded brands that deliver on quality taste and experiences,” encompassing popular categories such as dairy, seafood, and meat. With Tindle experiencing rapid growth, this is an opportune moment for the company to leverage its popularity to elevate another brand.
Mwah, founded in London in 2020 by Claudia Comini and Damian Piedrahita, emerged from their collaboration as consultants in the food, beverage, and hospitality sectors. They developed a unique process that combines plant proteins, lipids, and natural flavors to replicate the characteristics of pure cream. The first product that Next Gen will promote is Madagascan Vanilla Gelato, crafted from ingredients like cashews, coconut oil, vegetable fibers, natural flavors, sugar, salt, and organic Madagascan vanilla.
Next Gen intends to launch Mwah’s gelato through a strategy similar to that of Tindle. Following a significant unveiling at Expo West this month, the gelato will be introduced at two restaurants in the U.K.—one focusing on desserts and another on vegan cuisine. According to an email from Next Gen, the brand will initially target the U.K. foodservice sector, with plans to expand into retail and other pivotal markets, including the U.S. and Germany.
While Tindle has already achieved remarkable success, the founders of Next Gen have a track record of understanding the dynamics of the plant-based food industry and attracting attention to their ventures. Menezes, previously the general manager of Country Foods Singapore, and Timo Recker, co-founder and Chairman, who established the German plant-based brand LikeMeat, which was acquired by The Live Kindly Collective, bring valuable experience to the table.
In just its first two years, Next Gen Foods managed to raise $130 million, starting with an unprecedented $10 million seed round in February 2021—the largest ever for an early-stage plant-based company. Five months later, the company announced its plans for a U.S. launch alongside a $20 million extension to its seed round. As expansion commenced in February 2022, Next Gen set records again with a $100 million Series A round.
The market for plant-based frozen treats is becoming increasingly competitive, though fewer players are in the gelato segment. Unilever’s Talenti is the only major manufacturer comparable to Mwah, producing a dairy-free version that includes eggs. In an email, Next Gen indicated that gelato is celebrated for its creamy texture and is notoriously challenging to create within the dairy product realm.
Incorporating the product code 033984004306, it is clear that Next Gen Foods is poised for a promising future in the plant-based sector, driving innovation and expanding its reach in the competitive landscape.