TiNDLE Foods redefines the future of plant-based meat after record Series A and market downturn

By Agroempresario.com 

Singapore-based TiNDLE Foods, formerly known as Next Gen Foods, is navigating the post-hype reality of the plant-based meat market. After making headlines in early 2022 with a record-breaking $100 million Series A—the largest ever in the alternative protein space—the company now faces a dramatically reshaped landscape.

While many alt-meat startups have struggled or shuttered in recent years, TiNDLE has taken a disciplined approach. It drastically reduced burn rates, streamlined operations, and maintained a healthy balance sheet—retaining over 50% of its original Series A capital. Now, the company is refocusing its strategy toward slow but steady growth, particularly in the US and DACH regions (Germany, Austria, and Switzerland).

What went wrong with alt-meat?

According to industry insiders and TiNDLE co-founders, the initial market projections were too optimistic. "There is no real underlying consumer demand to shift away from meat," admits Andre Menezes, TiNDLE co-founder and former CEO, who stepped down in December 2023. He emphasizes that most consumers still prefer traditional meat and aren’t actively seeking alternatives—regardless of climate concerns or health narratives.

As Menezes puts it, "The question shouldn't be what it takes for consumers to try plant-based meat, but what would make them stop eating animal meat altogether."

Retail data supports this sentiment. In 2024, US plant-based meat retail sales fell 7% to $1.2 billion, with unit sales down 11%, per SPINS. Europe presents a more fragmented picture: declines in the UK (-9.7%) and Netherlands (-7%), but growth in France (+15.5%) and Italy (+14.7%), according to the Good Food Institute.

TiNDLE’s adaptive strategy

Now led by Timo Recker, who also founded LikeMeat, TiNDLE is doubling down on core markets with the most promise. The brand has exited costly markets like the UK as a physical base and repositioned it as an export destination. It now serves 1,300 US stores including Kroger banners and is expanding product lines with partners like Aldi and Edeka in Germany.

Recker explains: "We cut our burn rate by 50% in 2023 and again in 2024. It’s incremental growth, not exponential—but in this market, that’s a win."

TiNDLE’s new gourmet range in Germany features chlorella algae and emphasizes clean-label ingredients, reflecting a shift toward premium positioning. Recker adds that flavor and cultural fit are key: "Stuffed chicken products perform well in the US but not in Germany, where flavor profiles differ."

M&A, consolidation, and the long game

Despite headwinds, Recker sees consolidation as inevitable and potentially beneficial. "Valuations are down for everyone. Now is the time to buy and build long-term."

With most investors unlikely to recoup full returns from alt-meat ventures, TiNDLE’s financial discipline makes it a standout. While some companies have burned through cash or shut down prematurely, TiNDLE has maneuvered to maintain optionality. Its healthy cash reserves could enable acquisitions or pivots.

"We have a solid, growing business," says Recker. "It all comes down to quality and price. Consumers will adopt plant-based when the value is undeniable."

Focus and fundamentals

TiNDLE has temporarily paused its expansion into plant-based dairy, following its 2023 acquisition of UK alt-dairy brand Mwah!. The team is concentrating on its core strength: plant-based chicken, where it continues to innovate with co-manufacturers in the Netherlands and the US.

"You have to pick your battles," Recker notes. "We're focused on executing the TiNDLE brand well."