Berlin – SMP advised Timo Recker's new FoodTech startup Next Gen Foods on its financing round. The total volume amounts to USD 10 million. In addition to Temasek, K3 Ventures and EDB New Ventures, an investment arm of the Singapore Economic Development Board, the Metro Group also participated in the round through its NX Food Hub. It is one of the very rare early-stage investments of Temasek as the Singaporean state investor usually invests in "growth companies" at later stages. Next Gen Foods says that it will use the capital raised to drive regional expansion, in particular in light of the envisaged product launch in restaurants starting in Singapore from mid-March this year.
Next Gen Foods received legal advice from an SMP team led by partner Martin Schaper together with Martyna Sabat and Matthias Kresser. Rajah & Tann Singapore's partner Terence Quek together with the associates Yong Chang Ling and Therese Ang advised Next Gen Foods on the transaction as local counsel.
A team led by SMP partner Martin Schaper had already provided comprehensive legal and tax advice to the founder and former CEO of LikeMeat, Timo Recker, as well as the Recker Holding GmbH on the sale of its 49% stake in LikeMeat to The Livekindly Company, Inc. ("LIVEKINDLY Collective"). In addition, SMP supportet Timo Recker on the entry into LIVEKINDLY Collective during the USD 200 million "Founders' Founding Round". As a member of the "Founders' Board", he supports the global food company with his comprehensive industry expertise.
Next Gen Foods
Next Gen Foods is a food technology startup that produces plant-based meat products. Headquartered in Singapore, Next Gen Foods uses its established technology and large network of specialists to develop plant-based meat products that are tailored to the local tastes and preferences of the diverse populations living in Singapore. Founded by former CEO and founder of LikeMeat Timo Recker and co-founder Andre Menezes, Next Gen Foods is backed by a team with strong experience in food technology and alternative proteins.
SMP is a boutique law firm for tax and business law which is active in the core fields of Tax, Funds, Corporate, Litigation and Transactions. The attorneys and tax specialists at SMP represent a broad client base, which ranges from emerging technology companies and family-run SMEs to large corporations as well as private equity and venture capital funds. Founded in 2017, SMP has become one of the leading players for venture capital, private equity and fund structuring in Germany. The firm and its partners have been recognized nationally and internationally by JUVE, Best Lawyers, Legal 500, Focus and Chambers and Partners. Today, SMP has more than 60 experienced lawyers and tax specialists in three Offices in Berlin, Hamburg and Cologne.