NotCo, a Santiago-based FoodTech startup secures $70M in a Series D1 funding round, headed by Princeville Capital.
Along with Princeville Capital, other recent investors include Marcos Galperin, the founder, and CEO of MercadoLibre, the biggest tech firm in Latin America.
The investment round was also backed by the previous investors The Craftory, Tiger Global, L Catterton, Kaszek Ventures, Future Positive, and Jeff Bezos through Bezos Expeditions.
NotCo uses a unique artificial intelligence platform dubbed “Giuseppe” to bring a new level of sophistication to the formulation of meat and dairy alternatives.
The new funding will help the company’s new B2B Unit, which will greatly accelerate the evolution of the plant-based industry by enabling other CPG brands, ingredient suppliers, and technology providers to leverage Giuseppe for their innovation ambitions. The fresh fundraising round was closed in July 2021 using the Series D share price, maintaining NotCo’s $1.5B valuation.
NotCo co-founder and CEO Matias Muchnick stated, “Since day one, our objective has been to build a more sustainable society, altering the food industry by providing tasty plant-based food available for all tables, kitchens, and pantries.
Building on the success of our cooperation with Kraft Heinz, Matias stated, “We’re eager to create new, significant alliances with our patented technology. These collaborations will broaden and quicken our effect while increasing access to truly delectable plant-based solutions to advance the sector.
“The food business urgently has to utilize technology to significantly speed up the process of product development, cut costs, and handle the problems brought on by climate change. Because of the team, they have assembled and their innovative AI technology, NotCo has enormous potential, according to Joaquin Rodriguez Torres, co-founder of Princeville Capital, who has joined NotCo’s board of directors.
We’re thrilled to support the company’s growth and expansion because “it’s uncommon to find a company with such an excellent track record of success in a short period.”
Through its new B2B platform, NotCo is making its technology available to more food and beverage producers who want to create scalable plant-based goods. With its advanced accuracy and speed, NotCo’s AI technology not only improves the dining experience but also cuts the time needed for R&D development from years to just a few short months.
NotCo, a company that was founded in 2015, is most known for employing a variety of crops to replicate the tastes, textures, and aromas of foods made from animals using a patented method that is covered by 12 U.S. patents.
Currently, NotCo offers a variety of branded goods under the brands NotMilk, NotBurger, and NotChicken. Additionally, as part of their joint venture, The Kraft Heinz Not Company, Kraft Heinz obtained a license to exploit these patents to create more environmentally friendly goods.
Image Credit: NotCo
