NotCo announces it has closed $70M in Series D1 funding to “catapult” a new B2B unit and accelerate the transformation of the industry, with Forbes suggesting today that the Chilean unicorn is “actively preparing for an IPO likely in 2025”.
“These partnerships will help diversify and accelerate our impact while scaling the accessibility of truly delicious plant-based options to further propel the industry forward”
The new platform will enable other CPG brands, ingredient suppliers and tech providers to leverage NotCo’s AI platform “Giuseppe” for their own innovations, while NotCo will continue to operate its branded business, NotCo Food, offering products like NotMilk™, NotBurger™ and NotChicken™ through both retail and food service across the US.
Kraft Heinz Not Company
The news comes three days after the company –valued at $1.5bn — revealed its latest collaboration, this time with Dunkin, for NotMilk and NotDonuts. Its recently created joint venture, The Kraft Heinz Not Company, designed to reimagine global food production by creating plant-based versions of Kraft’s classic products, revealed its first products this October with the first to launch being NotCheese, which debuted in Chile last month.
NotCo co-founder and CEO, Matias Muchnick, states in a press release: “Building off the example of our joint venture with Kraft Heinz, we’re excited to develop new, impactful partnerships leveraging our proprietary technology. These partnerships will help diversify and accelerate our impact while scaling the accessibility of truly delicious plant-based options to further propel the industry forward.”
Transforming the food industry with AI
The proprietary AI technology Giuseppe holds 12 patents in the US for its ability to replicate the taste, texture, functionality, and aroma of animal-based foods with plant-based ingredients. This technology, according to the company, offers extreme accuracy and speed, reducing R&D timelines to months for developments which would traditionally have taken years.
“Since day one, our mission has been to create a more sustainable world, transforming the food industry by creating delicious plant-based food available for all tables, kitchens and pantries,” Muchnick comments today.
Led by Princeville Capital, the Series D1 includes existing backers, including Jeff Bezos through Bezos Expeditions, Tiger Global, L Catterton, Kaszek Ventures, Future Positive and The Craftory. Additional new investors to the Series D1 include Marcos Galperin, founder and CEO of the largest Latin American tech company, MercadoLibre.
“The food industry desperately needs to adopt technology to dramatically accelerate the product development process, reduce cost and address the challenges posed by climate change. NotCo is a very unique company in the food tech space globally with immense potential thanks to the team they have built and its one-of-a-kind AI technology,” said Joaquin Rodriguez Torres, co-founder of Princeville Capital, who joins NotCo’s board of directors. “It’s rare to find a company with such an incredible track record of success in a short period of time, and we’re excited to help bolster the company’s growth and expansion.”