NotCo, has raised $235 million in a Series D funding round led by Tiger Global, bringing the company’s valuation to $1.5 billion, thus surpassing its target of achieving unicorn status. Athletes Lewis Hamilton and Roger Federer and musician and DJ Questlove participated in the round.
In June of this year, CEO Matias Muchnick said to vegconomist in response to its upcoming IPO: “Since day one we’ve been looking to challenge the industry as a whole. Unlike companies that focus solely on alt-meats or alt-milk, we are the only company already selling products in key animal protein substitute areas with NotMilk, NotBurger, NotIceCream and NotMayo in five different countries. We are the only global company to disrupt massive food and beverage simultaneously. Unicorn status will allow us to continue to develop the technology and our portfolio and challenge some of these larger players even more.
And just a month later the rising Chilean star has achieved just that, with half a billion dollars to spare.
NotCo’s portfolio is available in more than 6,000 retailers globally, through its ecommerce DTC site, and it also holds successful partnerships with Burger King and Papa John’s. NotMilk was launched in the U.S. seven months ago, is on track to reach 8,000 retail doors by end of year, and is already available nationally in Whole Foods Market, Sprouts, Wegmans and more. The startup’s success is also unmatched in Latin America, where the company has become the fastest-growing food tech company, with plant-based products in Brazil, Argentina, Chile and Colombia, and quickly expanding to new markets including Mexico.
“Our patented A.I. gives us a significant competitive advantage due to the speed and accuracy with which we’re able to develop and bring new products to market,” said NotCo Founder and CEO, Matias Muchnick. “The level of enthusiasm we’ve received from our partners is thrilling and humbling. We all share the same vision for Giuseppe’s ability to catapult plant-based foods into mainstream adoption at a rapid pace by focusing on taste, sustainability, and infiltrating multiple categories at once. We are grateful to have the support of Tiger Global as we build a food tech brand with the global reach and capability to reinvent the food industry.”
NotCo has raised more than $350 million to date and the Series D will bolster its expansion into new categories in North America, scale the core of its proprietary A.I. technology, and accelerate plans to launch in Europe and Asia. The round comes just one month after a substantial investment from Enlightened Hospitality Investments (EHI), where Shake Shack founder and QSR trailblazer, Danny Meyer, is a partner; and nine months following an $85 million Series C co-led by Future Positive and L Catterton. The Series D round included follow-ons from NotCo’s roster of industry-leading investment firms, including Bezos Expeditions, EHI, Future Positive, L Catterton and Kaszek Ventures.