NEW YORK — Plant-based food technology company NotCo raised $235 million in a Series D funding round led by Tiger Global.
DFJ Growth Fund, ZOMA Lab, athletes Lewis Hamilton and Roger Federer and musician Questlove also participated in the round, which brought NotCo’s valuation to $1.5 billion, according to the company. It has raised more than $350 million to date.
Launched five years ago, NotCo uses a proprietary artificial intelligence platform to create new plant-based dairy, egg and meat alternatives. It offers a range of products throughout Latin America, including NotMilk, NotBurger, NotMeat, NotIceCream and NotMayo.
It introduced NotMilk in the United States seven months ago and is on track to reach 8,000 retail doors by the end of the year. The dairy-free milk alternative, sold nationally in Whole Foods Market, Sprouts, Wegmans and more, features nontraditional ingredients like cabbage and pineapple juice, plus pea protein, chicory root fiber, coconut oil and sunflower oil.
NotCo will use funds from the Series D round to bolster its expansion into new categories in North America, scale its AI technology and accelerate plans to launch in Europe and Asia. The round comes just one month after a substantial investment from Enlightened Hospitality Investments and nine months after an $85 million Series C round co-led by Future Positive and L Catterton. It included follow-ons from existing investors Bezos Expeditions, EHI, Future Positive, L Catterton and Kaszek Ventures.
“Our patented AI 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 Matias Muchnick, founder and chief executive officer of NotCo. “The level of enthusiasm we’ve received from our partners is thrilling and humbling.”