NEW YORK — Plant-based food technology startup NotCo raised $70 million in a Series D1 funding round. The injection of capital will support the company’s new B2B Unit, which will enable other CPG brands, ingredient suppliers and technology providers to leverage its technology platform.
Led by founder and chief executive officer Matias Muchnick, the Chilean company developed a technology platform called Giuseppe that uses artificial intelligence and machine learning algorithms to reverse engineer animal products and recreate them with plants. It has launched a range of plant-based meat and dairy alternatives in Latin America. It also has formed international partnerships with foodservice companies, including Burger King, Shake Shack, Starbucks and Dunkin Donuts.
NotCo in 2020 introduced NotMilk in the United States at Whole Foods Market. Its full portfolio, including NotBurger and NotChicken, is now sold at more than 10,000 stores across the country, including Costco, Sprouts, Wegmans, Fresh Direct, Amazon and more.
The company holds a dozen patents in the United States for recreating the same experience of animal-based foods using only plant-based ingredients. It began licensing its technology earlier this year through a joint venture with The Kraft Heinz Co.
“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,” Mr. Muchnick said. “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.”
The Series D1 round was led by Princeville Capital with participation from Jeff Bezos through Bezos Expeditions, Tiger Global, L Catterton, Kaszek Ventures, Future Positive and The Craftory. New investors include Marcos Galperin, founder and CEO of MercadoLibre, a Latin American technology company.
The new financing round was completed at the same share price as NotCo’s Series D round last summer, reaffirming its valuation of $1.5 billion.“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,” said Joaquin Rodriguez Torres, co-founder of Princeville Capital, who is joining NotCo’s board of directors. “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. 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.”