Alt-protein business NotCo secures more funding
Join Our Newsletter - Get important industry news and analysis sent to your inbox – sign up to our e-Newsletter here
X

Alt-protein business NotCo secures more funding

By Dean Best 26 Jul 2021 (Last Updated July 27th, 2021 08:46)

The Chile-based plant-meat and dairy supplier, which last announced a tranche of investment eight weeks ago, talks of having seen “explosive growth”.

Alt-protein business NotCo secures more funding

NotCo, the Chile-based supplier of plant-meat and dairy products, has raised US$235m in a Series D round of funding.

The company, set up in 2015, said the new tranche of money takes the funding it has attracted to more than $350m.

Investment firm Tiger Global led the latest investment into NotCo. Existing backers, including Bezos Expeditions, Jeff Bezos’ investment house, private-equity firm L Catterton and New York fund Enlightened Hospitality Investments – which backed the NotBurger maker last month – also took part.

Formula One racing driver – and vegan – Lewis Hamilton and tennis star Roger Federer joined the round, NotCo said.

“The Series D will bolster [our] expansion into new categories in North America, scale the core of its proprietary AI technology, and accelerate plans to launch in Europe and Asia,” NotCo told Just Food in a statement.

The company says it uses AI to analyse plants to “come up with unique combinations that replicate animal-based products almost to perfection”.

“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,” NotCo founder and CEO Matias Muchnick added.

NotCo’s inaugural product was a plant-based alternative to mayonnaise, Not Mayo, which is made from garbanzo beans.

The company made its US bow last November with the launch of NotMilk. It said it is “on track to reach 8,000 retail doors” in the country by the end of this year. As well as Chile, NotCo is also present in Brazil, Argentina, Colombia and Mexico. Its products also include NotMeat and NotIceCream.

In March last year, NotCo closed its manufacturing facility in Chile after opting to outsource production. NotCo said at the time the decision to outsource meant its products could get to market quicker and freed up resources to focus on new product development.