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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.