Santiago-based NotCo, a food tech startup that uses a proprietary artificial intelligence (AI) platform called ‘Giuseppe’ to bring a new level of sophistication to the formulation of meat and dairy alternatives, has raised $70M in Series D1 funding led by Princeville Capital.
It includes existing backers such as Jeff Bezos through Bezos Expeditions, Tiger Global, L Catterton, Kaszek Ventures, Future Positive and The Craftory. Aside from Princeville Capital, new investors include Marcos Galperin, founder and CEO of MercadoLibre, Latin America’s largest tech company. Aside from Princeville Capital, new Series D1 investors include Marcos Galperin, founder and CEO of MercadoLibre.
The company’s new B2B Unit will be propelled by the new capital, allowing other CPG brands, ingredient providers, and technology providers to use Giuseppe for their own innovation goals and significantly speeding up the transformation of the plant-based industry. The Series D share price was used to close the new financing round in July 2021, reiterating NotCo’s $1.5B valuation.
“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,” said NotCo co-founder and CEO, Matias Muchnick. “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 food industry desperately needs to adopt technology to dramatically accelerate the product development process, reduce cost and address the challenges posed by climate change. 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,” said Joaquin Rodriguez Torres, co-founder of Princeville Capital, who joins NotCo’s board of directors. “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.”
NotCo is making its technology available to more food and beverage manufacturers looking to develop scalable plant-based products through its new B2B platform. NotCo’s AI technology not only provides a better eating experience but also extreme accuracy and speed, reducing the time required for R&D development from years to just a few short months.
Founded by Karim Pichara Baksai, Matias Muchnick in 2015, NotCo is best known for using a variety of crops to mimic the textures, flavours, and smells of animal-based foods through its proprietary technology, which is protected by 12 U.S. patents. NotCo currently sells a line of branded products under the names NotMilk, NotBurger, and NotChicken. Additionally, Kraft Heinz received a licence to use these patents as part of their joint venture, The Kraft Heinz Not Company, to develop more environmentally friendly products.
