FoodTech unicorn NotCo closes $70 million in funding for new B2B platform
Chilean firm NotCo has secured $70 million in new funding as a Series D1.
This will be used for the company’s new B2B unit, enabling other CPG brands, ingredient suppliers and technology providers to leverage its AI technology Giuseppe for their own plant-based food purposes.
NotCo will continue to operate its branded business, NotCo Food, offering products like NotMilk, NotBurger and NotChicken through retail and food service businesses.
Led by Princeville Capital, the Series D1 includes existing backers, including 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 the Latin American tech company, MercadoLibre. The new financing round was completed at the same share price of a Series D financing in July 2021, reaffirming NotCo's valuation of $1.5 billion.
“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,” says 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,” says Joaquin Rodriguez Torres, Co-founder, 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.”
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