Business

Chilean NotCo raises $85 million and accelerates operations in the U.S.

In less than three years, NotCo has become the largest and fastest-growing food-tech company in Latin America

NotCo's founders Matias Muchnick, Karim Pichara, and Pablo Zamora. Photo: NotCo
NotCo's founders Matias Muchnick, Karim Pichara, and Pablo Zamora. Photo: NotCo
  • The new funding comes as the company announces scaled up operations and marks plans for international expansion;
  • The plant-based food industry has experienced massive growth.

Chilean NotCo, a startup that uses AI to create sustainable foods from plants has just raised a $85 million fundraising round, led by Future Positive, an investment firm of Fred Blackford and Biz Stone, co-founder of Twitter, and and L Catterton, the largest consumer-focused private equity firm.

NotCo has already launched NotMilk, NotBurger, NotIceCream and NotMayo in Brazil, Argentina and Chile, and in less than three years has become the largest and fastest-growing food-tech company in Latin America.

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The new funding comes as the company announces scaled up operations and marks plans for international expansion leading with an entry into the United States, a promising market for its portfolio of products of plant-based food. The company will evaluate both food service and retail partners as a part of this expansion, building on from NotBurger and NotMeat partnerships with Burger King and Papa John’s in Chile.

“We have the absolute best partners to embark with us on this journey: Fred Blackford from Future Positive joins us bringing a collaborator approach, experience with the plant-based food revolution and a deep knowledge of the tech environment,” says Matias Muchnick, co-founder and CEO of NotCo. He added that “with a global network and deep understanding of consumer preferences, L Catterton provides much more than financial support – they bring unparalleled experience partnering with leading brands globally.”

In a world marked by a global pandemic and struggling through a challenging economic climate, the plant-based food industry has experienced massive growth, as said NotCo on a press statement.

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In addition to the funds joining this round, NotCo is also invested by Kaszek Ventures, The Craftory, Bezos Expedition, General Catalyst, Endeavor Catalyst, Indie Bio, Humbolt Capital and Maya Capital, all of which have followed on in this round.

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