Food behemoth Kraft Heinz and Chilean food tech startup TheNotCompany (NotCo) announced a joint venture, which will operate under the control of Kraft Heinz as The Kraft Heinz Not Company. In simple words, as posted by NotCo on LinkedIn: “Think, better plant-based versions of some of your favorite products and brands, powered by our technology and plant-based innovation.”
According to both companies, NotCo brings its patented, first-of-its-kind technology and proven artificial intelligence (AI) solutions, while Kraft Heinz offers its iconic brand portfolio and scale, to develop superior plant-based versions of co-branded products at a level of speed, taste, quality, and scale yet to be seen in the industry.
“The joint venture with TheNotCompany is a critical step in the transformation of our product portfolio and a tremendous addition to our brand design-to-value capabilities,” said Miguel Patricio, CEO of Kraft Heinz, in a press release. “It helps deliver on our vision to offer more clean, green, and delicious products for consumers. We believe the technology that NotCo brings is revolutionizing the creation of delicious plant-based foods with simpler ingredients.”
“When we started NotCo, it was our goal to make our technology a catalyzer for a more sustainable food system not only for us but for other brands and manufacturers who share the same ambition,” said Matias Muchnick, co-founder and CEO of NotCo, also in the statement.
The Kraft Heinz Not Company will be headquartered in Chicago with research and development facilities in San Francisco and will focus on plant-based innovation across numerous Kraft Heinz product categories.
Lucho Lopez-May, who is currently NotCo’s CEO for North America of NotCo will become CEO of The Kraft Heinz Not Company.