LatAm List – NotCo, a Chilean startup that uses AI to recreate foods that are traditionally derived from animals by using plant-based ingredients, officially arrived in Argentina, where meat consumption per capita is one of the highest in the world.
The startup has already caught Jeff Bezos’ attention, who through his investment fund Bezos Expeditions, along with The Craftory, Kaszek Ventures, and Maya Capital invested $30M in NotCo. This investment was Bezos’ first in Latin America.
The company launched its expansion in Argentina with the NotMayo: a mayonnaise that uses plant-based ingredients and maintains the flavour and texture of a traditional recipe, while also reducing the environmental costs. According to NotCo, their formula emits less carbon dioxide and consumes 83% less water in its preparation.
In Argentina, the NotMayo can be found in 800 natural food stores, and in two months will be in every supermarket chain aiming to capture 8% of the mayonnaise market in eight months.
“The food that’s eaten in Argentina isn’t bad at all, it’s just that it’s produced with technology from 50 years back. That explains the food environment and quality,” said NotCo’s CEO Matias Muchnick. “We’ve historically fed our animals with plants to produce meat, milk, and eggs; Why not obtain the same but through vegetables? This is a world that is yet to be discovered and could save our planet,” adds Muchnick.
In addition to Argentina, NotCo’s products can already be found in Chile, Brazil, and the US.
Read more on La Nacion.