NotCo closes $85M in a Series C and prepares to enter US market

LatamListNotCo, a leading foodtech company from Chile that produces plant-based meat and dairy substitutes, raised $85M in a Series C funding round led by Future Positive and L Catterton.

Other investors participating in this round are Kaszek Ventures, The Craftory, Bezos Expedition, General Catalyst, Endeavor Catalyst, Indie Bio, Humbolt Capital, and Maya Capital. The foodtech company uses AI technology to find substitutes for animal protein using plant-based alternatives.  

Since its launch in 2015, NotCo has expanded its line of products from the initial NotMayo to include NotMilk, NotBurger, and NotIceCream. The foodtech even opened up a restaurant offering its NotBurgers called “Why Not” in Sao Paulo, Brazil.

With this new round, NotCo expects to scale its operations and evaluate food service and retail partners for the US expansion, adding on to its previous NotBurger and NotMeat partnerships with Burger King and Papa John’s in Chile.

Matías Muchnick and Karim Pichara, the co-founders of NotCo, will relocate to the US to accelerate the expansion and work alongside board members Fred Blackford from Future Positive and Ramiro Lauzan from L Catterton.

“We see vast potential for the company’s technology, which is creating new product categories faster and more accurately than anyone else in the industry,” said Blackford in a statement. 

The future of plant-based protein looks promising. In 2019, the market was valued at $18.5B in sales and is expected to reach $40.6B in 2025.

Lauzan commented, “By leveraging our experience in ‘better for you’ businesses around the world, and working alongside NotCo’s talented team, we look forward to materializing the company’s successful expansion into the US market.”  

Currently, NotCo’s products can be found in Chile, Brazil, and Argentina

Read more on Forbes.

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