In “Bezos-Backed Food Startup NotCo Bucks Trend to Raise $70 Million”, Bloomberg reports that IndieBio’s Chilean plant-based food startup NotCo (SF05 2017) has raised $70M to build more co-branded alliances with other major food manufacturers.
Led by Princeville Capital, the new funding round also gained support from Bezos Expeditions, Tiger Global, L Catterton, Kaszek Ventures, and MercadoLibre CEO Marcos Galperin. NotCo’s latest funding efforts matched its series D round in July 2021, placing the total company value at $1.5B.
NotCo uses AI algorithms to develop plant-based meat and dairy alternatives that look and taste like the real thing. CEO and founder Matias Muchnick told Bloomberg that with the new funding, NotCo will have enough capital for the next five years and that the company will deliver a profit by 2024.
After a successful joint venture with Kraft Heinz in February to manufacture animal-free cheese slices, NotCo has been approached by other packaged-goods companies to strike similar co-branding licensing agreements. NotCo’s products are currently available in the U.S., Canada, Australia, and much of Latin America. The company has also secured partnerships with Shake Shack, Burger King, and Starbucks.
“VC money is really scarce,” Muchnick told Bloomberg in an interview. “What you want to do now is secure cash and find avenues of innovation and revenue streams.”