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Santiago-based NotCo, a food tech business, has raised $70M in Series D1 funding, which was primarily driven by Princeville Capital. NotCo uses a unique artificial intelligence (AI) platform dubbed “Giuseppe” to bring a new level of sophistication to the formulation of meat and dairy alternatives.
The Craftory, Tiger Global, L Catterton, Kaszek Ventures, Future Positive, and Jeff Bezos through Bezos Expeditions are some of the organisations that have previously supported it. Along with Princeville Capital, other recent investors include Marcos Galperin, the founder and CEO of MercadoLibre, the biggest tech firm in Latin America. Along with Princeville Capital, Marcos Galperin, the CEO and founder of MercadoLibre, is a new Series D1 investor.
The new funding will help the company’s new B2B Unit, which will greatly accelerate the evolution of the plant-based industry by enabling other CPG brands, ingredient suppliers, and technology providers to leverage Giuseppe for their own innovation ambitions. The fresh fundraising round was closed in July 2021 using the Series D share price, maintaining NotCo’s $1.5B valuation.
“Since day one, our mission has been to create a more sustainable world, transforming the food industry by creating delicious plant-based food available for all tables, kitchens and pantries,” said NotCo co-founder and CEO, Matias Muchnick. “Building off the example of our joint venture with Kraft Heinz, we’re excited to develop new, impactful partnerships leveraging our proprietary technology. These partnerships will help diversify and accelerate our impact while scaling the accessibility of truly delicious plant-based options to further propel the industry forward.”
“The food industry desperately needs to adopt technology to dramatically accelerate the product development process, reduce cost and address the challenges posed by climate change. NotCo is a very unique company in the food tech space globally with immense potential thanks to the team they have built and its one-of-a-kind AI technology,” said Joaquin Rodriguez Torres, co-founder of Princeville Capital, who joins NotCo’s board of directors. “It’s rare to find a company with such an incredible track record of success in a short period of time, and we’re excited to help bolster the company’s growth and expansion.”
Through its new B2B platform, NotCo is making its technology available to more food and beverage producers who want to create scalable plant-based goods. With its advanced accuracy and speed, NotCo’s AI technology not only improves the dining experience but also cuts the time needed for R&D development from years to just a few short months.
NotCo, a company founded in 2015 by Karim Pichara Baksai and Matias Muchnick, is most recognized for employing a range of crops to imitate the tastes, textures, and aromas of foods made from animal products. This exclusive technology is covered by 12 U.S. patents. At the moment, NotCo offers a variety of branded goods under the brands NotMilk, NotBurger, and NotChicken.