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Contxto – Foodtech NotCo is said to be closing in on a US$85 million investment, and recent news from the startup adds evidence to this.
This week, Matías Muchnick, co-Founder and CEO at NotCo said the startup intends to launch into two or three (large) markets soon.
It’s also been improving its current portfolio of products and working to create some new meat-free edibles: plant-based bacon and chicken nuggets.
One can’t help but feel intrigued and hungry at the same time.
A growth hankering
At the moment, the startup distributes its products via e-commerce platforms, partnering restaurants, and supermarkets in three Latin American countries (Chile, Argentina, and Brazil).
Nonetheless, its next stops are very different from the places it’s already been to.
Before the year is over, NotCo expects to sell some of its plant-based products in the United States. After this, it hopes to scale into Asia, though it hasn’t disclosed a launch date for that particular venture.
Either way, lucky consumers in those parts of the planet are in for a promising cruelty-free treat.
NotCo’s plans in the United States
Taking on such big markets requires the right allies. To that end, the startup basically has the perfect partner to take on the US: e-commerce behemoth, Amazon.
As you may recall, the Jeff Bezos invested in the startup through his personal venture capital firm (VC), Bezos Expeditions last year.
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Muchnick said that its NotMayo and NotMilk should be available in the US by the fourth quarter of 2020. However, he didn’t mention whether its NotMeat will be released at some point as well.
This plant-based alternative has been well-received in the Latam markets where the startup already operates.
But the US is already the heated battleground for two other plant-based food companies, Impossible Foods and Beyond Meat.
Will NotCo join this meat-free food fight? I’ve reached out to the startup to learn more and will keep you posted.
Next stop: Asia
Though it breaks my heart, after the US, the foodtech’s next destination isn’t Mexico but rather an entirely separate continent.
“Asia—particularly China and Japan—have the biggest population that’s lactose intolerant, so it’s a very interesting market,” Muchnick told La Tercera.
The Executive acknowledges that comes with some challenges, like overcoming cultural barriers. But since there’s nothing quite like NotMilk in China, it’s a chance to truly disrupt the market.
Related articles: Tech and startups from Chile!
-ML
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