open a restaurant in the middle of a pandemic? why not, says notco
Chilean foodtech NotCo, known for its plant-based alternatives to animal products, has just announced a US$70 million Series D extension.
The previous round, in July 2021, led by Tiger Global, had been for US$235 million and was the one that raised the company’s valuation to US$1.5 billion, reaching unicorn status (at that time, only Cornershop in Chile had achieved that position). In the current round, the previous valuation was maintained.
According to a company press release, this extension was led by U.S. fund Princeville Capital, with participation from existing investors such as Bezos Expeditions (owned by Jeff Bezos), Tiger Global, L Catterton, Kaszek Ventures, Future Positive, and The Craftory. Among the new investors is Mercado Libre founder Marcos Galperin.
NotCo claims that this financing will allow it to boost its new B2B unit, aimed at enabling other CPG brands to benefit from its technology. From its origins, NotCo claims that a proprietary platform called Giuseppe, which uses artificial intelligence, is responsible for finding the elements and formulas for its products. Products that, according to what the CEO, Matías Muchnick, says in a video on the company’s website “taste exactly the same” as those of animal origin.
According to NotCo, the B2B unit will allow others to “leverage Giuseppe for their own innovation purposes and exponentially accelerate the transformation of the plant-based industry.”
As the CEO revealed to Forbes, the new capital will also help the company better prepare for an IPO, which they plan for 2025.
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