Chile’s NotCo Raises US$ 85M in Series C funding
Chile’s NotCo Raises US$ 85M in Series C funding

Chilean FoodTech startup, NotCo has raised US$ 85M in a Series C funding round held in September 2020, led by Future Positive (the investment arm of Frederick Blackford and Biz Stone), L Catterton Partners (the largest global consumer-focused private equity firm), and General Catalyst. Existing investors such as Kaszek Ventures, The Craftory, Bezos Expedition, Endeavor Catalyst, Indie Bio, Humbolt Capital and Maya Capital also participated in the round.

Proceeds from the funding round will be used to further boost its operations and expand in the USA. The startup is considering both retail and restaurant partnerships in the United States.

Karim Pichara Baksai, Matias Muchnick and Pablo Zamora founded the FoodTech startup in 2015. They develop plant-based milk, egg and meat alternatives. NotCo prepares all kinds of delicious food items like yogurt, cheese, milk, mayonnaise, ice creams, etc. by combining AI and food-science.

NotCo uses AI to match animal proteins with their ideal plant substitute, taking out from its database, thousands of plant profiles that they have been maintaining. Its aim is to make mixtures of plants that will most accurately mimic not just the taste of meat or dairy but also the quality, consistency, smell among many other factors.

The startup presently has its NotMilk, NotBurger, NotIceCream, and NotMay in stores around Chile, Brazil, Argentina. It also has contracts with Burger King and Papa John’s in Chile. 

Its plans to expand in the U.S. imply that NotCo will have to seriously contest and prove itself against some already established startups in this particular field. Some of them include Beyond and Impossible Food in the plant-based meat sector, Eat JUST for eggs, and Perfect Day for dairy. 

NotCo aspires to become a US$ 300M company by 2024, with 70 percent of the revenue coming from the U.S.

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Aishwarya writes about the startup ecosystem on VCBay. She is a third-year Computer Science engineering student who looks forward to exploring the world of startups and finance.

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