NotCothe Latin American foodtech turned into a unicorn with Artificial Intelligence technology, announced it closed on $70 million in new funding as a Series D expansion. As reported, this operation led by Princeville Capital includes existing industry-leading investors such as Jeff Bezos through Bezos Expeditions, Tiger Global, L Catterton, Kaszek Ventures, Future Positive and The Craftory. It is also part of the investment Marcos Galperinfounder and executive director of MercadoLibre.
The new round of financing will be completed at the same value as the shares of the Series D round of last July 2021, reaffirming NotCo’s valuation of $1.5 billion dollars.
Sales of plant-based ‘meat’ and ‘milk’ grow up to 50%
The new capital will boost the company’s new B2B business unitwhich will allow other CPG brands, ingredient suppliers and technology providers to leverage Giuseppe, the name of the Artificial Intelligence program developed by the NotCo team, for their own innovation projects and exponentially accelerate the transformation of the plant-based industry .
“From day one, we said our mission was to create a more sustainable planet by transforming the food industry by making delicious plant-based foods available on every table, kitchen and pantry. Said the NotCo founder and CEO Matias Muchnick. “From our experience with the Kraft Heinz joint venture, we are excited to develop new, high-impact partnerships leveraging our proprietary technology. these associations help diversify and accelerate our impact while also making delicious plant-based options more accessible to further boost the industry,” he said.
The “foodtech” arrive, foods created by artificial intelligence algorithms
For his part, Joaquín Rodríguez Torres, co-founder of Princeville Capitalsaid that “the food industry desperately needs to adopt technology to rapidly accelerate the product development process, reduce costs, and address the challenges posed by climate change. NotCo is a unique company in the world of global food technology with enormous potential because of the team they have built and their one-of-a-kind AI technology.” rare to find a company with such an incredible track record of success in such a short period of timeand we are excited to help drive the growth and expansion of the company.”
It should be noted that the company will continue to operate NotCo Food, its brand businessoffering products like NotMilk, NotBurger, and NotChicken through retail and foodservice locations across the country.
Bezos supports a Chilean vegan food startup that uses AI
Bezos support
is 2019The then-Chilean startup that found itself at an early stage caught the attention of the international tech community when it became the Bezos Expedition’s first investment in Latin America. Since then, NotCo has embarked on an upward trajectory, transforming the food industry and the plant-based segment, forming international partnerships with Burger King, Shake Shack, Starbucks and Dunkin Donuts, and attracting celebrity investors such as Roger Federer, Lewis Hamilton and Questlove.
At the end of that same year, the firm arrived in Argentina And in just two years, it revolutionized the food market by innovating in three categories simultaneously (meat, dairy, and dressings) and collaborating with other companies in the sector to bring plant-based proposals closer to more than 4,500 points of sale throughout the country. It is one of the fastest growing technology companies in Latin America, consolidating its presence in countries in the region such as Brazil, the United States, Mexico, Chile, Colombia, among others.
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