It closed a new round of financing for u$s 235 million. It offers plant-based products that replace animal-based products. It attracted celebrities like Lewis Hamilton and Roger Federer to become investors. It is now preparing its market debut as it grows rapidly.
Chilean company NotCo has reached the coveted “unicorn” category by reaching a valuation of more than US$1 billion. It did so after closing another round of financing led by the Tiger Global investment fund in which it raised US$ 235 million. In just five years, NotCo has positioned itself as a leader in plant-based foods with the aim of reinventing the entire industry. Its valuation, after the deal was announced today, is $1.5 billion.
What is special about NotCo? It is the only company to revolutionise three animal protein categories simultaneously: dairy, eggs and meat, something no other company in the world has ever done before. It achieved unique combinations that replicate animal products by seeking to replicate their taste, texture, nutrients and functionality. It already has five US patents to protect its artificial intelligence-based intellectual property.
Unlike other successful companies, NotCo has attracted global celebrities to its developments. Sportsmen and representatives of the world of technology bet on the “plant-based” among them Lewis Hamilton and Roger Federer, DJ Questlove and others. “Our AI technology we call Giuseppe gives us a significant competitive advantage because of the speed and accuracy with which we can develop and bring new products to market,” said NotCo founder and CEO Matias Muchnick. Graduating with honours in economics in Chile, he went to the United States where he completed his studies at Berkeley, Stanford and Harvard. Food was the area on which he focused his attention. In 2013 he founded Eggless Company, which he sold two years later. In 2015 he founded NotCo, with which he aimed to reinvent food.
“The level of enthusiasm we have received from our partners is exciting. We all share the same vision of Giuseppe’s ability to catapult plant-based foods to mainstream adoption at a rapid pace by focusing on taste, sustainability and the ability to attack multiple categories at once,” Muchnik said in the official statement released yesterday. Yesterday’s deal comes just a month after an investment from Enlightened Hospitality Investments, where Shake Shack founder and QSR pioneer Danny Meyer is a partner. The company operates in five countries in both retail and food service. Today it has NotMilk, NotBurger, NotMeat, NotIceCream and NotMayo categories in more than 6,000 retailers worldwide.