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Plant-based food tech company NotCo has raised $85,000,000 in its latest Series C investment round co-led by Future Positive and L Catterton.
The Latin-American brand, whose startup investors include Bezos Expeditions, now plans to expand internationally – starting with the U.S – which it describes as a ‘promising market for its portfolio of products’.
NotCo currently creates vegan meat, milk, ice cream, and mayo which are available in Brazil, Argentina, and Chile – its plant-based burger has landed partnerships with fast-food chains Burger King and Papa John’s in Chile.
‘A new normal’
In a statement sent to Plant Based News Managing Partner at Kaszek Ventures Nicolas Szekasy predicts NotCo has the potential to be the ‘leading global player in the food-tech space’.
She said: “In this uncertain time, consumers have amplified their appetite for the plant-based world. In parallel, Covid-19 has allowed us to see that meat production is not only environmentally harmful and inefficient, but also that its supply chain is fragile.
“So we are happy to witness an inflection point where plant-based products are becoming an increasing proportion of a new normal, once they can actually taste amazing like we see NotCo crafting.”
Elio Leoni Sceti from The Craftory, one of NotCo’s investors, added: “To my knowledge, no other brand in this space has the scientific expertise to create plant-based food that looks, feels, and – uniquely – behaves just like the animal-based produce it replaces.
“Thanks to NotCo consumers can make an easy and seamless change to a more sustainable way of living. That’s why we led NotCo’s previous round and continue to invest in this excellent business.”