NotCo, a plant-based milk brand backed by Amazon founder Jeff Bezos, is eying ‘unicorn’ status – a valuation of $1 billion – in its next funding round.
The Chilean startup boasts hiking sales this year. And, according to some reports it’s set to triple its current worth. Reaching its billionare goal will be a record for the company.
Jeff Bezos-backed milk
Last year, NotCo raised $85 million in its latest Series C investment round.
One of its notable investors is the billionaire Jeff Bezos, through Bezos Expeditions – whilst others include Future Positive, Kaszek Ventures, and L Catterton.
Now, it sells its NotMilks via Amazon Whole Food stores across the US.
According to Bloomberg, the company’s Chief Executive Officer Matias Muchnick said they won’t settle for less than the goal: “It has to be for a valuation of $1 billion.
“We won’t budge from there.”
Currently available in Whole and 2% Reduced Fat, NotMilk’s products are free from soy and gluten.
Moreover, they contain small quantities of ‘unexpected ingredients’ such as chicory root fiber, pineapple juice, and cabbage juice.
‘We’re not here to start a revolution. This is a revelation. We’re here to change the everyday. For everyone. Everywhere. One delicious affordable mouthful at a time’, the company claims.
Billionaire plant-based business
Jeff Bezos-backed NotCo is far from the first plant-based companies with ambitious plans and comes at a time where investors are ‘showering’ money into the sector, the Bloomberg piece notes.
For example, Impossible Foods is now valued at more than $5 billion. And, according to reports, it is eying a $10 billion IPO.
Since recently raising $2 billion, Oatly also announced plans to hike $10 billion at its recent debut on the US stock market.
You can find out more about NotCo here