Latam: NotCo achieves Unicorn status as it closes $235m Series D

Chilean alternative dairy, egg and meat maker fast-tracks Europe and Asian expansion and looks to scale its in-house AI platform

Chilean plant-based challenger brand NotCo has hit unicorn status following its latest $235 million funding round.

The Series D round was led by Tiger Global and has brought the company’s valuation up to $1.5 billion, from $250 million almost a year ago.

Additional investors included Amazon-owner Jeff Bezos family office Bezos Expeditions, DFJ Growth Fund, ZOMA Lab and professional athletes Lewis Hamilton and Roger Federer.

The capital will go towards expanding into new categories in North America and scaling the company’s proprietary AI platform, named Guiseppe. It is also preparing to launch in Europe and Asia.

NotCo founder and CEO Matias Muchnick said: “Our patented AI gives us a significant competitive advantage due to the speed and accuracy with which we’re able to develop and bring new products to market.

“The level of enthusiasm we’ve received from our partners is thrilling and humbling. We all share the same vision for Giuseppe’s ability to catapult plant-based foods into mainstream adoption at a rapid pace by focusing on taste, sustainability and infiltrating multiple categories at once,” he added.

Scott Shleifer, partner at Tiger Global, said: “We are excited to partner with Matias and his team. We expect [NotCo’s] continued product innovation and expansion into new geographies and food categories will fuel high and sustainable growth for years to come.”

NotCo’s recent growth has seen it expand its footprint into five countries, including the US, Brazil, Argentina, Chile and Colombia.

It develops dairy and egg alternative products as well as plant-based meats. The foodtech firm’s US distribution network will increase to 8000 retailers by the end of 2021.

NotCo raised $85 million in its Series C last year via investment from Future Positive and L Catterton.