NotCo, a food-tech company operating in Latin America, closed an $85m Series C funding.
The round was co-led by Future Positive, the investment vehicle of Fred Blackford and Biz Stone, and L Catterton, with participation from Kaszek Ventures, The Craftory, Bezos Expedition, General Catalyst, Endeavor Catalyst, Indie Bio, Humbolt Capital and Maya Capital. Fred Blackford from Future Positive and Ramiro Lauzan, Partner, L Catterton Latin America, will join NotCo’s board.
The company intends to use the funds to scale up operations and expand internationally with an entry into the United States.
Led by Matias Muchnick, CEO, NotCo uses proprietary technology that can match animal protein to its ideal replacement among thousands of plant-based ingredients to launch food and beverage products, including dairy, eggs, and meat. The company, which has launched NotMilk, NotBurger, NotIceCream and NotMayo in Brazil, Argentina and Chile, will evaluate both food service and retail partners as a part of this expansion, building on from successful NotBurger and NotMeat partnerships with Burger King and Papa John’s in Chile.
The company’s co-founders, Matias Muchnick (CEO) and Karim Pichara (CTO), will be based in the U.S. to accelerate the expansion.