Lewis Hamilton and tennis great Roger Federer have both invested in Jeff Bezos-backed plant-based food startup NotCo.
The Chilean startup makes milk, meat, ice cream, burger patties and mayonnaise from plants. With the help of American investment firm Tiger Global, the company announced that they have raised $235 million in the Brazilian and North American market, and the startup is now valued at $1.5 billion.
NotCo has previously received financial backing from Amazon founder Jeff Bezos and Shake Shack founder Danny Meyer, among others.
In its work the company uses science and artificial intelligence to re-create popular foods, with their main goal being the lowering of impact on the environment. Moving forward, the startup is looking to expand to the global market.
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NotCo’s product callen ‘NotMilk’, a plant-based milk substitute, has been launched in the United states in 2021. The company’s sales are expected to reach over 8,000 outlets by the end of 2022.
“COVID-19 raised the awareness of the plant-based food category. The growth of the category was massive,” said Matias Muchnick, NotCo CEO.
“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.
“We are grateful to have the support of Tiger Global as we build a food tech brand with the global reach and capability to reinvent the food industry.” concluded Muchnick.