[News] NotCo closes round of financing for US$70 million and adds the founder of Mercado Libre as an investor

[FNX Magokiler]

The Chilean startup NotCo continues with its expansion process. This, after the company extended its Investment Round D, and together with Princeville Capital -North American investment fund- raised more than US$70 million to develop its incipient B2B Unit.

The objective? The firm's bet is to license NotCo's patented Artificial Intelligence, which will allow other brands, ingredient suppliers and technology providers to take advantage of "Giuseppe" for their own innovation purposes and exponentially accelerate the transformation of the Plant-Based industry. to new protagonists in the food industry. Led by Princeville Capital, an investment firm focused on backing fast-growing technology-related companies around the world, the Series D extension includes industry-leading existing backers, including Jeff Bezos through Bezos Expeditions, Tiger Global , L. Catterton, Kaszek Ventures, Future Positive, and The Craftory. In addition to Princeville Capital, new investors in the Round D extension include Marcos Galperin, founder and CEO of Latin America's largest technology company, Mercado Libre. The new round of financing was completed at the same price as Series D shares made in July 2021, reaffirming NotCo's valuation of $1.5bn. "Since day one, our mission has been to create a more sustainable world and transform the food industry by making exquisite plant-based foods available for every table, kitchen and pantry," said NotCo Co-Founder and CEO Matías Muchnick. "Building on the example of our joint venture with Kraft Heinz, we are excited to develop extraordinary new partnerships that leverage our proprietary technology.

 

 

These relationships will help diversify and accelerate our impact, while expanding the accessibility of truly Plant-Based food options. delicious to further boost the industry," he added.

Through its new B2B platform, NotCo will make its technology available to more food and beverage manufacturers looking to create world-class, scalable, Plant-Based products. "The food industry urgently needs to embrace technology to dramatically speed up the product development process, reduce costs and address the challenges posed by climate change. NotCo is a unique company globally with immense potential thanks to the team they have built and their One-of-a-kind AI," said Joaquín Rodríguez Torres, co-founder of Princeville Capital, who joins NotCo's board. The executive also commented that "it is rare to find a company with such an incredible track record of success in such a short period of time, and we are happy to help drive the growth and expansion of the company." In 2019, the Chilean startup caught the attention of the international tech community when it became Amazon founder Jeff Bezos' Bezos Expedition's first investment in Latin America. Since then, NotCo has been in the news several times, becoming one of the biggest players in the Plant-Based food segment: it closed deals with Burger King, Shake Shake, Starbucks and Dunkin. Also, he raised more than $420 million in funding in difficult times, amassing celebrity investors like Roger Federer, Lewis Hamilton and Questlove, and, most recently, creating a joint venture with the American giant Kraft Heinz, to create the Plant-Based version of his most iconic products.

 

https://www.emol.com/noticias/Economia/2022/12/12/1080792/notco-financiamiento-ampliar-industria.html