Amazon Founder Jeff Bezos-backed plant-based food startup NotCo has raised $235 million in its latest funding round. It saw participation from Lewis Hamilton and Roger Federer. The initiative raised $235 million in a round led by Tiger Global. The plant-based food technology startup has a valuation of $1.5 billion. Read to know all about it.
What is NotCo?
NotCo is a startup that makes plant-based milk, meat, ice creams, and burger patties. In addition to funding from Bezos, the firm also received funding from sportspersons, Roger Federer and Lewis Hamilton. Moreover, ZOMA lab pitch, a social foundation, and DFJ growth fund, a venture capital firm invested in NotCo. The firm combines both science and artificial intelligence to re-create our favorite foods. Moreover, the lower impact on the environment is the main agenda of the company.
“Many companies have reached NotCo to say, can you do a plant-based version of our products. In that way, we can become the ‘Intel Inside’ of other products,” said Matias Muchnick, the CEO of the firm. NotCo launched ‘NotMilk’, its plant-based milk product in the United States at the beginning of 2021. Currently, its sales are set to reach over 8,000 outlets by the end of this year.
The demand for plant-based food is on the rise
The demand for plant-based faux meat and milk rose during the pandemic. The surge was backed by consumer’s need for healthy and safe alternatives. Moreover, investments into plant-based diets reached a high of $1.7 billion in 2020. Surprisingly, it was thrice more than what it was in the previous year. It is estimated that in 2021, the alternative protein markets are expected to touch the $8 billion mark. “COVID-19 raised the awareness of the plant-based food category. The growth of the category was massive,” said Muchnick.
“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.” he added.