NotCo Valuation, Funding & Investors

NotCo is valued at $1.5B as of December 2022.

See full NotCo profile

Last NotCo valuation

$1.5B

Series D · Dec 2022

Last NotCo funding round

$70M

Series D · Dec 2022

Cumulative funding NotCo raised

$433M

across 6 funding rounds

Key investors in NotCo

  • Kaszek
  • Bezos Expeditions
  • SOSV
  • IndieBio
  • L Catterton
  • Future Positive

NotCo Overview

About NotCo

NotCo is a Santiago, Chile-headquartered food technology company producing plant-based alternatives to meat, dairy, milk, and mayo using artificial intelligence to replicate animal product textures and flavors from ingredients like cabbage and pineapple. Its products, including NotBurger and NotMilk, are available in the United States through partnerships with Walmart and major retailers since launching in 2015.


Founded

2015

HQ

ChileSantiago

Website

notco.com

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$1.5B (Dec 2022)

NotCo Valuation

NotCo is currently valued at $1.5B, based on its Series D in December 2022.

The $70M round was led by Princeville Capital, with participation from Cleveland Avenue, Future Positive, Trousdale Ventures, Kaszek, Marcos Galperin and 5 other investors.

NotCo's valuation has grown 5.0x from $300M at its Series C in September 2020 to $1.5B in December 2022, across 3 priced rounds.

NotCo valuation by funding round

NotCo valuation by funding round
DateStageValuation
Dec 2022Series D$1.5B
Jul 2021Series D$1.5B
Sep 2020Series C$300M

NotCo Funding History

NotCo has raised a total of $433M across 6 funding rounds.

NotCo's first fundraising round was a $3M Series A in December 2017. The most recent completed round was a $70M Series D in December 2022.

NotCo funding rounds

NotCo funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Dec 2022Series DPrinceville Capital (lead); Cleveland Avenue; Future Positive; Trousdale Ventures; Kaszek; Marcos Galperin; L Catterton; Bezos Expeditions; Tiger Global; The Craftory; Union Square Hospitality Group$70M$1.5BNotCo is a Chilean foodtech company using proprietary AI called Giuseppe to develop plant-based alternatives to dairy, meat, eggs, and other animal products, replicating their taste, texture, and functionality from plant ingredients. The company has launched products like NotMilk, NotBurger, NotMeat, NotIceCream, NotChicken, and NotMayo in markets including the US, Brazil, Argentina, Chile, and Colombia, positioning itself as the fastest-growing food tech in Latin America. In December 2022, NotCo closed a $70 million Series D+ or D1 extension round led by Princeville Capital, with participation from Bezos Expeditions, Tiger Global, L Catterton, Kaszek, Future Positive, The Craftory, Marcos Galperin, and others, bringing total fundraising to $305 million. The round was completed at the same share price and post-money valuation of $1.5 billion as its prior $235 million Series D in July 2021, reaffirming its unicorn status amid a tougher funding environment. Proceeds will fuel a new B2B platform, licensing Giuseppe to other CPG brands, ingredient suppliers, and tech providers to accelerate plant-based innovation, building on partnerships like the Kraft Heinz Not Company joint venture. Princeville Capital's Joaquin Rodriguez Torres joined the board, highlighting NotCo's unique AI technology and growth track record. NotCo paused expansions into plant-based fish and Europe/Asia to focus resources, while planning a potential IPO in 2025, delayed from initial targets. The company disrupts massive food segments simultaneously with AI-driven product development to address climate challenges and industry inefficiencies.
Jul 2021Series DTiger Global (lead); Future Positive; Roger Federer; Kaszek; Enlightened Hospitality Investments; DFJ Growth; L Catterton; Endeavor Catalyst; Bezos Expeditions; Ahmir Khalib Thompson; Lewis Hamilton; SOSV$235M$1.5BNotCo is a Chilean food tech company founded in 2015 that uses proprietary AI technology named Giuseppe to analyze molecular structures and develop plant-based alternatives to animal products, such as NotMilk, NotMayo, NotBurger, NotIceCream, and upcoming NotChicken and imitation salmon. The products aim to replicate the taste, texture, and functionality of animal-based foods while addressing environmental issues like livestock damage and salmon farming impacts in Chile. NotCo operates in retail and foodservice across Chile, Argentina, Brazil, the U.S., and plans expansion to Europe and Asia. On July 26, 2021, NotCo raised $235 million in a Series D funding round led by Tiger Global, achieving a $1.5 billion post-money valuation and unicorn status as the first Chilean company to do so. New investors included DFJ Growth Fund, ZOMA Lab, Lewis Hamilton, Roger Federer, Questlove (Ahmir Khalib Thompson), and Endeavor Catalyst, with follow-on investments from Bezos Expeditions, Enlightened Hospitality Investments, Future Positive, Kaszek Ventures, L Catterton, and SOSV. This brought total funding to over $330-350 million, following a prior $85 million Series C nine months earlier. The funds are earmarked to accelerate U.S. growth, enter new product categories like fake chicken and salmon, scale AI technology, and launch in Europe and Asia. NotCo holds five U.S. patents for its AI and reports strong traction, including 5% market share for NotBurger at Burger King in Chile and three times annual sales growth over the prior four years, though specific revenue or ARR figures are not disclosed. CEO Matias Muchnick highlighted the AI's speed in product development as a competitive edge against players like Beyond Meat, Impossible Foods, Nestle, and Archer-Daniels-Midland. Tiger Global partner Scott Shleifer praised NotCo's market share gains and potential for sustained growth through innovation and geographic expansion. The company eyes an IPO in 2-3 years, leveraging Tiger's expertise, amid rising plant-based demand where 92% of U.S. pandemic trial users plan to continue purchases.
Jun 2021Series AEnlightened Hospitality Investments (lead)$10M-NotCo is a Chilean plant-based food technology company founded by Matias Muchnick, Pablo Zamora, and Karim Pichara that uses patented artificial intelligence technology (named Giuseppe) to create plant-based alternatives to dairy and meat products. The company's product portfolio includes NotMilk, NotBurger, NotMeat, NotIceCream, and NotMayo, distributed across more than 6,000 retailers globally alongside direct-to-consumer e-commerce and partnerships with major QSR chains including Burger King and Papa John's. In June 2021, NotCo received a $10 million investment from Enlightened Hospitality Investments (EHI), the growth equity fund affiliated with Shake Shack founder Danny Meyer and Union Square Hospitality Group, though the valuation for this specific round was not disclosed. However, company leadership indicated at that time an expectation of reaching a $1 billion valuation by the end of 2021. Two months later in August 2021, NotCo closed its Series D at a $1.5 billion post-money valuation, led by Tiger Global with $235 million raised, followed by additional rounds and strategic investments from notable athletes and entertainers including Lewis Hamilton, Roger Federer, and Questlove.
Sep 2020Series CFuture Positive (lead); L Catterton (lead); General Catalyst; Cleveland Avenue; Humbolt Capital; IndieBio; Kaszek; Endeavor Catalyst; Bezos Expeditions; MAYA Capital; The Craftory; Bossa Invest$85M$300MNotCo is a Chilean foodtech company using AI (named Giuseppe) to create plant-based alternatives to animal products like milk (NotMilk), burgers (NotBurger), yogurt, cheese, and mayonnaise, focusing on replicating taste, texture, and functionality with plants for sustainability and affordability. The company entered the US market in 2020 with NotMilk and later launched NotBurger and NotChicken in 2022/2023, pivoting some products to shelf-stable formats. In September 2020, NotCo raised $85M in a Series C round led by Future Positive and L Catterton, with participation from investors including Bezos Expeditions, Bossa Invest, Cleveland Avenue, Endeavor Catalyst, General Catalyst, Humbolt Capital, IndieBio, Kaszek, MAYA Capital, and The Craftory; prior rounds included $3M Series A in December 2017, $30M Series B in March 2019, and a $3M venture round in July 2018, bringing total funding to around $366M as of later reports. NotCo is shifting toward a B2B model, expecting most future revenue from licensing its AI for product formulation, SaaS services, cost reduction, and concept generation to CPG partners across categories, beyond just plant-based foods, while maintaining its own branded products and relationships with flavor houses.
Mar 2019Series BBezos Expeditions (lead); The Craftory (lead); IndieBio; Kaszek; SOSV; MAYA Capital$30M--
Dec 2017Series AKaszek (lead); IndieBio; SOSV$3M-NotCo, a Chilean foodtech company, develops plant-based alternatives to animal products using AI software called Giuseppe to match plant proteins to animal-based structures. The company raised $3 million from Kaszek Ventures and SOS Ventures to expand manufacturing capacity and launch products like NotMayo, with plans for milk, yogurt, ice cream, and meat replacements across Latin America. IndieBio, a Silicon Valley biotech accelerator, also participated in this seed round, following NotCo's time in the IndieBio program and graduation in September 2017. At the time, NotCo could produce 64 tons per month of mayonnaise and aimed to build local processing plants in target markets like Brazil and Argentina. This funding supported a pivot to become a brand company with social currency in the plant-based food space.

Who has invested in NotCo?

23 investors have backed NotCo across its funding rounds, including Kaszek, Bezos Expeditions, SOSV, IndieBio, L Catterton and Future Positive.

Lead investors include Princeville Capital, Tiger Global, Enlightened Hospitality Investments, Future Positive, L Catterton and 3 other investors.


NotCo Investors

Investors in NotCo by funding rounds participated
InvestorHQRoundsRoleFirst check
KaszekBrazilSão Paulo5LeadDec 2017
Bezos ExpeditionsUnited StatesWashington, DC4LeadMar 2019
Future PositiveUnited StatesSan Francisco, CA3LeadSep 2020
IndieBioUnited StatesSan Francisco, CA3ParticipantDec 2017
L CattertonUnited StatesGreenwich, CT3LeadSep 2020
SOSVUnited StatesPrinceton, NJ3ParticipantDec 2017
The CraftoryUnited KingdomLondon3LeadMar 2019
Cleveland AvenueUnited StatesChicago, IL2ParticipantSep 2020
Enlightened Hospitality InvestmentsUnited StatesNew York City, NY2LeadJun 2021
Endeavor CatalystUnited StatesNew York City, NY2ParticipantSep 2020
Tiger GlobalUnited StatesNew York City, NY2LeadJul 2021
MAYA CapitalBrazilSão Paulo2ParticipantMar 2019
General CatalystUnited StatesSan Francisco, CA1ParticipantSep 2020

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NotCo Competitors

NotCo competitors include listed companies like Nomad Foods and Oatly, and private ones like Believer Meats, Eat Just, Oatside and Perfect Day.

Public and private companies comparable to NotCo
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Nomad FoodsUnited KingdomUnited KingdomPublicly listed$3.5B$417M$1.5B1.1x
Believer MeatsIsraelJerusalemPrivate--$900M-
Eat JustUnited StatesSan Francisco, CAPrivate--$750M-
OatsideSingaporeSingaporePrivate$37M-$705M-
Perfect DayUnited StatesSan Francisco, CAPrivate--$600M-
OatlySwedenSwedenPublicly listed$862M($39M)$395M1.0x

NotCo Public Comps

NotCo is still privately-owned, but its public comps include Nomad Foods, Applied Nutrition, Oatly, Beyond Meat, Jyong Biotech, ABVC BioPharma, Local Bounti, Steakholder Foods, Next Meats Holdings and Marfrig.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Nomad Foods$3.5B$417M1.1x1.1x9.2x6.7x
Applied Nutrition$144M$39M6.4x4.1x23.3x15.5x
Oatly$862M($39M)1.0x1.0x(23.0x)52.2x
Beyond Meat$275M$266M1.6x1.7x1.7x(3.2x)
Jyong Biotech-($3M)--(65.0x)-
ABVC BioPharma-($8M)--(4.6x)-
Local Bounti$48M($39M)10.6x10.6x(13.1x)-
Steakholder Foods-($7M)--(1.9x)-

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Common questions about NotCo

When was NotCo founded?NotCo was founded in 2015.
Where is NotCo headquartered?NotCo is headquartered in Santiago, Chile.
Is NotCo publicly listed?No, NotCo is a private, VC-backed company.
What is NotCo's valuation?NotCo was last valued at $1.5B in its Series D in December 2022.
How much funding has NotCo raised?NotCo has raised $433M across 6 funding rounds.
What was NotCo's last funding round?NotCo's last funding round was a $70M Series D in December 2022, led by Princeville Capital.
Who are NotCo's investors?NotCo's investors include Kaszek, Bezos Expeditions, Future Positive, IndieBio, L Catterton, SOSV, The Craftory, Cleveland Avenue, Enlightened Hospitality Investments, Endeavor Catalyst and 13 others.
Which companies are comparable to NotCo?Companies comparable to NotCo include Nomad Foods, Believer Meats, Eat Just, Oatside, Perfect Day and Oatly.

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