NotCo, a Latin America-focused food-tech company, has announced the closing of an $85 million Series C investment round, co-led by Future Positive, the investment vehicle of Fred Blackford and Biz Stone, and L Catterton, a global, consumer-focused private equity firm.
NotCo produces wholly plant-based foods and is behind the brands NotMilk, NotBurger, NotIceCream and NotMayo in Brazil, Argentina and Chile, and in less than three years has become the largest and fastest-growing food-tech company in Latin America.
The new funding comes as the company announces scaled up operations and marks plans for international expansion leading with an entry into the US, which it has described as a promising market for its portfolio of products of plant-based food products.
The company 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.
"We have the absolute best partners to embark with us on this journey: Fred Blackford from Future Positive joins us bringing a collaborator approach, experience with the plant-based food revolution and a deep knowledge of the tech environment," Matias Muchnick, co-founder and CEO of NotCo, said.
“We are pleased to partner with a true disruptor in the food-tech industry,” Ramiro Lauzan, a partner at L Catterton Latin America, said.
“NotCo is pursuing a fundamentally original way of replacing animal-based foods with more sustainable alternatives through the application of food science and innovative technology. By leveraging our experience in ‘better for you’ businesses around the world, and working alongside NotCo’s talented team, we look forward to materializing the company’s successful expansion into the US market.”
“We see vast potential for the company’s technology, which is creating new product categories faster and more accurately than anyone else in the industry,” Fred Blackford, of Future Positive, said.
The company’s co-founders, Matias Muchnick (CEO) and Karim Pichara (CTO), will be based in the US to accelerate the expansion. NotCo has tapped into a global talent pool to build its leadership team, and which features Flavia Buchmann, formerly in charge of the Sprite global business for Coca-Cola, who comes in as NotCo’s global CMO charged with building the brand’s global presence and consumer acquisition, and Luiz Silva, formerly at Danone, who has experience in Latin America, Europe and Americas, has led NotCo’s expansion in Brazil and now takes charge of leading company’s Global Business Development.
In addition to the funds joining this round, NotCo has also received investment from Kaszek Ventures, The Craftory, Bezos Expedition, General Catalyst, Endeavor Catalyst, Indie Bio, Humbolt Capital and Maya Capital, all of which have followed on in this round.
Fred Blackford and Ramiro Lauzan will join Elio Leoni Sceti and Nicolas Szekasy on NotCo's board.
Chilean law firm Carey acted as local counsel to Future Positive, with a team led by partner Francisco Guzmán, assisted by associates Carlos Alcalde, Enzo Devoto and Yoal Magendzo.
Cooley served as international counsel to Future Positive while Gunderson Dettmer as counsel to NotCo.