NotCo
Product typePlant-based foods
CountryChile
Introduced2015
MarketsInternational
WebsiteOfficial website

NotCo is a unicorn Chilean food-tech company producing plant-based alternatives to animal-based food products. NotCo was founded in 2015 by Matias Muchnick, Karim Pichara and Pablo Zamora, and utilizes machine learning to replicate dairy products in plant-based forms. NotCo is Latin America's fastest growing food company.[1]

History

NotCo was founded in Chile in 2015 by three technologists; Matias Muchnick (CEO), Karim Pichara (CTO), and Pablo Zamora.[2][3] NotCo is now part-owned by The Craftory, Jeff Bezos' Bezos Expeditions and others.[4][5]

NotCo was created with the view of using artificial intelligence. Its algorithm, Giuseppe, whose first version was created by Karim Pichara, which was patented in 2021, utilizes lists of plant ingredients to find the ideal combinations to recreate specific food attributes.[6] This aims to replicate various food tastes, textures and cooking behaviors. Its NotMilk includes both pineapple and cabbage, allowing it to cook in the same way as cow's milk.[7]

Products

NotCo's current product line includes NotMayo, NotMilk (1%, 2% and whole), NotIceCream and NotBurger.[8][9] As NotCo expanded from Chile to Brazil and the rest of Latin America, it brought these products to new markets. As of 2021, the US market only holds NotMilk, retailed at Whole Foods Market, Sprouts Farmers Market, Wegmans and others.[10]

  • Not Mayo
  • Not Milk
  • Not IceCream
  • Not Burger
  • Not Meat

Collaborations

As of 2021, 'NotMeat' is being used across Chile supplying both Burger King and Papa John's pizzerias' vegan options.[11][12]

Investments

In September 2020, NotCo raised $85m in a Series C funding round. Its investors include challenger brand VC fund The Craftory, Jeff Bezos' Bezos Expeditions and others.[13] This funding has likely been used to fund NotCo's US debut in November 2020.[14]

Awards

In 2021, NotCo was announced among Fast Company's "World’s Most Innovative Companies".[15]

References

  1. ↑ "NotCo Named to Fast Company's Annual List of the World's Most Innovative Companies". www.businesswire.com. 9 March 2021. Retrieved 29 March 2021.
  2. ↑ "The Not Company is looking to start a food revolution from Chile". TechCrunch. Retrieved 28 March 2021.
  3. ↑ "NotCo: Creating an AI that fixes the broken food industry". Harvard SEAS. Retrieved 28 March 2021.
  4. ↑ "Hipster investor The Craftory leads $30m funding round in vegan startup". CityAM. 1 March 2019. Retrieved 28 March 2021.
  5. ↑ "Competing with both Perfect Day and Beyond Meat, Chile's NotCo raises $85 million to expand to the US". TechCrunch. Retrieved 28 March 2021.
  6. ↑ "New Patent Puts NotCo in the Front Seat of Technology Breakthrough in the Food Industry". Bloomberg.com. 8 March 2021. Retrieved 28 March 2021.
  7. ↑ "NotCo: Creating Plant-Based Food Alternatives with AI". Digital Innovation and Transformation. Retrieved 28 March 2021.
  8. ↑ "Bezos-Backed Vegan Milk Startup in Chile Eyes 'Unicorn' Status". Bloomberg.com. 17 March 2021. Retrieved 28 March 2021.
  9. ↑ "Bezos-backed vegan milk start-up in Chile targeting 'unicorn' status - Taipei Times". www.taipeitimes.com. 21 March 2021. Retrieved 28 March 2021.
  10. ↑ "NotCo debuts NotMilk plant-based 'milk'". www.dairyfoods.com. Retrieved 28 March 2021.
  11. ↑ "NotCo, Latin America's leading plant-based company, to be worth $250 million". The Vegan Review. 24 July 2020. Retrieved 28 March 2021.
  12. ↑ "One of Chile's Top Vegan Startups Secures $85 Million Investment, Plans US Launch". VegNews.com. Retrieved 28 March 2021.
  13. ↑ Bitter, Alex. "Investors like Jeff Bezos have helped NotCo, a plant-based startup, raise $110 million. Now the company is entering the US market and looking to compete with Beyond Meat and Impossible Foods, says its CEO". Business Insider. Retrieved 28 March 2021.
  14. ↑ Staff, Fast Company (9 March 2021). "The 10 most innovative Latin American companies of 2021". Fast Company. Retrieved 28 March 2021.
  15. ↑ "NotCo Named to Fast Company's Annual List of the World's Most Innovative Companies". AP NEWS. 9 March 2021. Retrieved 28 March 2021.
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