Plant-based food manufacturer NotCo announced that it raised $235 million in a Series D funding round on Monday (July 26), according to a Business Wire report. With the most recent funding round, which was led by Tiger Global, the company’s valuation is $1.5 billion. The round also attracted new funds, including from DFJ Growth Fund and ZOMA Lab. Athletes Lewis Hamilton and Roger Federer, as well as musician Questlove of The Roots, also participated in the round.
As PYMNTS reported previously, consumers concerned about food sustainability are opting for plant-based food items. In response, venture capitalists are more readily funding businesses that offer environmentally friendly solutions. Last week, Berlin-based anti-food waste technology platform Choco announced a $100 million Series B funding round. Fast-casual chain Just Salad also recently announced a new investment.
Since its launch five years ago, NotCo has created plant-based options for dairy, eggs and meat products. The company offers retail and food service in the U.S., Brazil, Argentina, Chile and Colombia. NotCo uses artificial intelligence (AI) technology, dubbed Giuseppe, which matches animal proteins to plant-based ingredient counterparts. The company released NotMilk in the U.S. seven months ago and is on pace to reach 8,000 retailers by year’s end.
“Our patented AI gives us a significant competitive advantage due to the speed and accuracy with which we’re able to develop and bring new products to market,” said NotCo Founder and CEO Matias Muchnick. “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.”
To date, NotCo has raised more than $350 million. The Series D funding will be used to branch out into new categories in North America, improve its AI technology and expand to Europe and Asia. The round included follow-on funding from Bezos Expeditions, EHI, Future Positive, L Catterton and Kaszek Ventures.