Bezos-backed plant-based firm elevated to unicorn status following $235m investment

NotCo, founded in 2015, has raised more than $350m to date and plans to use the funds for geographical expansion and new products.

A FoodTech firm backed by Jeff Bezos has secured $235 million (£170m) in its latest funding round, elevating it to unicorn status with a valuation of $1.5bn (£1.08bn).

In its latest funding round NotCo, which makes plant-based milk, burger patties, meat and ice cream, also enticed investments from sports stars Lewis Hamilton and Roger Federer.

The Series D funding round was led by technology investor Tiger Global, with investments also from venture capital company DFJ Growth Fund and social impact outfit ZOMA Lab.

The funding will be used to expand the operations of NotCo, which currently operates in six counties in the Americas, in Asian and European markets and launch new products into the North American market.

It is also planning to invest further in its artificial intelligence technology platform called Guiseppe, which utilises lists of plant ingredients to create replacements to traditional meat-based products.

"Our patented A.I. 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.

“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,” Muchnick told Reuters. 

The Chilean FoodTech company, which supplies Burger King and Papa John’s, was set up in 2015.

To date, it has raised more than $350 million (£252m), according to TechCrunch.

"NotCo has created world class plant-based food products that are rapidly gaining market share," said Scott Shleifer, partner, Tiger Global.

"We are excited to partner with Matias and his team. We expect continued product innovation and expansion into new geographies and food categories will fuel high and sustainable growth for years to come."