Plant-based food company NotCo has raised $235 million in a series D funding round led by Tiger Global, bringing the company’s valuation to $1.5 billion.
NotCo operates in five countries in both retail and foodservice and already had five U.S. patents for its proprietary AI technology.
“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, in a statement. “The level of enthusiasm we’ve received from our partners is thrilling and humbling. 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. We are grateful to have the support of Tiger Global as we build a food tech brand with the global reach and capability to reinvent the food industry.”
This funding will bolster the company’s expansion into new categories in North America, scale the core of its AI technology, and accelerate plans to launch in Europe and Asia.
"NotCo has created world class plant-based food products that are rapidly gaining market share," said Scott Shleifer, partner, Tiger Global, in a statement. "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."
Related: AI-Made Plant-Based 'Milk' Debuts in US; NotCo Gains Funding to Expand to US.
Image: NotCo