Sunday, March 13, 2022 8:22:47 PM
Jeff Bezos-backed food-tech firm NotCo said on Monday it raised $235 million in its latest funding round that also included athletes Lewis Hamilton and Roger Federer, valuing the plant-based food company at $1.5 billion.
It makes plant-based milk, burger patties, meat and ice creams, and plans to use the new funding to expand in Asia and Europe and produce newer products for the North American market.
"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," NotCo Chief Executive Officer Matias Muchnick told Reuters.
NotCo, which operates in six countries in the Americas, also plans to invest more on its artificial intelligence technology, Giuseppe, which explores new combinations of plants to replicate animal-based food products.
The funding, led by Tiger Global, also saw venture capital firm DFJ Growth Fund and social impact foundation ZOMA Lab pitch in.
Health and environment-conscious consumers have been adding plant-based foods to their diets, prompting several firms to launch their own versions following the success of industry leaders Beyond Meat and Impossible Foods.
During the pandemic, demand for plant-based faux meat has surged as consumers seek safe and healthy alternatives.
"COVID raised the awareness of the plant-based food category. The growth of the category was massive," Muchnick said.
Investment into plant-based foods reached about $1.7 billion in 2020, up nearly three times compared with 2019, according to research firm PitchBook. It projects the alt-proteins market to touch nearly $8 billion this year.
NotCo launched its plant-based milk NotMilk in the United States seven months ago and is on track to reach 8,000 retail outlets by the end of year, it said.
Recent RIBT News
- Form 8-K - Current report • Edgar (US Regulatory) • 06/07/2024 01:15:22 PM
- Form S-1 - General form for registration of securities under the Securities Act of 1933 • Edgar (US Regulatory) • 04/19/2024 08:25:57 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 03/30/2024 01:43:11 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/31/2024 10:01:09 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 01/16/2024 07:36:17 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 01/13/2024 02:51:19 AM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 01/13/2024 01:28:01 AM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 01/13/2024 01:05:01 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/09/2024 01:58:13 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/09/2024 01:53:02 AM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 11/15/2023 09:26:53 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/02/2023 08:24:34 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/20/2023 08:06:53 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/05/2023 01:07:33 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/05/2023 12:55:44 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/14/2023 09:25:14 PM
- Form DEF 14A - Other definitive proxy statements • Edgar (US Regulatory) • 08/31/2023 09:25:49 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 08/31/2023 09:22:11 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/30/2023 09:14:16 PM
- Form 8-K/A - Current report: [Amend] • Edgar (US Regulatory) • 08/24/2023 09:10:54 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/23/2023 08:13:54 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/21/2023 08:33:59 PM
ATWEC Announces Major Acquisition and Lays Out Strategic Growth Plans • ATWT • Jun 20, 2024 7:09 AM
North Bay Resources Announces Composite Assays of 0.53 and 0.44 Troy Ounces per Ton Gold in Trenches B + C at Fran Gold, British Columbia • NBRI • Jun 18, 2024 9:18 AM
VAYK Assembling New Management Team for $64 Billion Domestic Market • VAYK • Jun 18, 2024 9:00 AM
Fifty 1 Labs, Inc Announces Acquisition of Drago Knives, LLC • CAFI • Jun 18, 2024 8:45 AM
Hydromer Announces Attainment of ISO 13485 Certification • HYDI • Jun 17, 2024 9:22 AM
ECGI Holdings Announces LOI to Acquire Pacific Saddlery to Capitalize on $12.72 Billion Market Potential • ECGI • Jun 13, 2024 9:50 AM