2030 Finance | July 27, 2021

Chilean plant-based food producer NotCo raises $235 million

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, July 27 — The Santiago-based company created Giuseppe, which uses artificial intelligence to identify plant-based ingredients as substitutes for animal-based products. Its milk, ice cream, burgers and mayonnaise can be found in supermarkets in the U.S., Chile, Argentina, Colombia and Brazil. The company is expanding in Europe and Asia, and introducing new products in North America.

Tiger Global Management led its latest round of $235 million, with participation from DFJ Growth Fund, ZOMA Lab and Jeff Bezos’ Bezos Expeditions. British racing driver Lewis Hamilton and Swiss tennis player Roger Federer also participated.

NotCo is valued at $1.5 billion.

Spurred by the climate emergency, investments in alternative proteins are projected to reach $8 billion this year. Shifting to a plant-rich diet is considered one of the top five carbon-reducing solutions (see, “Plant-based startups are eating Big Food’s lunch).