Chilean foodtech unicorn raises $70 million in Series D extension

NotCo, a Chilean foodtech company known for its plant-based alternatives to animal products, has announced the closing of a $70 million Series D extension round.

In July 2021, the startup raised a $235 million round led by Tiger Global, making it reach unicorn status at a valuation of $1.5 billion. The previous valuation was maintained in this latest funding round.

The new funds will be used to boost the company's B2B unit, enabling other CPG brands to use its patented A.I. technology.

NotCo is making its technology available for more food and beverage manufacturers seeking to create best-in-class and scalable plant-based products. In addition to delivering a superior eating experience, NotCo’s AI technology offers the added benefits of extreme accuracy and speed, cutting R&D development timelines down to mere months compared to what traditionally has taken years.

The company also plans to use the funds to prepare for an IPO, expected in 2025.

In a statement, the startup said this latest round was led by U.S. investment firm Princeville Capital, with participation from existing investors including Bezos Expeditions, Tiger Global, L Catterton, Kaszek Ventures, Future Positive, and The Craftory. New investors included Mercado Libre founder Marcos Galperin.