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By Nivedita Balu and Akanksha Rana
(Reuters)-Jeff Bezos-backed food technology company NotCo said on Monday that it raised $235 million in its latest round of financing, which also includes athletes Lewis Hamilton and Roger Federer, the plant The valuation of the sex food company is $1.5 billion.
It produces plant milk, hamburger patties, meat and ice cream, and plans to use new funds to expand in Asia and Europe, and produce newer products for the North American market.
NotCo CEO Matias Muchnick (Matias Muchnick) said: “Many companies have contacted NotCo and said,’Can you make a plant-based version of our products?’ In this way, we can become the’Intel ( Nasdaq stock code:) Inside’.” Reuters.
NotCo, which operates in six countries in the Americas, also plans to invest more in its artificial intelligence technology Giuseppe, which explores new combinations of plants to replicate animal foods.
The funding led by Tiger Global also includes the participation of venture capital firm DFJ Growth Fund and social impact foundation ZOMA Lab.
Health-conscious and environmentally-conscious consumers have been adding plant-based foods to their diets, which prompted several companies to launch their own versions after the success of industry leaders Beyond Meat (NASDAQ:) and Impossible Foods.
During the pandemic, as consumers seek safe and healthy alternatives, demand for plant-based artificial meat has surged.
“COVID has increased awareness of the plant-based food category. The growth in this category is huge,” Muchnick said.
According to data from research company PitchBook, investment in plant-based foods reached approximately US$1.7 billion in 2020, nearly three times more than in 2019. It expects that the alternative protein market will reach nearly US$8 billion this year.
NotCo stated that it launched the plant-based milk NotMilk in the United States seven months ago and is expected to reach 8,000 retail stores by the end of the year.
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