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Last week (23), sources reported that the foodtech is close to wrapping up US$85 million in funding, though it’s not official yet. Potential investors include L Catterton Partners and Future Positive.
It’s unknown what specific purpose this investment will serve. But given how funding rounds usually play out, it’s likely growth-related. And only the startup’s PR team knows when the real-deal announcement will be made.
If it proves to be the case, it will reportedly be valued at US$250 million, according to TechCrunch. What’s more, it may even become profitable by December of next year.
NotCo products and strategy
The foodtech’s current portfolio of plant-based products includes mayonnaise, milk, ice cream, and more recently, meat. The startup already sells and distributes some of these eco-friendly edibles in supermarkets in Argentina, Chile, and Brazil.
However, a key to its growth is its distribution channels via partnerships.
To roll out its NotMeat product, for example, last February it allied itself with Papa John’s pizzas and Burger King in its native Chile. That way, consumers looking for substitutes could taste NotCo’s offerings in their full meat-free splendor.
- Related article: Open a restaurant in the middle of a pandemic? Why Not, says NotCo
Eating up a new market
As consumers re-evaluate their dietary habits in search of more sustainable alternatives, plant-based products jump to mind.
As a result, large food chains and restaurants (like Burger King) in Latam will scramble to develop their own line of products, or buddy up with a known-and reliable supplier.
Correspondingly, foodtechs have a large opportunity to reach more consumers while piggybacking off of a known brand.
A win-win for their businesses, and for our environment.
Related articles: Tech and startups from Chile!