NotCo secures backing from Jeff Bezos as part of funding round

NotCo, a Chilean company that uses artificial intelligence (AI) to develop plant-based foods, has been backed by Amazon founder Jeff Bezos as part of a new funding round.

Investment fund The Craftory led the $30 million round, providing more than 60% of capital, alongside support from Bezos’s family office, Bezos Expeditions, and existing investors Kaszek Ventures and IndieBio.

The funding will be used to support new product development, such as alternative milk and ice cream, and support NotCo as it branches out into new markets, including Mexico and the US later this year.

NotCo is the brainchild of biotech guru Matías Muchnick, biochemist Pablo Zamora and computer scientist Karim Pichara. Launched in 2015, the firm developed Giuseppe, a machine AI platform named after the Renaissance artist Giuseppe Arcimboldo, which analyses molecular structures to create food combinations derived only from plant-based ingredients.

The company said it has responded to the rise in environmentally aware consumers who are increasingly demanding sustainable food alternatives that don’t harm the planet.

Its first product, Not Mayo, is made from garbanzo beans and is currently on sale at more than 1,000 stores in Chile.

NotCo CEO Matías Muchnick said: “It is a great endorsement to have both The Craftory and Bezos Expeditions invest in our business as we continue to innovate and create enjoyable, sustainable new alternative food products. Their expertise in both FMCG and technology will allow us to further disrupt the food industry and expand our offering to a global audience.”

Elio Leoni Sceti, co-founder and chief crafter at The Craftory, added: “NotCo is the epitome of a mission-driven challenger brand and has the energy and capabilities to topple the traditional food production giants. Their advanced thinking combines food tech, machine AI, and plant-based ingredients to create a sustainable non-animal protein source.

“We are thrilled to be working with Matías and the NotCo team as they transform the food production industry and give people the choice to consume environmentally conscious products.”