Food-tech company producing plant-based alternatives animal-based food products NotCo announced having raised $235 million in its recently concluded financing round. This financing round leaves the company with a market valuation of $1.5 billion.
Notable personalities in the world of sports took part in the just concluded financing round among them include Roger Federer and Lewis Hamilton.
The company says it will be using proceeds from the funding round to expand its operations in Asia, Europe and make new products for its North American market.
NotCo produces plant-based milk, meat, ice-creams and burger patties. The company is backed by world’s richest man Jeff Bezos who is also the founder of leading e-commerce company Amazon Inc. (AMZN).
“Many companies have reached NotCo to say ‘can you do a plant-based version of our products’. In that way, we can become the ‘Intel Inside’ of other products,” said the company’s CEO, Matias Muchnick.
Currently, the company runs its operations across six countries in the Americas, the chief executive also revealed that they are planning to invest more in artificial intelligence technology dubbed Giuseppe which deeply looks into combinations of plants to replicate animal-based food products