News Contact Us

NotCo raises investment of $30 million from Jeff Bezos & The Craftory

Author : Saif Ali Bepari | Published Date : 2019-03-04 

NotCo, a Chile-based company renowned for using artificial intelligence to create plant-based food has reportedly secured funding from Jeff Bezos, the founder of Amazon in its recent funding round.
As per trusted sources, the $30 million funding round was led by The Craftory, offering over 60% of the capital, along with backing from Bezos Expeditions, Bezos’ family office, and existing investors IndieBio and Kaszek Ventures.

According to sources familiar with the development, the funding will be directed toward new product development like creating alternative milk and ice cream and assisting NotCo as it expands into new markets, including the United States and Mexico later this year.

For the record, NotCo was founded in 2015 by biotech expert Matias Muchnick, computer scientist Karim Pichara and biochemist Pablo Zamora. The company created Giuseppe, a machine AI platform named after the famous Renaissance artist Giuseppe Arcimboldo, which studies molecular structures to develop food combinations devised precisely from plant-based ingredients, reported sources.

The company stated that it has reacted to the rise in environmentally conscious consumers who are demanding more sustainable food alternatives which do not damage the planet. Not Mayo, the company’s first product, prepared from garbanzo beans is presently available at more than 1000 stores across Chile, said NotCo.

Matias Muchnick, CEO of NotCo, said in a statement that securing investments from both Bezos Expeditions and The Craftory has been a great endorsement for NotCo, as the business continues to innovate and develop sustainable and enjoyable new alternative food products. Their proficiency in FMCG and technology would allow NotCo to further disrupt the food industry and extend its offerings to the global audience, Muchnick added.

Elio Leoni Sceti, Co-Founder and Chief Crafter of The Craftory, stated that NotCo is an example of a mission-driven brand with the capacity to topple the conventional food manufacturing giants. The Craftory is thrilled to work with NotCo as they have brought about a paradigm shift in the food production industry and given people the option to consume environmentally accountable products, Sceti said.  

About Author

Saif Ali Bepari

Saif Ali Bepari

A qualified Computer Science graduate, Saif Ali Bepari, armed with more of an inclination toward writing than coding, commenced his journey in the content industry as a freelancer. Currently penning down content for fractovia.org and a couple of other portals, Saif has also tinkered with creative writing, technical writing, blog writing, and copywriting. He can be contacted at- [email protected] | https://twitter.com/Saif_B17

Related News

Xiaomi confirms the launch of Mi Pay service in India following trials

Published Date: 2019-03-20         Author: Saif Ali Bepari

Xiaomi has recently confirmed the official launch of its Mi Pay payment service for the Indian market. The company had introduced Mi Pay in China as well in 2016 and followed that with the launch of a beta trial in India. After completing the final testing now, Indian users get the complete access t... Read More

Deutsche Bank to reportedly begin formal merger talks with Commerzbank

Published Date: 2019-03-19         Author: Saif Ali Bepari

Deutsche Bank, Europe’s prominent financial institution, is apparently set to announce merger talks with Commerzbank. It has been reported that the two largest banks in Germany are gaining pace and the planned formal disclosure of talks between them has increased the probability of a successfu... Read More

Safaricom & AliExpress to enable M-PESA for online shoppers in Kenya

Published Date: 2019-03-14         Author: Saif Ali Bepari

Kenya’s biggest mobile operator Safaricom Plc has reportedly agreed to a partnership with a division of the Alibaba Group Holdings Ltd in a bid to advance electronic payments.  As per trusted sources, the deal allows Safaricom’s customers to use its mobile-money service called M-... Read More

© 2019 Fractovia. All Rights Reserved