NotCo

NotCo was founded in Chile in 2015 by Matias Muchnick, Karim Pichara and Pablo Zamora. Its proprietary AI, called Giuseppe, matches the molecular and sensory properties of animal products to combinations of plant ingredients, which the company used to launch NotMayo, NotMilk, NotIceCream, NotBurger and NotMeat in Chile, Brazil, Argentina, Colombia and the United States. Its current site presents the business as a vertical AI platform for consumer packaged goods companies, lists offices in San Francisco, Santiago, Buenos Aires and Sao Paulo, and says it runs live programs with 20 of the largest global CPG companies.

SEC Form D filings by NotCo Ltd, the Cayman Islands parent, record $27.5 million sold in an offering that began in February 2019, an investment round reported at the time as led by The Craftory. In September 2020 NotCo confirmed an $85 million round (filed on Form D as $85.0 million sold to 16 investors) with new investors L Catterton, Biz Stone's Future Positive and General Catalyst, and follow-on money from Kaszek Ventures, The Craftory, Bezos Expeditions, Endeavor Catalyst, IndieBio, Maya Capital and others; TechCrunch reported a valuation of roughly $300 million. In July 2021 Tiger Global led a $235 million Series D at a $1.5 billion valuation, joined by DFJ Growth and follow-on investors including Bezos Expeditions, Enlightened Hospitality Investments, Future Positive, L Catterton, Kaszek Ventures and SOSV. The CEO said at that point the company had raised more than $350 million in total.

NotCo remains private. In 2022 it formed a joint venture with The Kraft Heinz Company to develop plant-based versions of Kraft Heinz products. Its AI is now licensed to large food companies; Reuters reported deals with The Magnum Ice Cream Company in September 2025 and Barry Callebaut in November 2025. In June 2026 it sold its Argentina and Uruguay operations to Molinos Rio de la Plata, and in May 2026 the Chilean Supreme Court ruled against it in an unfair competition case brought by a dairy producers' association, requiring changes to NotMilk packaging and advertising.

For investors, NotCo shows how far Latin American venture capital stretched in 2020 and 2021. Kaszek Ventures backed it early and followed on, the valuation rose from about $300 million to $1.5 billion in roughly ten months, and Tiger Global's 2021 round made it Chile's first unicorn. No liquidity event has followed: the IPO the CEO discussed for 2023 has not happened, and the company's shift from consumer brands to selling its AI to incumbents is the bet its backers are now holding.