NotCo has raised $428.0M in total across 5 funding rounds.
NotCo's investors include Amadeus Capital Partners, CapitalG, Endeavor Catalyst, Expa, Greylock, Mathias Schilling, Kaszek Ventures, Mayfield, Merak Ventures, Mouro Capital, NEO, Next Play Ventures.
# NotCo: AI-Powered Food Innovation at Scale
NotCo is a food-tech company that uses proprietary AI technology to accelerate product development for the food and beverage industry.[1] Founded in 2015 and headquartered in Santiago, Chile, NotCo transforms how consumer packaged goods (CPG) companies innovate by collapsing traditional 18-24 month R&D cycles into weeks.[1] The company operates on two fronts: a direct-to-consumer business creating plant-based alternatives (NotMayo, NotMilk, NotBurger, NotIceCream), and a B2B enterprise solution called Concept Quant that helps major CPG brands rapidly develop and test new products.[7]
NotCo's core mission is to reinvent the food industry toward sustainability by replacing animal-based products with plant-based alternatives while maintaining superior taste and functionality.[2] Under CEO Matias Muchnick, the company employs approximately 850 people and has established partnerships with seven of the world's top 20 CPG companies, including a joint venture with Kraft Heinz that produced products like NotMac&Cheese and NotMayo.[1][4]
NotCo emerged from a recognition that food R&D—with its trillions of possible ingredient interactions—was fundamentally broken.[6] The founding team, led by Matias Muchnick, recognized that just as large language models transformed knowledge work, foundational AI models could revolutionize consumables development.[6] The company launched in 2015 with an ambitious vision: use AI to identify unexpected plant-based ingredient combinations that could replicate animal products without compromising taste or experience.[2]
Early traction came through direct-to-consumer products that demonstrated the technology's viability. A pivotal moment arrived in February 2025 when NotCo announced its joint venture with Kraft Heinz, signaling mainstream adoption of its approach and validating the B2B potential of its AI platform.[3] This partnership represented a critical inflection point, positioning NotCo not just as a brand but as a technology enabler for the world's largest food manufacturers.
NotCo's competitive moat is its Giuseppe AI, a patented generative formulation engine that explores vast formulation spaces under hard constraints—cost, sensory quality, nutrition, manufacturability, and compliance.[6] Unlike trial-and-error R&D, Giuseppe AI proposes viable concepts by ingesting scientific literature, regulations, and ingredient specifications, ensuring candidates are compliant by construction.[6]
The platform reduces product development cycles from years to months or weeks, enabling brands to respond to shifting consumer preferences in real time.[1] This speed advantage is particularly valuable in capturing emerging market trends around health, sustainability, and novel consumption occasions.[7]
NotCo's B2B offering, Concept Quant, provides turnkey product development and testing, moving beyond isolated R&D to integrate market insights, brand values, and consumer digital twins.[7] The platform can generate CPG, cosmetic, and retail concepts in under five minutes.[9]
The company's commitment to environmental impact is embedded in its operations and value proposition, appealing to both conscious consumers and enterprise partners seeking to reduce their ecological footprint.[4]
NotCo is riding the convergence of three powerful trends: the mainstream adoption of plant-based foods, the application of generative AI to domain-specific problems, and corporate pressure to accelerate innovation cycles while reducing environmental impact.
The timing is critical. As consumer preferences shift toward sustainability and health, traditional food companies face pressure to innovate faster than their legacy R&D processes allow.[3] NotCo's technology addresses this structural inefficiency, making it a strategic asset for enterprises seeking to compete in a rapidly evolving market. By positioning itself as a B2B technology provider rather than solely a consumer brand, NotCo has expanded its addressable market from retail consumers to the entire CPG industry.
The company's influence extends beyond its direct partnerships. By demonstrating that AI can solve complex, multi-dimensional optimization problems in food science, NotCo is establishing a new category: AI-driven product development as a competitive necessity rather than a novelty.[6] This shift is reshaping how the food industry approaches innovation and sustainability.
NotCo stands at an inflection point. Its B2B pivot toward enterprise clients represents a more defensible and scalable business model than direct-to-consumer alone. As major CPG companies increasingly adopt AI-driven R&D, NotCo's technology could become infrastructure for the industry—similar to how design tools or supply chain software operate.
The key questions ahead: Can NotCo maintain its technological lead as competitors emerge? Will the B2B business scale profitably? How will regulatory frameworks around AI-generated food formulations evolve?
What's clear is that NotCo has identified a genuine inefficiency in a massive industry and built technology to solve it. In a world where speed, sustainability, and consumer responsiveness define competitive advantage, that positions the company as a potential category leader in food-tech innovation.
NotCo has raised $428.0M across 5 funding rounds. Most recently, it raised $70.0M Series D in December 2022.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Dec 1, 2022 | $70.0M Series D | Amadeus Capital Partners, CapitalG, Endeavor Catalyst, Expa, Greylock, Mathias Schilling, Kaszek Ventures, Mayfield, Merak Ventures, Mouro Capital, NEO, Next Play Ventures, QED Investors, Quona Capital, Redpoint eventures, Tiger Global Management, Upload Ventures, Y Combinator, Adrian Aoun, Ahmir Khalib Thompson, Ashish Agrawal, Ashish Taneja, Charlie Songhurst, Drew Houston, Farzad Nazem, Gabriel Naouri, Hadi Partovi, Henry Kravis, Jeff Bezos, Jeffrey Wilke, Marc Benioff, Nicolas Berggruen, Noosheen Hashemi, Shane Neman, Tom Chapman | |
| Jul 1, 2021 | $240.0M Series D | Amadeus Capital Partners, CapitalG, Endeavor Catalyst, Expa, Greylock, Mathias Schilling, Intuition Capital, Kaszek Ventures, Merak Ventures, Mouro Capital, NEO, Next Play Ventures, QED Investors, Quona Capital, Redpoint eventures, Tiger Global Management, Upload Ventures, Will Ventures, Y Combinator, Adrian Aoun, Ashish Agrawal, Ashish Taneja, Charlie Songhurst, Drew Houston, Farzad Nazem, Gabriel Naouri, Gee Roberson, Hadi Partovi, Henry Kravis, James Beshara, Jeffrey Wilke, Marc Benioff, Nicolas Berggruen, Noosheen Hashemi, Otis Chandler, Rob Glaser, Shane Neman, Tom Chapman | |
| Sep 1, 2020 | $85.0M Series C | Amadeus Capital Partners, CapitalG, Endeavor Catalyst, Expa, Greylock, Mathias Schilling, Kaszek Ventures, Mouro Capital, NEO, Next Play Ventures, QED Investors, Quona Capital, Redpoint eventures, Upload Ventures, Y Combinator, Adrian Aoun, Charlie Songhurst, Drew Houston, Farzad Nazem, Gabriel Naouri, Hadi Partovi, Henry Kravis, Jeffrey Wilke, Marc Benioff, Nicolas Berggruen, Noosheen Hashemi, Shane Neman, Tom Chapman | |
| Mar 1, 2019 | $30.0M Series B | Amadeus Capital Partners, CapitalG, Endeavor Catalyst, Expa, Greylock, Mathias Schilling, Kaszek Ventures, Mayfield, Mouro Capital, NEO, Next Play Ventures, QED Investors, Quona Capital, Redpoint eventures, Upload Ventures, Y Combinator, Adrian Aoun, Charlie Songhurst, Drew Houston, Farzad Nazem, Gabriel Naouri, Hadi Partovi, Henry Kravis, Jeffrey Wilke, Marc Benioff, Nicolas Berggruen, Noosheen Hashemi, Shane Neman, Tom Chapman | |
| Dec 1, 2017 | $3.0M Series A | Amadeus Capital Partners, Endeavor Catalyst, Mathias Schilling, Kaszek Ventures, Mayfield, Mouro Capital, QED Investors, Quona Capital, Redpoint eventures, Upload Ventures |
