NotCo's focus on developing new plant-based ingredients and products was a key part of the company's pitch to investors in its latest funding round, Founder and CEO Matias Muchnick, second from right, told Business Insider.Chile-based NotCo announced its most recent round of funding led by L Catterton and Future Positive on Wednesday.
NotCo, founded in 2015 and based in Santiago, Chile, raised $85 million in a Series C funding round, the company said Wednesday. Venture capital firm Future Positive and private equity shop L Catterton led the raise, which brings the total amount NotCo has raised to $110 millionThe company already sells its products in restaurants and retailers in Latin America, including Burger King Chile, which introduced the Rebel Whopper using NotCo patties earlier this year.
Compiling that data is key for finding just the right combination of ingredients, Muchnick said. "You can find many ways of replicating the protein of meat, but that protein doesn't necessarily go with the flavor or texture or smell or color" of its animal analogue, he said.
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