The Not Company

Market position

Described in 2020 press coverage as Latin America's leading contender in the plant-based meat and dairy substitute market, and later characterized as Chile's first unicorn following Series D-stage funding as of July 2021. It has been compared with US alternative-protein companies including Just (formerly Hampton Creek), Impossible Foods and Beyond Meat, operating in a category where venture capitalists and corporations invested more than $9.5 billion across about 2,100 deals over five years to 2018, and where forecasts placed the plant-based protein market at $85 billion by 2030 (UBS) or the broader alternative protein market at $140 billion.

NotCo's stated differentiator is the application of data science and machine learning, drawn from pharmaceutical research practice, to food formulation: mapping plant genomes and molecular properties to predict which plants can emulate animal proteins, rather than relying on conventional trial-and-error food R&D. Founders also cited cost advantages and a strong research talent pool in Santiago relative to Silicon Valley, and reported per-store sales of its Burger King plant-based sandwiches that outperformed a US competitor's comparable figure.

Technology

Proprietary artificial intelligence and machine learning software, reported as being named "Giuseppe," analyzes food molecules and maps similarities between the genetic and molecular properties of plants and their animal-based counterparts to predict which plants can emulate animal proteins. The system draws on a database of about 7,000 plant molecules, and outputs are refined with feedback from chefs and sensory specialists.

Go-to-market

Initially focused on dominating the Latin American market from its Santiago base, starting with a single category (mayonnaise) chosen for manufacturing simplicity and the size of the Chilean mayonnaise market, then broadening into milk, ice cream and burgers. Distribution combines grocery retail in Chile and Argentina with a foodservice supply agreement with Burger King, and the company later expanded to the United States.

Retail grocery consumers in Latin America and the United States seeking plant-based alternatives to mayonnaise, dairy and meat, plus restaurant chains sourcing plant-based menu items; the founders also framed the company as addressing consumers in emerging markets affected by cheap, low-nutrition industrial foods.

Geography

Headquartered in the Santiago Metropolitan Region, Chile, with early operations concentrated in Latin America. Products have been sold in Chile, Argentina and Brazil, and in a limited number of stores in the United States. The company's B Corp listing states it operates in Argentina, Brazil, Chile, Mexico and the United States.

History

The company launched in 2015 and spent its early years experimenting across categories including mayonnaise, chocolate, milks and meat substitutes such as sausages, burgers and churrasco. It commercialized plant-based mayonnaise first, reporting roughly 10% of the Chilean mayonnaise market by mid-2018. After entering the global stage in 2018 it expanded into milk, ice cream and hamburgers and signed a supply deal with Burger King for plant-based burgers, including a vegetarian Whopper. By July 2020 press coverage reported the company was closing an $85 million financing at a $250 million valuation, and later coverage described it as a Series D-stage unicorn as of July 2021. It has been a Certified B Corporation since November 2022.

Risks & controversies

Coverage from July 2020 noted the company had not reached break-even, with sources suggesting it could reach break-even or positive cash flow by December 2021. The company competes with substantially better-capitalized alternative-protein firms in the United States and with large multinational food companies.