Amazon.com Inc (AMZN.O) founder Jeff Bezos-backed NotCo has obtained an funding from Enlightened Hospitality Investments (EHI) and expects to hit $1 billion valuation by the top of the 12 months, the plant-based meals tech agency stated on Wednesday.
The corporate didn’t disclose how a lot it raised within the newest spherical however stated the overall funding is now $130 million.
Extra customers are together with plant-based meals to their diets in a bid to be aware about their well being and atmosphere, which has led restaurant chains, retailers and meals producers to develop their menus or launch their very own variations of fake meat or dairy.
About $2.2 billion was raised by U.S. plant-based meat, egg and dairy corporations final 12 months, 3 times greater than in 2019, knowledge from the Good Meals Institute confirmed.
Chile-based NotCo, which presently operates within the U.S., Brazil, Argentina, Chile and Colombia, will use the latest funding to develop into the U.S. foodservice market, it stated.
EHI, which counts Shake Shack (SHAK.N) founder Danny Meyer as a accomplice, is a progress fairness fund that invests within the hospitality, know-how and client industries.
Our Requirements: The Thomson Reuters Trust Principles.