Food-tech company NotCo is set to close a Series C investment round, which comes as it advances operations and marks plans for global expansion with an entry into the US.

The $85m funding was co-led by Future Positive, the investment vehicle of Fred Blackford and Biz Stone, and private equity firm L Catterton.

L Catterton Latin America partner Ramiro Lauzan said: “NotCo is pursuing a fundamentally original way of replacing animal-based foods with more sustainable alternatives through the application of food science and innovative technology.

“By leveraging our experience in ‘better for you’ businesses around the world, and working alongside NotCo’s talented team, we look forward to materialising the company’s successful expansion into the US market.”

The company has launched products such as NotMilk, NotBurger, NotIceCream and NotMayo in Brazil, Argentina and Chile.

The US is said to be a promising market for its portfolio of plant-based food products. It plans to evaluate foodservice and retail partners as a part of this expansion.

based in the US, NotCo co-founders Matias Muchnick and Karim Pichara will accelerate the expansion.

Furthermore, NotCo is invested by Kaszek Ventures, The Craftory, Bezos Expedition, General Catalyst, Endeavor Catalyst, Indie Bio, Humbolt Capital and Maya Capital.

Kaszek Ventures managing partner Nicolas Szekasy said: “In this uncertain time, consumers have amplified their appetite for the plant-based world. In parallel, Covid has allowed us to see that meat production is not only environmentally harmful and inefficient but also that its supply chain is fragile.”