Hipster investor The Craftory leads $30m funding round in vegan startup
New “hipster” investor The Craftory has led a $30m (£22.59m) funding round in artificial intelligence meat substitution company Notco.
Amazon founder Jeff Bezos’ family office Bezos Expeditions and existing investors Kaszek Ventures and Indiebio also took part in the round.
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Notco produces plant based replacements for mayonnaise, milk, ice cream and meat using machine AI.
The Craftory co-founder Elio Leoni Sceti said: “We were looking for the perfect first investment since the creation of The Craftory last summer…Notco are at the beginning of their journey, and can become a global brand.”
He said The Craftory looks at the quality of the founders and a product that connects with zeitgeist when deciding whether to invest in a company.
The $300m investment house is keen to invest in consumer brands that tap into “the big trends that we are seeing, saving the planet and reducing plastics, sustainable farming”, as well as other social issues such as body positivity.
Leoni Sceti said: “This is the first that comes out but certainly not the last, we will have a few more joining our family.”
"This company had a very long list of very big names and big players in Silicon Valley lining up [to invest], and together with the company we thought Bezos Expeditions would be a fantastic addition to the team,” he added.
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Matías Muchnick co-founder and chief executive of Notco said: “It is a great endorsement to have both The Craftory and Bezos Expeditions invest in our business as we continue toinnovate and create enjoyable, sustainable new alternative food products.
“Their expertise in both FMCG and technology will allow us to further disrupt the food industry and expand our offering to a global audience.”