CHICAGO – Kraft Heinz Co. is teaming up with TheNotCompany Inc., a maker of alternatives to meat and dairy products, to create a joint venture focused on plant-based innovation.
The joint venture will be controlled by Kraft Heinz as The Kraft Heinz Not Co. LLC. It will combine a patented NotCo technology and artificial intelligence solutions with Kraft Heinz’s portfolio and scale to develop plant versions of collaborative branded products.
While interest in plant foods is growing, barriers remain around taste, variety and affordability, according to companies. NotCo is making progress in addressing these issues by developing herbal substitutes for animal products with simpler ingredients that do not sacrifice taste, functionality or experience of consumption.
Led by founder and CEO Matthias Mukhnik, the Chilean company has developed a technology platform that uses artificial intelligence and machine learning algorithms to reconstruct animal products and reproduce them with plants. He launched products including Not milkNotBurger, NotMeat, NotIceCream, NotChicken and NotMayo in the US, Canada, Brazil, Argentina, Chile, Mexico, Peru and Colombia.
NotCo is one of the fastest growing food technology startups in Latin America, reaching unicorn status with a valuation of $ 1.5 billion in less than five years.
“When we started NotCo, our goal was to make our technology a catalyst for a more sustainable food system not only for us but also for other brands and manufacturers who share the same ambitions,” Mr Muchnik said. “Today is an exciting milestone for the crop industry and shows the strength of the role of technology in stimulating mass adoption. We are excited to work with Kraft Heinz and their iconic brands and work hand in hand to create a more sustainable food system. ”
The Kraft Heinz Not Co. headquartered in Chicago with research and developers in San Francisco will focus on plant-based innovation in various Kraft Heinz product categories. Luca Lopez-May, who is currently the CEO of North American business NotCo, will become the CEO of the new joint venture. Mr. Lopez-May has previously served as CEO of Garland Food and President of Strategic Growth Channels at Danone North America.
“A joint venture with TheNotCompany is a critical step in transforming our product portfolio and a huge addition to our brand’s ability to achieve value,” said Miguel Patricia, CEO of The Kraft Heinz Co. – It helps to realize our vision to offer consumers cleaner, greener and tastier products. We believe that the technology brought by NotCo is revolutionizing the creation of delicious plant-based products with simpler ingredients. ”
Kraft Heinz, NotCo are merging into a joint venture at the plant
Source link Kraft Heinz, NotCo are merging into a joint venture at the plant