Cooperation: Not the average joint venture

Not the average joint venture

Miguel Patricio, CEO at Kraft Heinz (left) and Matias Muchnick, Co-Founder and CEO at NotCo (right).
Miguel Patricio, CEO at Kraft Heinz (left) and Matias Muchnick, Co-Founder and CEO at NotCo (right).

USA, Pittsburgh | Chicago | New York. The Kraft Heinz Company and leading food tech start-up TheNotCompany announced a joint venture designed to reimagine global food production and advance toward a more sustainable future.

The joint venture, which will operate under the control of Kraft Heinz as The Kraft Heinz Not Company LLC, will leverage the inherent strengths of both companies. NotCo brings its patented, first-of-its-kind technology and proven artificial intelligence (AI) solutions, while Kraft Heinz offers its brand portfolio and scale, to develop superior plant-based versions of co-branded products at a level of speed, taste, quality, and scale yet to be seen in the industry.

About NotCo

NotCo is an industry-changing, fast-growth food tech leader and the only global company disrupting massive food and beverage segments including dairy, eggs, and meat simultaneously. NotCo has launched products including NotMilk, NotBurger, NotMeat, NotIceCream, NotChicken and NotMayo in the US, Canada, Brazil, Argentina, Chile, Mexico, Peru and Colombia and in less than five years has become the fastest-growing food tech company in Latin America, achieving, in that time, unicorn status at a valuation of $1.5 bn. NotCo’s ultimate mission is to replace animal-based foods entirely, and in turn reverse the harm that their production has caused on the planet.

Both Kraft Heinz and NotCo share a desire to change the world for the better and believe that working together they can and will accelerate adoption of plant-based foods. While interest for plant-based foods is surging, barriers in taste, variety, and availability remain. Utilizing technology and an agile approach to innovation, NotCo has made significant progress in addressing these consumer needs, developing plant-based replacements for animal products with simpler ingredients that don’t sacrifice taste, functionality, or consumption experience.

The Kraft Heinz Not Company will be headquartered in Chicago with research and development facilities in San Francisco and will focus on plant-based innovation across numerous Kraft Heinz product categories. Lucho Lopez-May, who is currently CEO, North America of NotCo, will become CEO of The Kraft Heinz Not Company. Mr. Lopez-May was previously CEO of Garland Food, and prior to that, President of Strategic Growth Channels at Danone North America.

In partnering with NotCo, Kraft Heinz aims to leverage its manufacturing and commercial capabilities, with the scale of some of the most loved global food brands, to reshape the food landscape and set a new standard for plant-based innovation.

Source: The Kraft Heinz Company


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