Kraft Heinz has created a new joint venture with food tech startup TheNotCompany to develop plant-based products across its categories.
The JV, which will operate under the control of Kraft Heinz as The Kraft Heinz Not Company, will seek to marry TheNotCompany’s technology and Kraft Heinz’s brand strength to “transform” the consumer giant’s product portfolio.
Food tech innovator NotCo has launched numerous plant-based products across dairy, eggs and meat categories, and has become the fastest-growing food tech company in Latin America with a valuation of $1.5bn.
Kraft Heinz said the partnership would underpin its efforts 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”.
It stated: “While interest for plant-based foods is surging, barriers in taste, variety, and availability remain.
“Utilising 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 & development facilities in San Francisco. It 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 JV.
Miguel Patricio, CEO of Kraft Heinz, said: “The joint venture with TheNotCompany is a critical step in the transformation of our product portfolio and a tremendous addition to our brand design-to-value capabilities.
“It helps deliver on our vision to offer more clean, green, and delicious products for consumers. We believe the technology that NotCo brings is revolutionising the creation of delicious plant-based foods with simpler ingredients.”
Matias Muchnick, co-founder and CEO of NotCo, added: “When we started NotCo, it was our goal to make our technology a catalyser for a more sustainable food system not only for us, but for other brands and manufacturers who share the same ambition.
“Today is an exciting milestone for the plant-based industry and shows the power of technology’s role in driving mainstream adoption. We’re thrilled to partner with Kraft Heinz and their iconic brands and work hand-in-hand on building a more sustainable food system.”
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