The Kraft Heinz Not Company will be headquartered in Chicago, with research and development facilities in San Francisco.
The joint venture will operate under the control of Kraft Heinz and bring together the packaged food giant’s scale and well-known brand portfolio, and NotCo’s patented technology and artificial intelligence (AI) solutions.
The companies believe that the partnership will enable them to develop products at a speed and scale “yet to be seen in the industry” and to accelerate the adoption of plant-based foods.
“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,” said Miguel Patricio, CEO of Kraft Heinz.
“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, said: “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.”
NotCo’s current North America head Lucho Lopez-May will lead The Kraft Heinz Not Company as CEO.