Amazon.com Inc founder Jeff Bezos-backed NotCo has received an investment from Enlightened Hospitality Investments (EHI) and expects to hit $1 billion valuation by the end of the year, the plant-based food tech firm said on Wednesday.

The company did not disclose how much it raised in the latest round but said the total funding is now $130 million.

More consumers are including plant-based foods to their diets in a bid to be conscious about their health and environment, which has led restaurant chains, retailers and food manufacturers to expand their menus or launch their own versions of faux meat or dairy.

About $2.2 billion was raised by U.S. plant-based meat, egg and dairy companies last year, three times more than in 2019, data from the Good Food Institute showed.

Chile-based NotCo, which currently operates in the U.S., Brazil, Argentina, Chile and Colombia, will use the most recent investment to expand into the U.S. foodservice market, it said.

EHI, which counts Shake Shack founder Danny Meyer as a partner, is a growth equity fund that invests in the hospitality, technology and consumer industries.

  - Reuters