Evaluating only NotCo (2023 crisis)’s profile at its peak — without knowing the outcome — the model ranked Unit economics as the #1 likely cause. That’s exactly how it died.
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Documented cause
NotCo, Chile's first and most prominent foodtech unicorn, used AI to create plant-based versions of animal products. It raised $350M and reached a $1.5B valuation. In 2023 the plant-based food category globally faced a sharp consumer demand decline — Beyond Meat's stock fell 80%. NotCo laid off over 30% of its workforce in 2023, cut SKUs, and exited several markets to focus on profitability.
Lesson
“Category demand is not in your control. You can build the best plant-based burger on earth — if consumers decide they'd rather have a real burger, no AI fixes the demand problem. Category bets require category timing bets.”
FAQ
What happened to NotCo in 2023?
NotCo, Chile's AI-powered plant-based food unicorn valued at $1.5B, laid off over 30% of its workforce in 2023 and exited several markets after global plant-based food demand collapsed. The company refocused on profitability in core markets.