Peruvian Nutri Co Secures $2 Million Investment

Nutri Co, a Peruvian food technology company, has successfully secured $2 million in investment from the Uruguayan bioactives producer Terraflos. This partnership marks a strategic move as Nutri Co plans to expand its operations into Argentina and Colombia. Carlos Noceda, the CEO and co-founder of Nutri Co, confirmed this development to Forbes.

Noceda emphasized that the collaboration aims to develop innovative plant-based products while maintaining affordability. Besides providing capital, Terraflos has acquired a stake in Nutri Co, although the exact details of this investment have not been disclosed. The initial connection with Terraflos was established during Nutri Co’s last funding round, where $1 million was raised to enhance its AI-driven recipe formulation tool, Virgilio IA. Terraflos then expressed interest in fully participating in the subsequent funding round to strengthen ties between the two companies.

Facundo Garretón, founder of Terraflos and a Young Global Leader of the World Economic Forum, will play a key role in facilitating Nutri Co’s entry into the Argentine and Colombian markets. The company aims to enter Argentina by the end of this year and Colombia in 2025. Noceda noted that Terraflos’ established presence in these regions offers Nutri Co a significant advantage.

Nutri Co entered the Mexican market last year through a distribution agreement with Costco and specialized stores, now operating in 40 locations across the country. Daniel Nuñez, Nutri Co’s chief financial and operations officer, shared that the company has recently secured deals with a pharmacy chain boasting over 1,500 outlets and two major supermarket chains. Additionally, Nutri Co is in the process of launching its product line in one of Chile’s leading supermarkets.

Currently, Nutri Co offers 51 products and plans to introduce 18 more by the end of 2024. This partnership with Terraflos is integral to the company’s innovation strategy, enabling synergies within the group to develop specialized products such as superfood bars with hemp and collagen cookies. Nutri Co aims to double its sales this year compared to 2023 and achieve profitability next year. According to Nuñez, the company is nearing its break-even point.

In a LinkedIn post, Noceda expressed his gratitude to the Nutri Co team, investors, and partners for their support and dedication throughout this process, highlighting the challenges faced and the determination to continue democratizing access to nutritious and sustainable products.