16 Jun MycoTechnology raises $39m in Series D to expand functional ingredients platform
MycoTechnology – which is building a functional ingredients platform utilizing mycelia, the filament-like roots of mushrooms – has raised $39m in a series D financing round from investors* including plant-based meat specialist Greenleaf Foods to Tyson Ventures and Kellogg’s Eighteen94 Capital, taking its total funding to $120m
US food-tech firm MycoTechnology has raised $39 million in a Series D funding round, securing further backing from Kellogg, Tyson Foods, Bunge and more.
MycoTechnology creates functional ingredients from agricultural material such as fermented mushrooms. This latest announcement follows a $30 million funding round last year, and to date, the company has now raised over $120 million in funding.
As well as investments from Kellogg’s eighteen94 Capital investment arm, Tyson Ventures and Bunge Ventures, the funding round was co-led by Greenleaf Foods, SPC, S2G Ventures and Evolution Partners, with participation from Rich Products Ventures, Continental Grain, Middleland Capital, Seventure Partners and Cibus Investments Limited.
The firm claims its flagship Cleartaste ingredient is the “world’s first” bitter blocker, which helps companies reduce the sugar, fat and salt content of their products by blocking the bitterness of other functional ingredients. The firm has also developed a plant-based, high-protein ingredient called Puretaste.
Alan Hahn, CEO of MycoTechnology, said: “We do not innovate for the sake of innovating. We create products that solve the biggest challenges in the food industry, like creating great tasting products without excessive sugar, salt, or fat and doing so in a more sustainable way.
“I believe this is what attracted our investors to look closely at our company, and when they saw the many ways that mushroom fermentation can truly transform the food industry for the better, they decided to invest, even during challenging times.”
“The additional funding will help bring our forward-thinking vision to reality.
“With many game-changing products currently under development, the funds will help prepare for new product introductions that truly have the potential to change the food industry landscape and bring never-before-seen ingredients to the market.”
Erin VanLanduit, Managing Director of Tyson Ventures, added: “We’re pleased to continue investing in MycoTechnology We have been impressed with their novel approach to ingredient creation through mushroom fermentation from the beginning.
“Tyson is focused on ensuring the growing global demand for accessible, sustainable protein is met; we need partners like them, innovating with that same eye towards the future.”