MycoTechnology, a US firm which transforms agricultural material into functional ingredients, has secured the backing of Kellogg, Tyson and Bunge as part of a $30 million series C funding round.
The funding was co-led by S2G Ventures Fund, Middleland MT Holdings, ADM Capital and TML-Invest, with participation from Tyson Ventures, Bunge Ventures, Continental Grain Company, Eighteen94 Capital (Kellogg’s venture capital arm), and DNS-Hiitake.
Denver-based MycoTechnology said the investment will allow it to accelerate research and development and bring new and novel ingredients to market.
MycoTechnology is dedicated to increasing the availability of healthy and sustainable food options through mushroom fermentation.
The company’s flagship product, ClearTaste, is said to be the “world’s first” organic bitter blocker, which helps companies reduce the sugar content of their products by blocking bitterness.
Its second product, PureTaste, aims to solve the issue of feeding a growing population with a sustainable, functional, and nutritional plant-based protein.
Gary Pilnick, Kellogg vice chairman, said: “MycoTechnology’s innovative organic technology addresses growing consumer demand for products focused on health and sustainability, and Kellogg’s is excited to continue to partner with the company in a number of ways.”
S2G Ventures’s Sanjeev Krishnan said: “We are excited about the strategic and customer validation of this round. Myco has proven itself to be a platform and a products company. Investors in this round represent over $100 billion in revenues and market caps. Myco’s platform is proven to solve many of the food industry problems as it tries to feed the changing consumer preferences.”
Alastair Cooper, senior investment director at ADM Capital Cibus Fund, added: “MycoTechnology’s fungi fermentation platform solves a number of the biggest challenges in the food industry, including: producing a high-value, complete protein alternative to animal-based products, increased sustainability, and the ability to drastically reduce sugar content in foods.
“MycoTechnology is driving the growth of a new and disruptive product range, and we are thrilled to co-lead this investment round and fund the next stages of development.”
© FoodBev Media Ltd 2020
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