US-based MycoTechnology has secured US$30m from a consortium of investors including venture capital funds at Kellogg and Tyson Foods.
Located in Colorado, the company was founded in 2013 and produces ingredients for the food and beverage industry using mushrooms as a constituent. Its recent innovations include ClearTaste, a certified organic bitter blocker that MycoTechnology says helps companies reduce the sugar content in their products, and a Shiitake fermented protein called PureTaste.
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MycoTechnology will use the new funds to finance its expansion plans and accelerate research and development in new products, the company said in a statement. The series C investment round was led by S2G Ventures, Middleland MT Holdings, ADM Capital’s Cibus Fund, and TML-Invest S.à r.l. Also participating were Tyson Ventures, Kellogg’s Eighteen94 Capital, Bunge Ventures, Continental Grain Company, and DNS-Hiitake.
Many of those same funds and investors took part in providing $35m to MycoTechnology in 2017, including Kellogg.
Gary Pilnick, Kellogg’s vice chairman, said: “MycoTechnology’s innovative organic technology addresses growing consumer demand for products focused on health and sustainability, and Kellogg is excited to continue to partner with the company in a number of ways. The investment coming from noteworthy companies in the industry reveals the significant impact MycoTechnology is making in the rapidly-changing food-ingredient space.”
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