Could Mushrooms Transform The Food Industry? Investors Bet Over $120M on MycoTechnology
Jun 11, 2020, 07:00 ET
DENVER, June 11, 2020 /PRNewswire/ -- MycoTechnology closed its Series D round of financing for $39M, totaling over $120M. The Series D round was co-led by Greenleaf Foods, SPC, S2G Ventures, and Evolution Partners, with participation from Rich Products Ventures, Tyson Ventures, Continental Grain, Middleland Capital, Bunge Ventures, Seventure Partners, Cibus Investments Limited, and Kellogg's eighteen94 Capital investment arm. This round was completed during the midst of the COVID-19 pandemic, demonstrating investor confidence in MycoTechnology during uncertain times for the global economy.
With the most recent round of funding closed, MycoTechnology is now considered one of the most valued food technology startups in the world. MycoTechnology contributes much of its success to focusing on purpose driven innovation.
"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," said Alan Hahn, CEO of MycoTechnology. "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," Hahn added. "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."
"As a leading producer of plant-based foods in North America, we were already experienced in the process of fermentation, but MycoTechnology's unique application has the potential to transform the plant-based space by unleashing new protein sources," said Dan Curtin, President of Greenleaf Foods. "Their commitment to clean, simple ingredients, food quality and sustainability align with our values and desire to find new ways to meet changing consumer demands."
"As an original pioneer in plant- based, non-dairy products such as coffee creamer and whipped toppings, we understand the power of MycoTechnology's innovative technology, which will enable food manufacturers to offer new plant-based products that meet the demands of today's health-conscious and environmentally-aware consumers," said Dinsh Guzdar, Managing Director, Rich Products Ventures. "We also look forward to leveraging Myco's unique capabilities in producing great-tasting, plant-based proteins in a scalable, cost effective manner."
"We're pleased to continue investing in MycoTechnology," said Erin VanLanduit, Managing Director of Tyson Ventures. "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."
MycoTechnology helps the food industry create healthier products without excessive sugar, salt, and fat by working with the natural transformative power of mushrooms to make new-to-the-world food ingredients. Their flagship product, ClearTaste®, is the world's first organic bitter blocker and flavor clarifier that helps clean up the taste of functional ingredients and is a powerful tool in the fight against sugar and sodium. PureTaste® protein filled the void in the plant-based protein market, creating a complete plant protein with improved functionality and bioavailability.
MycoTechnology is dedicated to increasing the availability of healthy, sustainable, and high-quality food options through mushroom fermentation. For more information visit www.mycotechcorp.com.
Contact:
Jessie Booth, Marketing Communications Manager
[email protected]
SOURCE MycoTechnology, Inc.
