AURORA, Colo., Oct. 18, 2017 /PRNewswire/ -- MycoTechnology, a Colorado-based organic food technology company that uses mushrooms to create novel functional ingredients, officially closed their Series B round of financing this past week, pulling in a total of $42M.
Last month, MycoTechnology announced they had closed $35M in financing with some of the top food investors from around the world. The over-subscribe round caught the attention of Ajinomoto Co., Inc. and Continental Grain Company which closed out the round. They also received additional investment from Series A/B Investors S2G Ventures, Middleland Capital, and Health For Life Capital.
"These additional investors provide the strategic expertise to help us execute our vision of feeding an exponentially growing population with a sustainable protein source," said Alan Hahn, CEO and Co-Founder of MycoTechnology.
MycoTechnology signed a lease on an 86,000 sq ft commercial facility in Aurora, Colorado to produce their latest product, PureTaste®. PureTaste is a complete vegetable protein made through the fermentation of Shiitake mushrooms. The protein is highly digestible, non-GMO and vegan which is low in calories, fats and carbohydrates but loaded with vitamins and minerals that cannot be found in other competitive proteins. PureTaste has a cereal taste and neutral aroma making it ideal for new product development. The commercial facility will initially be able to produce 4,000 metric tons of PureTaste per year.
Takeshi Kimura, Board Member & Corporate Vice President of Ajinomoto said, "MycoTechnology has a unique technology platform that addresses the growing consumer demand for health and sustainability. We are excited to combine Ajinomoto's expertise with MycoTechnology's innovative organic technology to provide solutions for the future of society."
"Health For life Capital is reputed for its vision in investments. MycoTechnology, which we supported in the Series A, and now again in Series B, fits perfectly with our strategy. MycoTechnology has taken a different approach to the food industry, by utilizing filamentous fungi allowing them to create an unlimited source of innovation," Isabelle de Cremoux, CEO of Seventure Partners.
For more information about PureTaste, a copy of the white paper can be found here.
MycoTechnology is a private company based in Aurora, Colorado. Founded in 2013, MycoTech focuses on solving the biggest challenges faced by the food and beverage industry by utilizing mushroom fermentation to develop novel ingredients. Their first product, ClearTaste®, is the world's first certified organic bitter blocker, which helps companies reduce the sugar content in their products. After the commercialization of ClearTaste, MycoTechnology is taking on the challenges faced by the protein industry with their Shiitake fermented vegetable protein, PureTaste.