MycoTechnology Raises $30 Million in Series C Financing Round with Investments from the Biggest Names in Food
DENVER, Jan. 30, 2019 /PRNewswire/ -- MycoTechnology has closed their Series C funding round co-led by S2G Ventures Fund II, L.P., Middleland MT Holdings, LLC, ADM Capital's Cibus Fund, and TML-Invest S.à r.l. with participation from Tysons Ventures, Bunge Ventures Limited, Continental Grain Company, Eighteen94 Capital, LLC (Kellogg's), and DNS-Hiitake LLC.
The $30 million in new investment will fuel expansion and accelerate R&D project execution. This funding round opens up an opportunity to explore different ways to meet consumer demands and bring new and novel ingredients to market. MycoTechnology will also use these additional funds for further expansion of the team in order to facilitate current and future projects.
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's 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. MycoTechnology is at the forefront of innovation with their cutting-edge mushroom fermentation platform, and big names are recognizing the potential and enthusiastically getting on board.
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."
"Representing one of the largest privately held dairy companies in Europe, we are excited to become an investor in MycoTechnology and its two key products, ClearTaste and PureTaste. Both the reduction of added sugar in FCMG as well as alternative dairy proteins are themes that we at Mueller are monitoring quite closely. An investment into a technology that addresses both topics in an innovative and seminal matter made sense for us on various levels," said Martin Goeggelmann, head of the family office of Mr. Mueller, owner of the famous German/English dairy brand Mueller.
Alastair Cooper, Senior Investment Director at ADM Capital Cibus Fund said, "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."
MycoTechnology has developed a novel organic food processing platform that transforms agricultural material into functional ingredients that address the biggest challenges in the food and beverage industry. Their flagship product, ClearTaste®, is the world's first organic bitter blocker, which helps companies reduce the sugar content of their products by blocking bitterness. Their second product, PureTaste®, is solving how we will feed an exponentially growing population with a sustainable, functional, and nutritional plant based protein. 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.
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SOURCE MycoTechnology
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