USA – The American organic food technology company, MycoTechnology has secured US$30 million in Series C round of financing with backing from global food companies.
The funding was 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.
Other participants included Tysons Ventures, Bunge Ventures Limited, Continental Grain Company, Eighteen94 Capital, LLC (Kellogg’s), and DNS-Hiitake LLC.
According to MycoTechnology, the proceeds will be used in enhancing expansion and accelerate research and development capabilities to meet global consumer demand.
MycoTechnology will also use these additional funds for further expansion of the team in order to facilitate current and future projects.
“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,” said Gary Pilnick, Kellogg’s Vice Chairman.
The Colorado-based company utilizes fungi based food-processing platforms to transform the flavor and value of agricultural products.
It comes to address consumer need for taste, value and health through cutting-edge innovation platforms in the food industry.
Its technology includes MycoSmooth, a natural fungi (mushrooms) that removes bitterness, enhances nutraceutical values, reduces/eliminates mycotoxins, improves the taste, and solves the cost of bitterness.
Incorporated in 2013, the company offers services for chocolate, coffee, green coffee and tea, and grains in food and beverage industry.
The finances will help expand its product range which includes its flagship brand, ClearTaste, which helps companies reduce sugar content in products by blocking bitterness and PureTaste, the second range of its products.
“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,” said Alastair Cooper, Senior Investment Director at ADM Capital Cibus Fund.