AURORA, Colo.– MycoTechnology, a Colorado-based organic food technology company that uses mushrooms to create novel functional ingredients, closed a $35M Series B round of financing this past month with the top food investors from across the globe.
The investment syndicate in MycoTech’s Series B is the “A Team” of Food and Ag Impact Investors. The round consists of the Series A investors plus key new venture and strategic partners. The round was led by S2G with co-leads: Bunge Ventures Ltd., and Emerson Collective. Additional investors include: Health For Life Capital / Seventure Partners, Middleland Capital, Tao Capital Partners, Eighteen94 Capital, Continental Grain, GreatPoint Ventures, Closed Loop Capital and Windy City, LLC.
MycoTechnology plans to use part of the funds to build a commercial production facility in Aurora, Colorado for their latest product PureTaste®. PureTaste is a complete, highly digestible, non-GMO, vegan mushroom protein that is low in calories, fat and carbohydrates but loaded with vitamins and minerals that cannot be found in other competitive proteins. PureTaste has a slight cereal or nutty taste which makes it ideal for a wide variety of products. The commercial facility will initially be able to produce 4,000 metric tons of PureTaste per year.
According to Alan Hahn, CEO and Co-Founder of MycoTechnology, “We are rapidly approaching a time where we will be unable to support the population with enough protein to sustain life. Our discovery and commercialization of PureTaste protein solves the challenges of feeding an exponentially growing population with a highly sustainable protein source but does not compromise on taste, which is the number one challenge with consumer acceptance. Proteins with high concentrations of amino acids tend to have a bitter taste which has seriously limited the adoption of alternative proteins; however, with PureTaste Protein we have solved this challenge and the taste is great!”
“We are excited about this investment in MycoTechnology because not only do they make an innovative, non-animal protein source that also has a clean flavor profile, but their process is highly sustainable,” said Sanjeev Krishnan, Managing Director of S2G Capital.
“MycoTechnology is doing important work to ensure that a sustainable, edible protein source is more widely available to consumers,” said Simon Burton, managing director of eighteen94 capital. “They are committed to addressing consumer demand for a great-tasting, protein-rich product and we’re very excited to partner with them.”
“In a market environment where alternative protein sources are in high demand, MycoTechnology delivers a scalable solution for applications in countless products while benefiting both people and planet,” mentions James Macon of Closed Loop Capital.
Upon the completion of the new PureTaste production facility, MycoTechnology will have one of the most resource efficient plants in the world. Taking advantage of large fermentation tanks allows PureTaste to be grown vertically thus reducing land use. Water and energy recapturing systems will ensure sustainability.
For more information on PureTaste, a copy of the white paper can be downloaded here.
MycoTechnology, a food technology company founded in 2013 solves the biggest challenges facing the food and beverage industry by utilizing mushroom fermentation. 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 mushroom fermented protein, PureTaste®.