MycoTechnology, a food technology startup, closed its Series D round of financing for $39 million, totaling over $120 million. 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 Ltd., and Kellogg's eighteen94 Capital investment arm. The round was completed during the midst of the COVID-19 pandemic, demonstrating investor confidence in MycoTechnology during uncertain times for the global economy.
MycoTechnology is helping the food industry create healthier products without excessive sugar, salt or fat by working with the natural transformative power of mushrooms to make new-to-the-world food ingredients. According to the company, its 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 excess sugar and sodium. PureTaste protein filled the void in the plant-based protein market, creating a complete plant protein with improved functionality and bioavailability, the company added.
With the most recent round of funding closed, MycoTechnology is now considered one of the most valued food technology startups in the world.
"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," MycoTechnology chief executive officer Alan Hahn said. "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."
Hahn continued, "The additional funding will help bring our forward-thinking vision to reality. 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."
Greenleaf Foods president Dan Curtin said, "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. 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."
Erin VanLanduit, managing director of Tyson Ventures, said the company is pleased to continue investing in MycoTechnology. "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."