Food technology company MycoTechnology has closed its recent Series C funding round with investments from several of the largest players in the animal protein and animal feed industries.
Among the investors are Tysons Ventures, Bunge Ventures Limited and Continental Grain Company. Also investing were as Kellogg’s and DNS-Hiitake LLC, according to a press release from MycoTechnology, a Colorado-based company that describes its mission as one that is dedicated to increasing the availability of healthy, sustainable, and high-quality food options through mushroom fermentation.
The $30 million in new investment will fuel expansion and accelerate research and development project execution, the press release stated, and 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, vice chairman of Kellogg's, 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, the company stated.
According to MycoTechnology, the company 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. MycoTechnology’s flagship product, ClearTaste, is the world's first organic bitter blocker, which helps companies reduce the sugar content of their products by blocking bitterness. The company’s second product, PureTaste, is addressing how to will feed an exponentially growing population with a sustainable, functional, and nutritional plant based protein, the press release stated.
The company was founded in 2013.