MycoTechnology, a U.S.-based manufacturer of fermented plant-based proteins, is set to expand into Europe following Novel Food authorization by the European Commission.
“Authorization means we can now offer food and beverage manufacturers access to our cutting-edge plant protein in Europe for the first time,” Alan Hahn, MycoTechnology CEO, said.
“FermentIQ is a transformative, game-changing plant protein with multiple application and nutritional advantages over other plant protein ingredients. It enables brands to overcome the technical and taste barriers associated with other plant proteins, providing consumers with a compelling reason to switch.”
To aid in the European expansion, MycoTechnology has hired sales representatives in Germany and the Netherlands and partnered with chemicals and ingredients distributor, Brenntag.
FermentIQ is a pea and rice protein fermented by mushroom mycelia available in both powdered and texturized formats. The powdered offering is designed to improve nutrition, taste and mouthfeel in protein beverages and dairy alternatives, while the texturized offering “provides a superior springy and juicy texture in meat analogues,” according to the press release.
“Harnessing the power of mushroom mycelia to produce high quality plant protein is perfectly aligned with both consumer expectations and the EU's commitment to sustainability and food security. It’s little surprise, then, that we are already in conversations with leading food industry players in Europe to formulate and commercialize products containing FermentIQ plant protein,” Hahm added.
This isn’t the first time Tyson Ventures provided funding for MycoTechnology. The investment capital arm of Tyson Foods also participated in a 2019 $30 million funding round for the fermented plant-based protein company.
Other recent investments by Tyson Ventures include, cultivated meat manufacturer, Upside Foods, robotic picking solution, Soft Robotics, Mentore, a startup that specializes in wearable digital technology to track worker movement and improve ergonomics and Tangible Robotics Inc, a robotics manufacturer offering the possibility to automate tasks requiring true dexterity and manipulation abilities beyond simple pick-and-place.