03.30.22
MycoTechnology, Inc., an ingredient supplier specializing in fermented ingredients sourced from mushroom mycelia, recently secured a funding injection of $85 million in a Series E round, making it the company’s largest single round since it was founded in 2013. Total fundraising to date has reached more than $200 million.
This will allow the company to further capitalize on its proprietary fermentation platform, and bring its product portfolio to a global level, focusing on expanding in Europe, Asia, and the Middle East.
“This fundraise is a validation of the potential of our breakthrough proposition and next-generation ingredients,” Alan Hahn, CEO and co-founder of MycoTechnology, Inc. said. “It will be a catalyst to accelerate our growth further and faster. The investment will power the imagination of our incredible team, driving our plans to add more new-to-the-world ingredients from the fungal kingdom. We have big things coming.”
The Series E round was led by a group affiliated with the Oman Investment Authority, a first-time investor in the business. The sights are set on major collaborations involving food security and sustainability. Other investors in this round included Nourish Ventures, Rage Capital, Alphacy Investment, and Siddhi Capital. Returning investors included S2G Ventures, Tyson Ventures, Continental Grain Company, Bunge Ventures, Maple Leaf Foods, Evolution VC Partners, and Gaingels.
The company, which is led by a group including scientists and culinarians specializing in food innovation, developed a proprietary fermentation platform based around mycelia, the ‘root system’ of culinary mushrooms. Solutions the company has developed include sugar reduction, creating a sustainable source of protein, improving nutrient density, and more.
MycoTechnology has partnered with emerging and major brands with ingredients such as FermentIQ protein, a line of indulgent plant-based protein products, and ClearIQ flavor, a range of clean-label flavor modulation tools that facilitate sugar and salt reduction, and the creation of more nutrient-dense products.
This will allow the company to further capitalize on its proprietary fermentation platform, and bring its product portfolio to a global level, focusing on expanding in Europe, Asia, and the Middle East.
“This fundraise is a validation of the potential of our breakthrough proposition and next-generation ingredients,” Alan Hahn, CEO and co-founder of MycoTechnology, Inc. said. “It will be a catalyst to accelerate our growth further and faster. The investment will power the imagination of our incredible team, driving our plans to add more new-to-the-world ingredients from the fungal kingdom. We have big things coming.”
The Series E round was led by a group affiliated with the Oman Investment Authority, a first-time investor in the business. The sights are set on major collaborations involving food security and sustainability. Other investors in this round included Nourish Ventures, Rage Capital, Alphacy Investment, and Siddhi Capital. Returning investors included S2G Ventures, Tyson Ventures, Continental Grain Company, Bunge Ventures, Maple Leaf Foods, Evolution VC Partners, and Gaingels.
The company, which is led by a group including scientists and culinarians specializing in food innovation, developed a proprietary fermentation platform based around mycelia, the ‘root system’ of culinary mushrooms. Solutions the company has developed include sugar reduction, creating a sustainable source of protein, improving nutrient density, and more.
MycoTechnology has partnered with emerging and major brands with ingredients such as FermentIQ protein, a line of indulgent plant-based protein products, and ClearIQ flavor, a range of clean-label flavor modulation tools that facilitate sugar and salt reduction, and the creation of more nutrient-dense products.
