Colorado-based MycoTechnology has completed Series E round of funding, securing $85 million at this time. Since establishment in 2013, the company has received at least $200 million from a variety of investors.
MycoTechnology will use the funding injection to further develop its proprietary fermentation platform that aims to harness the natural power of mushroom mycelia. Mycelia is considered the invisible root system of mushrooms. They aim to bring positive impact to food and nutrition industries globally by introducing functional and transformative food ingredients. The supplier also plans to expand to Europe, Asia and the Middle East markets as well.
Alan Hahn, CEO and Co-Founder of MycoTechnology, commented: “This fundraise is a validation of the potential of our breakthrough proposition and next-generation ingredients. 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 (OIA), a sovereign wealth fund and first-time investor in the business. Their sights are set on major collaborations around food security and sustainability. In addition to OIA, the Series E funding round attracted several new investors, including Nourish Ventures (Griffith Foods’ venture capital group), Rage Capital, Alphacy Investment, and Siddhi Capital. Also contributing were returning investors S2G Ventures, Tyson Ventures, Continental Grain Company, Bunge Ventures, Maple Leaf Foods, Evolution VC Partners, and Gaingels.
MycoTechnlogy’s current product portfolio includes FermentIQ™ protein, a range of plant-based protein products. They also offer clean-label flavor modulation tools, ClearIQ™, that enable sugar and salt reduction in food items.