World-leading explorer of mushroom mycelia, MycoTechnology, Inc., has its sights set on achieving a global scale after securing a funding injection of $85 million.
The recently concluded Series E fundraise represents the Colorado-based company’s largest single round of financing since it was established in 2013, bringing total fundraising to date to more than $200 million.
This new investment will allow MycoTechnology to further capitalise on its proprietary fermentation platform and bring its unique product portfolio to even more consumers globally, with a focus on expanding in Europe, Asia, and the Middle East.
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.
“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,” CEO and co-founder of MycoTechnology, Alan Hahn, says.
MycoTechnology is a group of visionaries, scientists, and culinarians working at the forefront of food innovation. The company leverages a proprietary mushroom fermentation process to harness the natural power of mycelia and create transformative food ingredients. Mycelia are the powerful, invisible ‘root system’ of the mushrooms that consumers know and love. By combining age-old processes with modern-day science, MycoTechnology has developed a range of solutions that address sugar reduction, sustainable protein, nutrient density, and more.
MycoTechnology already has an established legacy of discovery and commercial success, having partnered with emerging and major brands alike to deliver superior foods, beverages, and supplements. Its current ingredient portfolio includes FermentIQ protein, a line of indulgent yet guilt-free plant-based protein products, and ClearIQ flavour, a range of clean-label flavour modulation tools that facilitate sugar and salt reduction and the creation of more nutrient-dense products.