Friday February 8, 2019 0 comments
DENVER -- MycoTechnology announced it closed its Series C funding round co-led by S2G Ventures Fund II, L.P., Middleland MT Holdings, LLC, ADM Capital's Cibus Fund, and TML-Invest S.à r.l. with participation from Tysons Ventures, Bunge Ventures Limited, Continental Grain Company, Eighteen94 Capital, LLC (Kellogg's), and DNS-Hiitake LLC.
The $30 million in new investment will fuel expansion and accelerate R&D project execution, the company said.
The funding round opens up an opportunity to explore different ways to meet consumer demands and bring new and novel ingredients to market, the company said.
MycoTechnology said it will also use these additional funds for further expansion of the team in order to facilitate current and future projects.
"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," said Gary Pilnick, Kellogg’s vice chair.
MycoTechnology said the investment coming from noteworthy companies in the industry reveals the significant impact the company is making in the rapidly changing food ingredient space. MycoTechnology said it is at the forefront of innovation with its cutting-edge mushroom fermentation platform, and big names are recognizing the potential and enthusiastically getting on board.
"We are excited about the strategic and customer validation of this round,” said Sanjeev Krishnan, S2G Ventures.
“Myco has proven itself to be a platform and a products company. Investors in this round represent over $100 Billion in revenues and market caps. Myco's platform is proven to solve many of the food industry problems as it tries to feed the changing consumer preferences."
"Representing one of the largest privately held dairy companies in Europe, we are excited to become an investor in MycoTechnology and its two key products, ClearTaste and PureTaste,” said Martin Goeggelmann of the famous German/English dairy brand Mueller.
“Both the reduction of added sugar in FCMG as well as alternative dairy proteins are themes that we at Mueller are monitoring quite closely. An investment into a technology that addresses both topics in an innovative and seminal matter made sense for us on various levels.”
MycoTechnology 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.
The company’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.