US organic food firm MycoTechnology closes Series B financing round
US-based organic food technology company MycoTechnology has closed a $35m Series B round of financing this month with global food investors.
MycoTechnology produces functional ingredients using mushrooms.
The investment syndicate in MycoTech's Series B is the ‘A Team’ of Food and Ag Impact Investors, while the Series B financing round included investors that participated in Series A as well as some new venture and strategic partners.
Led by S2G along with co-leads Bunge Ventures, and Emerson Collective, additional investors that were part of the Series B financing round included Health For Life Capital / Seventure Partners, Middleland Capital, Tao Capital Partners, Eighteen94 Capital, Continental Grain, GreatPoint Ventures, Closed Loop Capital and Windy City.
The funding is expected to support the construction of a commercial production facility in Aurora, Colorado, US.
The facility will be used to produce MycoTechnology's latest product PureTaste, a vegan mushroom protein claimed to be a non-GMO product that is low in calories, fat and carbohydrates.
MycoTechnology CEO and co-founder Alan Hahn said: "We are rapidly approaching a time where we will be unable to support the population with enough protein to sustain life.
“Our discovery and commercialisation of PureTaste protein solves the challenges of feeding an exponentially growing population with a highly sustainable protein source but does not compromise on taste, which is the number one challenge with consumer acceptance.”
The production facility will be equipped with large fermentation tanks, water and energy recapturing systems to ensure efficiency and sustainability.
Initially, the facility will have the capacity to produce 4,000t of PureTaste per year.