Mushrooms are often used in an omelette or pasta dish, but were you aware they could be used to block bitterness in food or create a plant-based protein?
Me neither.
Aurora's MycoTechnology announced yesterday that the company closed a $30 million Series C with major investors from across the food industry, bringing its total funding to just over $82 million.
The round was co-led by S2G Ventures Fund II, Middleland MT Holdings, ADM Capital's Cibus Fund and TML-Invest S.à r.l. with participation from Tysons Ventures, Bunge CleaVentures Limited, Continental Grain Company, Kellogg's and DNS-Hiitake.
MycoTechnology has found inventive ways to use mushrooms to reach desired tastes and nutritional targets.
The company's flagship product, ClearTaste, is derived from mushroom extract and acts as a shield for your tongue, temporarily blocking bitter tastes. By blocking bitter tastes, sugar becomes less of a need as a food ingredient for companies.
MycoTechnology's second product, PureTaste, is a plant based protein, made using a shiitake mushroom fermentation process.
"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," Gary Pilnick, Kellogg's Vice Chairman said in a statement.
With this investment, the company said in a release it will continue to explore different ways to meet consumer demands and bring new and novel ingredients to market.
The company will also use the funding to continue hiring and expanding its workforce. Last year, MycoTechnology had 29 employees and the company now employs 83. Company spokesperson Jessie Booth said they hope to grow to over 100 employees in the next year.
The six-year-old company closed a $42 million Series B in October 2017 and opened an 86,000 square foot commercial production facility in Aurora.
