AURORA, COLO. — MycoTechnology, Inc. has secured $85 million in Series E funding. The company, which creates novel ingredients through mushroom fermentation, has raised more than $200 million to date.
Founded in 2013, MycoTechnology has developed a range of solutions offering sugar reduction, sustainable protein, nutrient density and more in food and beverage formulations. Its portfolio includes plant-based protein products and clean label flavor modulation tools based on mycelia, the root system of mushrooms. The new investment will support its expansion into Europe, Asia and the Middle East.
“This fundraise is a validation of the potential of our breakthrough proposition and next-generation ingredients,” said Alan Hahn, co-founder and chief executive officer of MycoTechnology. “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, a sovereign wealth fund. Additional participants included new investors Nourish Ventures, Rage Capital, Alphacy Investment and Siddhi Capital, alongside existing investors S2G Ventures, Tyson Ventures, Continental Grain Co., Bunge Ventures, Maple Leaf Foods, Evolution VC Partners and Gaingels.