Kellogg, Bunge Invest in Mushroom-Based Food Ingredients FirmKellogg, Bunge Invest in Mushroom-Based Food Ingredients Firm

September 14, 2017

1 Min Read
Kellogg, Bunge Invest in Mushroom-Based Food Ingredients Firm
Shiitake mushrooms, pictured here, provide the basis for MycoTechnology's PureTaste. Image courtesy of Flickr user davies

Aurora, CO-based producer of organic, mushroom-based food and beverage ingredients MycoTechnology Corp. recently completed a Series B funding round, drawing in $35 million in investments from the investment arms of Kellogg Co, Eighteen94 Capital, and agribusiness Bunge Ltd., Bunge Ventures Ltd., a company press release announced Thursday.

The new wave of investment will be used to construct a new production facility in Colorado to produce 4000 mt/yr of MycoTechnology’s PureTaste, a non-GMO, mushroom-based vegan protein. MycoTechnolgoy also produces a bitterness reduction ingredient called ClearTaste, which aids in reducing the sugar contents of products.

“MycoTechnology is doing important work to ensure that a sustainable, edible protein source is more widely available to consumers,” said the managing director of Kellogg Co’s investment arm, Simon Burton, in a press release.

Co-led by S2G, Bunge Ventures, and Emerson Collective, the group of Series B investors includes Health for Life Capital/Seventure Partners, Middleland Capital, Tao Capital Partners, Eighteen94 Capital, Continental Grain, GreatPoint Ventures, Closed Loop Capital, and Windy City LLC.

The new plant will use large fermentation tanks to produce PureTaste, lowering the amount of physical space needed for production, and plans are afoot to install water and energy recapturing systems at the site.

In 2016, MycoTechnology partnered with GLG Life Tech Corporation to develop better-tasting stevia and monk fruit sweeteners using the Colorado company’s bitter blocking ingredients.

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