DENVER — Food technology startup MycoTechnology Inc. closed a $39 million Series D financing round led by Greenleaf Foods, SPC, S2G Ventures and Evolution Partners.
Rich products Ventures, Tyson Ventures and Kellogg Co.’s eighteen94 Capital investment arm also participated in the round, which brought MycoTechnology’s total funding to more than $120 million.
The Denver-based company aims to help food manufacturers create healthier products by creating novel ingredients through mushroom fermentation. Its flagship product, ClearTaste, is an organic bitter blocker and flavor clarifier that helps clean up the taste of functional ingredients while reducing sugar and sodium.
“We do not innovate for the sake of innovating,” said Alan Hahn, chief executive officer of MycoTechnology. “We create products that solve the biggest challenges in the food industry, like creating great tasting products without excessive sugar, salt, or fat and doing so in a more sustainable way. I believe this is what attracted our investors to look closely at our company, and when they saw the many ways that mushroom fermentation can truly transform the food industry for the better, they decided to invest, even during challenging times.”
Funds from the latest round will help the startup prepare for new product introductions.
“As a leading producer of plant-based foods in North America, we were already experienced in the process of fermentation, but MycoTechnology's unique application has the potential to transform the plant-based space by unleashing new protein sources,” said Dan Curtin, president of Greenleaf Foods. “Their commitment to clean, simple ingredients, food quality and sustainability align with our values and desire to find new ways to meet changing consumer demands.”