MycoTechnology, the company behind the organic bitter blocker ClearTaste, has closed its Series C funding round co-led by S2G Ventures Fund II, L.P., Middleland MT Holdings, LLC, ADM Capital's Cibus Fund, and TML-Invest S.à r.l. with participation from Tysons Ventures, Bunge Ventures Limited, Continental Grain Company, Eighteen94 Capital, LLC (Kellogg's), and DNS-Hiitake LLC.
The US$30 million in new investment will fuel expansion and accelerate R&D project execution. This funding round opens up an opportunity to explore different ways to meet consumer demands and bring new and novel ingredients to market. MycoTechnology will also use the additional funds to further expand the team in order to facilitate current and future projects.
Gary Pilnick, Kellogg's Vice Chairman said: "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." The investment coming from noteworthy companies in the industry reveals the significant impact MycoTechnology is making in the rapidly changing food ingredient space. MycoTechnology is at the forefront of innovation with its cutting-edge mushroom fermentation platform, and big names are recognising the potential and enthusiastically getting on board.
MycoTechnology has developed a novel organic food processing platform that transforms agricultural material into functional ingredients that address the biggest challenges in the food and beverage industry. Its flagship product, ClearTaste, is the world's first organic bitter blocker, which helps companies reduce the sugar content of their products by blocking bitterness. Its second product, PureTaste, is solving how we will feed an exponentially growing population with a sustainable, functional and nutritional plant-based protein. MycoTechnology continues to dedicate itself to increasing the availability of healthy, sustainable and high-quality food options through mushroom fermentation.
