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January 30, 2019

Kellogg, Tyson take part in MycoTechnology’s latest funding round

US-based MycoTechnology has secured another round of funding from a group of investors to fund its expansion plans.

By Dean Best

US-based MycoTechnology has secured US$30m from a consortium of investors including venture capital funds at Kellogg and Tyson Foods.

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Located in Colorado, the company was founded in 2013 and produces ingredients for the food and beverage industry using mushrooms as a constituent. Its recent innovations include ClearTaste, a certified organic bitter blocker that MycoTechnology says helps companies reduce the sugar content in their products, and a Shiitake fermented protein called PureTaste. 

MycoTechnology will use the new funds to finance its expansion plans and accelerate research and development in new products, the company said in a statement. The series C investment round was led by S2G Ventures, Middleland MT Holdings, ADM Capital’s Cibus Fund, and TML-Invest S.à r.l. Also participating were Tyson Ventures, Kellogg’s Eighteen94 Capital, Bunge Ventures, Continental Grain Company, and DNS-Hiitake.  

Many of those same funds and investors took part in providing $35m to MycoTechnology in 2017, including Kellogg.

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 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.” 

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Free Report
img

What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.

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