MycoTechnology, an Aurora, Colorado-based organic food technology company that uses mushrooms to create novel functional ingredients, raised a further $7m and closed a $42M Series B round of financing.
Last month, MycoTechnology announced the closing of a $35M financing with some of the top food investors from around the world.
Backers included Ajinomoto Co., Inc. and Continental Grain Company, which joined S2G Ventures, Middleland Capital, and Health For Life Capital.
The company intends to use the funds to continue to grow operations.
Founded in 2013 by Alan Hahn, CEO, MycoTechnology focuses on solving the challenges faced by the food and beverage industry by utilizing mushroom fermentation to develop novel ingredients. The first product, ClearTaste®, is a certified organic bitter blocker, which helps companies reduce the sugar content in their products. After the commercialization of ClearTaste, MycoTechnology is taking on the challenges faced by the protein industry with their Shiitake fermented vegetable protein, PureTaste. The protein is highly digestible, non-GMO and vegan which is low in calories, fats and carbohydrates but loaded with vitamins and minerals that cannot be found in other competitive proteins.
The commercial facility will initially be able to produce 4,000 metric tons of PureTaste per year.