Friday, July 10, 2020

MycoTechnology raises $39m to scale up and expand

MycoTechnology, a Colorado food tech company using mushrooms to transform the food industry, has raised $39 million in series D financing.

The latest financing round – co-led by Greenleaf Foods, SPC, S2G Ventures, and Evolution Partners – brings its total funding to over $120 million, maming it one of the most valued food tech start-ups in the world.

The round, which also included participation from Tyson Ventures and Kellogg’s eighteen94 Capital investment arm, among others, was complete during the pandemic, demonstrating investor confidence in the company.

The funds will be used to prepare for new product innovations.

“We do not innovate for the sake of innovating. 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,” said Alan Hahn, CEO of MycoTechnology.

“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.”

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