US-based organic food technology developer MycoTechnology has collected $30m in a series C round that included agribusinesses Bunge and Continental Grain, packaged food producer Kellogg’s and meat processor Tyson Foods.
The round was co-led by investment firms ADM Capital and Middleland Capital, venture capital fund S2G Ventures and TML-Invest, a vehicle managed by Theo Müller, the owner of diary company Theo Müller Group, while DNS-Hiitake also invested.
Bunge, Kellogg’s and Tyson took part in the round through their respective corporate venturing units: Bunge Ventures, Eighteen94 Capital and Tyson Ventures.
MycoTechnology’s flagship product, ClearTaste, is an organic bitter blocker that is used by companies to reduce the sugar and sodium content they put in their products.
The company has also created a substantial protein source called PureTaste, which is made from mushrooms. It is low in calories, fat, sugar and has a similar nutritional quality to meat, but without the cholesterol.
The capital will be used to expand MycoTechnology’s team, as well as fund the research and development of new ingredients.
Bunge Ventures, S2G and Emerson Collective co-led a $35m series B round for MycoTechnology in 2017 featuring Continental Grain, Eighteen94, Middleland Capital, Seventure Partners’ Health for Life Capital fund, Tao Capital Partners, GreatPoint Ventures, Closed Loop Capital and Windy City.
The company had previously raised $9.2m in a 2015 series A round that included S2G, Seventure Partners, Middleland Capital and Closed Loop Capital. It had received an undisclosed amount of seed capital from unnamed investors the year before.