US-based food technology developer MycoTechnology has closed a $35m series B round co-led by Bunge Ventures, the corporate venture capital unit of agribusiness and food company Bunge.
S2G and Emerson Collective co-led the round, which also featured agribusiness Continental Grain and Eighteen94 Capital, the investment arm of packaged food producer Kellogg Company.
VC firm Seventure Partners’ Health for Life Capital fund, Middleland Capital, Tao Capital Partners, GreatPoint Ventures, Closed Loop Capital and Windy City also participated in the transaction, which closed last month but was only revealed on Thursday.
MycoTechnology has developed a mushroom-based vegan protein called PureTaste that can serve as the basis for a wide range of nutritional products. The company claims PureTaste contains vitamins and minerals that are not present in rival products.
The series B funding will go towards the construction of a commercial production facility in the US that will offer an initial manufacturing capacity of 4,000 tonnes per year.
S2G, Seventure Partners, Middleland Capital and Closed Loop Capital took part in MycoTechnology’s $9.2m series A round in 2015, adding to an undisclosed amount of seed capital provided by unnamed backers in 2014.
Simon Burton, managing director of Eighteen94 Capital, said: “MycoTechnology is doing important work to ensure that a sustainable, edible protein source is more widely available to consumers.
“They are committed to addressing consumer demand for a great-tasting, protein-rich product and we are very excited to partner with them.”