MycoTechnology, a US-based developer of mushroom-focused food technology, has completed a $39m series D round co-led by plant-based food producer Greenleaf Foods.
The round was co-led with SPC, S2G Ventures and Evolution Partners and included agribusinesses Continental Grain and Bunge, packaged food producer Kellogg’s, meat supplier Tyson and ingredient provider Rich’s.
Middleland Capital, Seventure Partners and the ADM Capital-managed Cibus Investments filled out the round while Bunge, Rich’s, Tyson and Kellogg’s invested through Bunge Ventures, Rich Products Ventures, Tyson Ventures and Eighteen94 Capital respectively.
Founded in 2013, MycoTechnology uses mushrooms as a basis for the creation of ingredients that can reduce the levels of sugar, salt or fat in food products.
Greenleaf president Dan Curtin said: “As a leading producer of plant-based foods in North America, we were already experienced in the process of fermentation, but MycoTechnology’s unique application has the potential to transform the plant-based space by unleashing new protein sources.
“Their commitment to clean, simple ingredients, food quality and sustainability align with our values and desire to find new ways to meet changing consumer demands.”
The company said it has now raised more than $120m altogether, $30m coming from Continental Grain, Bunge Ventures, Eighteen94 Capital, Tyson Ventures, ADM Capital, Middleland Capital, S2G Ventures, DNS-Hiitake and TML-Invest in April 2019.
Bunge Ventures, S2G and Emerson Collective co-led MycoTechnology’s $35m series B round in 2017, investing with Continental, Eighteen94 Capital, Seventure’s Health for Life Capital fund, Middleland Capital, Tao Capital Partners, GreatPoint Ventures, Closed Loop Capital and Windy City.
The 2017 round followed $9.2m in series A funding from S2G, Seventure Partners, Middleland Capital and Closed Loop Capital two years earlier. MycoTechnology’ secured $215,000 from unnamed backers in 2013 and $1.15m in two rounds the year after, according to securities filings.
