Exciting news in the plant-based food space! Recently, we shared the news that MycoTechnology, a Colorado-based food technology start-up, is making protein out of fermented shitake mushroom protein. Well now, MycoTechnology has closed on their Series B round of financing … and has secured a total of $42 million!
Last month the company announced they closed at $35 million, which caught the attention of other top investors. “These additional investors provide the strategic expertise to help us execute our vision of feeding an exponentially growing population with a sustainable protein source,” Alan Hahn, CEO and Co-Founder of MycoTechnology, told PR News Wire.
Not has MycoTechnology secured $42 million to bring their sustainable protein to the masses, the company also signed a lease on an 86,000 square foot commercial facility in Aurora, Colorado to produce, PureTaste. MycoTechnology also recently struck a global distribution deal with Naturex, a leading natural ingredients company. The mushroom protein will now be marketed by the company to the food and dietary supplements market.
The Pure Taste protein is very concentrated at 77-80 percent by dry weight and the mushroom protein’s DIAAS (Digestible Indispensable Amino Acid Score) which is 1 – that fact makes it comparable with animal protein. It has zero cholesterol, is low in calories, fat, sugar, and carbohydrates, but high in beta-glucans. It also has all essential amino acids. PureTaste has a cereal taste and a neutral aroma, making the product ideal for new product development. The commercial facility will initially be able to produce 4,000 metric tons of PureTaste per year.
This is another example of the innovation happening in the protein space as more companies recognize that animal-based protein isn’t where consumers are looking. We’ve seen other plant proteins, such as pea, come to the forefront of the vegan food space and mushroom protein has the potential to show that there are a variety of ways to create healthy, sustainable protein options that can help shift our food system away from factory farming. We can’t wait to see what MycoTechnology does next!
To learn more about the environmental impact of our food choices as well as trends and developments in the plant-based food space, check out our podcast #EatForThePlanet with Nil Zacharias.
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