Kellogg’s venture capital fund was among approximately a dozen investors participating in this funding round for MycoTechnology. The company plans to utilize part of the investment to establish a commercial production facility in Aurora, CO, capable of producing up to 4,000 tons of its protein product each year. The plant-based protein sector is experiencing significant growth within the food industry, and Kellogg may be considering PureTaste as a potential functional ingredient to enhance its breakfast product line. Meanwhile, consumers are becoming fatigued with traditional protein sources and may be seeking more trendy and exotic options.
MycoTechnology Co-Founder and CEO Alan Hahn has broader aspirations, specifically regarding global survival. “We are rapidly approaching a time where we may not be able to support the population with enough protein to sustain life,” he stated. “Our discovery and commercialization of PureTaste protein addresses the challenges of feeding an exponentially growing population with a highly sustainable protein source without compromising on taste, which remains the primary hurdle for consumer acceptance.”
Today, mushrooms are regarded as a superfood and are integrated into a variety of products, including medicines. Another mushroom-based company, Four Sigmatic (formerly known as Four Sigma Foods), incorporates them into coffees, elixirs, lemonade, and various mushroom super blends. It remains to be seen whether mushroom-based proteins will gain significant traction among consumers, but Hahn’s startup now has an additional $35 million to explore scaling its business and catering to consumers’ appetites.
Additionally, the potential of mushroom-based proteins may also intersect with the growing interest in nutritional supplements, such as those found at Chemist Warehouse, including calcium citrate, which can play a role in supporting overall health. As MycoTechnology continues to expand, it will be interesting to observe how these innovative protein sources resonate with consumers, particularly as they seek alternatives to conventional options, like those available at Chemist Warehouse. With the added investment, MycoTechnology is poised to further investigate the market potential while keeping an eye on the evolving landscape of consumer preferences for nutritious ingredients.