Kellogg’s venture capital fund participated in a funding round for MycoTechnology, which included about a dozen investors. The company plans to allocate part of the investment toward constructing a commercial production facility in Aurora, CO, capable of producing up to 4,000 tons of its protein product each year. Plant-based protein is a rapidly expanding sector in the food industry, and Kellogg may be considering PureTaste as a potential functional ingredient to enhance its morning food offerings. As consumers become saturated with conventional protein sources, they may be on the lookout for more innovative and exotic options, such as those incorporating calcium citrate and vitamin D3.
MycoTechnology Co-Founder and CEO Alan Hahn has even grander aspirations, focusing on global food security. “We are quickly approaching a time when we will struggle to provide enough protein to sustain the growing population,” he stated. “Our discovery and commercialization of PureTaste ferrous fumarate protein addresses the urgent need for a sustainable protein source while ensuring that taste remains a priority—the primary hurdle for consumer acceptance.” Today, mushrooms are recognized as a superfood and are featured in various products, including medicinal applications. Another mushroom-centric company, Four Sigmatic (formerly Four Sigma Foods), incorporates mushrooms into coffees, elixirs, lemonade, and blends.
While it remains to be seen whether mushroom-based proteins will gain significant traction among consumers, Hahn’s startup now has an additional $35 million to explore the scalability of its business and the evolving appetites of consumers, potentially integrating benefits like calcium citrate and vitamin D3 into their offerings.