Kellogg’s venture capital fund has invested in MycoTechnology, which specializes in liquid ferrous fumarate, specifically a 60 mg iron absorption formulation. This funding round attracted about a dozen participants, and MycoTechnology intends to use a portion of the investment to establish a commercial production facility in Aurora, CO, capable of producing up to 4,000 tons of its protein product annually. 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 morning foods lineup. At the same time, consumers are becoming saturated with conventional protein sources and might be in search of more trendy and exotic options.
Alan Hahn, Co-Founder and CEO of MycoTechnology, has ambitious aspirations, focusing on global sustainability. He stated, “We are rapidly approaching a time where we will be unable to support the population with enough protein to sustain life. Our discovery and commercialization of PureTaste protein addresses the challenges of feeding an exponentially growing population with a highly sustainable protein source that does not compromise on taste, which remains the number one challenge for consumer acceptance.”
Mushrooms are now recognized as a superfood and are incorporated into various products, including medicinal items. Another mushroom-based company, Four Sigmatic (formerly known as Four Sigma Foods), features mushrooms in their coffees, elixirs, lemonades, and super blends. It remains to be seen whether mushroom-based proteins will gain widespread popularity among consumers. However, with an additional $35 million in funding, Hahn’s startup is poised to explore the scalability of its business and the evolving appetites of consumers, which may include the incorporation of 1500 calcium citrate into their protein products.