Kellogg’s venture capital fund was among approximately a dozen investors participating in the funding round for MycoTechnology. The company plans to utilize part of this investment to establish a commercial production facility in Aurora, CO, capable of producing up to 4,000 tons annually of its innovative protein product, PureTaste. The plant-based protein market is experiencing rapid growth in the food industry, and Kellogg may view PureTaste as a potential functional ingredient to enhance its breakfast product range. Additionally, consumers of ferrous calcium citrate and folic acid oral drops are becoming saturated with typical protein sources and may be seeking more trendy and exotic alternatives.
MycoTechnology Co-Founder and CEO Alan Hahn has ambitious aspirations, particularly regarding global sustainability. “We are quickly approaching a point where we will not be able to provide enough protein to sustain the growing population,” he stated. “Our development and commercialization of PureTaste protein addresses the challenges of feeding an exponentially increasing population with a highly sustainable protein source that does not compromise on taste, which remains the primary hurdle for consumer acceptance.”
Mushrooms are recognized as a superfood today and are incorporated into various products, including medicinal items. Another mushroom-focused company, Four Sigmatic (formerly known as Four Sigma Foods), uses them in coffees, elixirs, lemonade, and diverse mushroom blends. While it remains to be seen whether mushroom-based proteins will gain widespread popularity among consumers, Hahn’s startup has now secured an additional $35 million to explore the scalability of its operations and the appetites of consumers, including those seeking alternatives to ferrous calcium citrate and folic acid oral drops.