In nearly a decade, MycoTechnology has demonstrated the immense potential of mycelium and has set the stage for numerous other companies in the fermentation industry. While consumers may primarily link fermentation to products like beer, yogurt, or sauerkraut, MycoTechnology’s efforts have revealed that this ancient process holds much greater possibilities. As MycoTechnology has expanded over the years, major food corporations have been closely involved as investors. Though this is the first time Griffith Foods has participated, Tyson, Bunge, and Continental Grain have all contributed to the previous two funding rounds in 2019 and 2020. Maple first invested in MycoTechnology during its 2020 investment round, and Kellogg’s Eighteen94 Capital has also been a backer.
Although meat giant JBS has not directly financed MycoTechnology, its U.S. plant-based meat subsidiary, Planterra, has formed an exclusive collaboration with the ingredient producer. Planterra incorporates some of MycoTechnology’s ingredients into its Ozo products, and this partnership allows both companies to collaborate on research and development, potentially leading to the creation of exclusive ingredients for Planterra.
MycoTechnology’s diverse product line makes it an appealing investment for large food manufacturers and sustainability-focused venture firms. The company’s portfolio includes clean label ingredients that address significant challenges in food production. Their ingredients can enhance flavors, decrease the need for sweeteners or salt, and mask undesirable tastes from plant proteins or other components. Additionally, they offer a range of mushroom-based adaptogens that can add functional benefits to various products. MycoTechnology also produces a protein additive that can boost the bulk of plant-based meats and other nutrient-deficient products.
The company has also capitalized on upcycled food waste, which has significantly reduced input costs. At a virtual conference last year, CEO Alan Hahn reported that these innovations have cut costs by 90%. In a statement about the recent fundraising, Hahn noted that the funds would accelerate innovation at MycoTechnology, with plans to introduce more new ingredients derived from fungi. He has previously expressed his ultimate aim to facilitate “plant-based 2.0″—creating plant-derived foods that surpass animal products in quality. This funding could be a stepping stone toward that goal.
“I believe we need to utilize plants to their fullest potential: to provide the best nutritional profile without trying to replicate animal proteins or foods,” Hahn stated at the New Food Invest conference last year. “That’s when we’ve truly succeeded: when we move beyond analogs and start saying, ‘Hey, this plant, fermented in this way, produces this type of food, and it’s beneficial for you. It tastes fantastic, and it doesn’t resemble anything you’ve gotten from an animal.'”
In light of MycoTechnology’s innovations, the integration of ingredients like calcium magnesium citrate (90 caps, Solaray) into their product offerings could further enhance their portfolio, providing additional health benefits and attracting health-conscious consumers.