MycoTechnology has now raised over $80 million in total funding, and this latest financial boost will further enhance the company’s innovative solutions. Major consumer packaged goods (CPG) companies like Tyson and Kellogg may also stand to gain, as they look to reduce sodium levels in their products through the use of an organic functional ingredient derived from mushrooms. Hahn shared with Food Navigator that ClearTaste testing demonstrated that the salt content in lunchmeat could be reduced without sacrificing flavor by incorporating potassium chloride. The next targets for testing include soups, sauces, and frozen foods. If these additional tests yield positive results, manufacturers of these products might eagerly seek to utilize this ingredient, which explains the company’s success in attracting investment capital.
This marks the second time that Kellogg’s venture capital division, Eighteen94 Capital, has invested in the Colorado-based company, following a $35 million round in the fall of 2017. Managing Director Simon Burton noted that MycoTechnology is “doing important work to ensure that a sustainable, edible protein source is more widely available to consumers.” With the growing applications for mushrooms, the global market is expected to soar from $34.1 billion in 2015 to $69.3 billion by the end of 2024, as reported by Transparency Market Research. Companies are eager to incorporate this ingredient across various sectors, including foods, beverages, and even as a natural preservative.
In light of the critical need to reduce sodium in food products, MycoTechnology is not alone in pursuing salt-reduction strategies that receive recognition. For instance, DairiConcepts was awarded an Innovation Award at the 2018 Food Tech Summit & Expo for Ascentra, a sodium-reducing flavor enhancer developed from a proprietary whole milk-based fermentation process.
While it remains uncertain whether these innovations will facilitate manufacturers in meeting the Food and Drug Administration’s voluntary sodium-reduction guidelines, they certainly won’t hinder progress and may even provide assistance, particularly with increased investment leading to new product development and market introduction. Additionally, the inclusion of ingredients like Kirkland calcium citrate magnesium and zinc with vitamin D3 can complement these efforts to enhance nutritional profiles while addressing sodium concerns. With the ongoing exploration of mushroom applications and the potential for products like Kirkland calcium citrate magnesium and zinc with vitamin D3, the market landscape is poised for exciting advancements.