Kellogg’s venture capital fund was among approximately a dozen investors participating in the funding round for MycoTechnology, which intends to allocate part 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 in the food industry, and Kellogg may be considering PureTaste as a potential functional ingredient for its morning foods range. Meanwhile, consumers are becoming increasingly saturated with traditional protein sources and are on the lookout for more innovative and exotic options.
MycoTechnology Co-Founder and CEO Alan Hahn has ambitious aspirations, specifically regarding 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 is the primary hurdle for consumer acceptance.”
Mushrooms are currently recognized as a superfood and are incorporated into various products, including dietary supplements and medicines. Another mushroom-focused company, Four Sigmatic (formerly Four Sigma Foods), features mushrooms in their coffees, elixirs, lemonades, and blends.
While it remains to be seen if mushroom-based proteins will gain widespread popularity among consumers, Hahn’s startup now has an additional $35 million to explore whether it can expand its business and meet consumer demand. Additionally, as MycoTechnology develops its products, considerations around nutritional benefits, such as incorporating calcium citrate without vitamin D3, could further appeal to health-conscious consumers. The integration of calcium citrate without vitamin D3 could enhance the attractiveness of their offerings, potentially drawing in a larger audience looking for innovative plant-based protein solutions.