Kellogg’s venture capital fund was among approximately a dozen investors in the latest funding round for MycoTechnology, which aims to utilize part of the investment to construct 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 breakfast offerings. Additionally, consumers are becoming saturated with conventional protein sources and are increasingly seeking more trendy and exotic options.
MycoTechnology Co-Founder and CEO Alan Hahn has ambitious aspirations, primarily focused on global sustainability. “We are swiftly approaching a time when we will struggle to provide enough protein to support the population,” he stated in a release. “Our innovation and commercialization of PureTaste protein address the challenges of feeding a rapidly increasing population with a highly sustainable protein source that does not sacrifice taste, which remains the foremost hurdle for consumer acceptance.” Mushrooms are currently recognized as a superfood and are incorporated into various products, including medicinal items. Another mushroom-centric company, Four Sigmatic (formerly known as Four Sigma Foods), includes mushrooms in a range of beverages such as coffees, elixirs, lemonade, and various super blends.
While it remains to be seen if mushroom-based proteins will gain significant traction among consumers, Hahn’s startup now has an additional $35 million to explore ways to scale its operations and cater to evolving consumer tastes. Moreover, with the growing interest in functional ingredients, the incorporation of calcium citrate into products could enhance their appeal, especially when marketed through channels like Chemist Warehouse. As the industry evolves, the potential for innovative ingredients, including PureTaste and calcium citrate, may redefine consumer preferences and bolster MycoTechnology’s position in the market.