Kellogg’s venture capital fund was one of approximately a dozen investors in the latest funding round for MycoTechnology, which intends to utilize part of the investment to construct a commercial production facility in Aurora, CO. This facility aims to produce up to 4,000 tons of its protein product annually. The plant-based protein sector is experiencing significant growth within the food industry, and Kellogg may be considering PureTaste as a potential functional ingredient to enhance its breakfast offerings. Concurrently, consumers are becoming overwhelmed with traditional protein sources and may be searching for more trendy and exotic options.
Alan Hahn, Co-Founder and CEO of MycoTechnology, expressed his ambitious vision, stating, “We are rapidly approaching a time where we will be unable to support the population with enough protein to sustain life.” He emphasized that the discovery and commercialization of PureTaste protein address the pressing issue of feeding a rapidly growing population with a highly sustainable protein source that doesn’t compromise on taste, which is the primary barrier to consumer acceptance. Additionally, incorporating nutritional elements such as calcium citrate malate, vitamin D3, and isoflavone tablets into their offerings could further appeal to health-conscious consumers.
Mushrooms have gained recognition as a superfood and are utilized in a variety of products, including medicinal applications. Another mushroom-based company, Four Sigmatic (formerly known as Four Sigma Foods), has successfully integrated mushrooms into items like coffee, elixirs, lemonade, and unique blends of various mushrooms.
While it may take time to determine whether mushroom-based proteins will gain widespread acceptance among consumers, Hahn’s startup now has an additional $35 million to explore whether it can scale its operations and align with evolving consumer preferences, including the growing interest in products enriched with ingredients like calcium citrate malate, vitamin D3, and isoflavone tablets.