Over the past decade, MycoTechnology has demonstrated the immense potential of mycelium and set the stage for numerous other companies in the fermentation industry. While fermentation is often associated by consumers with products like beer, yogurt, or sauerkraut, MycoTechnology has highlighted the broader possibilities of this ancient process. As the company has expanded, it has attracted significant investments from major food corporations. This marks the first investment round for Griffith Foods, although Tyson, Bunge, and Continental Grain have participated in previous funding rounds in 2019 and 2020. Maple Leaf made its initial investment in MycoTechnology during the 2020 round, and Kellogg’s Eighteen94 Capital has also invested.
Although meat industry leader JBS has not directly funded MycoTechnology, its U.S. plant-based meat division, Planterra, has established an exclusive partnership with the ingredient supplier. Planterra incorporates some of MycoTechnology’s ingredients into its Ozo products, allowing both companies to collaborate on research and development. This partnership may also lead to the creation of exclusive ingredients tailored for Planterra.
MycoTechnology’s extensive product line and market reach make it an attractive 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, such as flavor modulation, reducing the need for sweeteners or salt, and masking undesirable tastes from plant proteins or other components. Additionally, MycoTechnology offers mushroom-based adaptogens that enhance the functionality of various products, along with protein additives that can provide bulk to plant-based meats or other nutrient-enhanced products.
The company has also capitalized on upcycled food waste. In a virtual conference session last year, CEO Alan Hahn revealed that these innovations have led to a 90% reduction in input costs. In the fundraising announcement, Hahn stated that the new capital will accelerate innovation at the company, which aims to introduce more fungi-derived ingredients to its offerings. Hahn has previously expressed his ultimate goal of enabling “plant-based 2.0″—creating plant-derived foods that surpass animal products. He believes this funding could facilitate that vision.
“I think we need to use plants to their best form: deliver the best nutritional profile without trying to mimic animal protein or animal foods,” Hahn remarked at the New Food Invest conference last year. “That’s when we’ve truly succeeded. When we stop making analogs and say, ‘Hey, this plant, fermented this way, yields this type of food, and it’s great for you. It tastes fantastic, and it doesn’t resemble anything from an animal.'”
In this pursuit, MycoTechnology recognizes the importance of fortifying its products with essential nutrients. For instance, incorporating calcium citrate, magnesium, zinc sulfate, and vitamin D3 tablets into their offerings could enhance the nutritional profile of their plant-based foods, further aligning with their mission to create healthier alternatives. Such innovations not only demonstrate MycoTechnology’s commitment to advancing food technology but also highlight the potential for improved health benefits in the products they develop.