Kellogg’s venture capital fund was among approximately a dozen investors participating in the funding round for MycoTechnology. The company intends to utilize part of this investment to construct a commercial production facility in Aurora, Colorado, capable of producing 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 looking at PureTaste as a potential functional ingredient to enhance its breakfast product range. Concurrently, consumers are becoming overwhelmed with typical protein sources and may seek something more trendy and exotic.
MycoTechnology’s Co-Founder and CEO, Alan Hahn, has broader aspirations in mind — specifically, global sustainability. “We are rapidly approaching a time where we will be unable to support the population with enough protein to sustain life,” he stated. “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 regarded as a superfood today and are incorporated into various products, including medicines. Another mushroom-based company, Four Sigmatic (formerly Four Sigma Foods), utilizes them in coffees, elixirs, lemonade, and super blends featuring various mushrooms. It remains to be seen if mushroom-based proteins will gain significant traction among consumers, but Hahn’s startup now has an additional $35 million to explore whether it can scale its business and meet consumer demand. Additionally, the potential integration of innovative products, such as Citracal with D, could further enhance the appeal of MycoTechnology’s offerings in the competitive market.