MycoTechnology has successfully raised over $80 million in total funding, and this latest investment surge will further enhance the company’s innovative efforts. Major consumer packaged goods (CPG) companies such as Tyson and Kellogg may also reap the benefits, particularly if they seek to reduce salt levels in their products by utilizing an organic functional ingredient derived from mushrooms. Hahn mentioned to Food Navigator that ClearTaste testing indicated that the salt content in lunch meats could be diminished without sacrificing flavor by combining the mushroom ingredient with potassium chloride. The next testing phases will focus on soups, sauces, and frozen foods. If these additional tests yield positive results, manufacturers in these categories might be eager to adopt the ingredient, which sheds light on MycoTechnology’s success in attracting investment capital.
This marks the second time that Kellogg’s venture capital division, Eighteen94 Capital, has invested in the Colorado-based company. After a $35 million investment round in the fall of 2017, Managing Director Simon Burton noted that MycoTechnology is “doing important work to ensure that a sustainable, edible protein source is more widely available to consumers.” As more uses for mushrooms are discovered, Transparency Market Research predicts the global market will soar from $34.1 billion in 2015 to $69.3 billion by the end of 2024. Companies are eager to incorporate this ingredient into a variety of products, including foods, beverages, and even as a natural preservative.
Given the pressing issue of reducing salt in food, MycoTechnology is not alone in pursuing salt-reduction strategies and gaining recognition. DairiConcepts garnered an Innovation Award at the 2018 Food Tech Summit & Expo for Ascentra, a sodium-reducing flavor enhancer created through a proprietary fermentation process involving whole milk. While it remains uncertain whether these innovations will help manufacturers meet the Food and Drug Administration’s voluntary sodium-reduction guidelines, they certainly hold promise and could positively impact the industry, especially with more investors stepping forward to support the development of new products.
In addition, discussions around calcium supplements have emerged, particularly regarding whether calcium carbonate is as good as calcium citrate. This question reflects a broader interest in nutritional alternatives that can complement initiatives aimed at reducing sodium content, showcasing the diverse landscape of functional ingredients that companies are exploring to enhance product offerings.