MycoTechnology secures $85m funding round

4-Apr-2022

Investment will allow the company to further capitalise on its proprietary fermentation platform

MycoTechnology has secured $85m in a Series E funding round. The fundraise represents the company’s largest single round of financing since it was established in 2013, bringing its total investment to more than $200m.

Investment will allow the company to further capitalise on its proprietary fermentation platform. It aims to bring its product portfolio to more consumers globally, with a focus on expanding in Europe, Asia, and the Middle East.

The Series E round was led by a group affiliated with the Oman Investment Authority (OIA), a sovereign wealth fund. The round also attracted several additional investors, including Nourish Ventures, Rage Capital, Alphacy Investment, and Siddhi Capital. Several returning investors also contributed.

Alan Hahn, CEO and co-founder of MycoTechnology, commented: “This fundraise is a validation of the potential of our breakthrough proposition and next-generation ingredients. It will be a catalyst to accelerate our growth further and faster. The investment will power the imagination of our incredible team, driving our plans to add more new-to-the-world ingredients from the fungal kingdom. We have big things coming!”

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The company’s current ingredient portfolio includes FermentIQ protein, a line of plant-based protein products, and ClearIQ flavor, a range of clean-label flavour modulation tools designed to facilitate sugar and salt reduction.

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