MycoTechnology has raised a $30 million financing round led by ADM Capital Europe. Also participating were S2G Ventures Fund II LP, Middleland MT Holdings LLC, TML-Invest Sàrl, Tysons Ventures, Bunge Ventures Ltd, Continental Grain Co, Eighteen94 Capital LLC (Kellogg’s), and DNS-Hiitake LLC. MycoTechnology, of Denver, is a food processing technology company.
4th February, London, UK: ADM Capital Europe, the London-based private equity firm, is pleased to announce that its Cibus Fund (“Cibus”) has led a successful $30m financing round for MycoTechnology, a leading food processing technology company based in Denver, United States.
The Series C financing was co-led by UK-based ADM Capital’s Cibus Fund alongside S2G Ventures Fund II L.P., Middleland MT Holdings LLC, and TML-Invest S.à.r.l., with participation from Tysons Ventures, Bunge Ventures Limited, Continental Grain Company, Eighteen94 Capital LLC (Kellogg’s), and DNS-Hiitake LLC.
Since being founded in 2013 with a mission to increase the availability of healthy, sustainable and high-quality food products, Mycotechnology has developed an innovative food processing platform that utilises fungi to transform agricultural material into functional ingredients to address the biggest challenges in the food and beverage industry.
This latest round of investment will enable MycoTechnology to build on the success of its flagship ClearTaste® ‘(a natural bitter blocker to reduce sugar and salt inclusion) and PureTaste® (a complete protein, meat substitute) products whilst accelerating the execution of ongoing R&D projects aimed at addressing changing consumer demands and bringing new and novel ingredients to market. MycoTechnology will also use these additional funds for further expansion of its team in order to facilitate current and future projects.
To date, the ADM Cibus Fund has made six investments totalling USD 84m and co-investments of an additional USD 23m in sustainable food processing and production companies.
Commenting, Alastair Cooper, Senior Investment Director at the Cibus Fund said: “MycoTechnology is at the forefront of transforming the food and beverage industry. Its innovative fungi fermentation platform solves a number of the sector’s biggest challenges, producing a high value, complete protein alternative to animal-based products, increased sustainability, and the ability to drastically reduce sugar content in foods.”
“We are delighted to be part of the next stage of the business’ development and thrilled to co-lead this investment round which provides a strong platform for the business to continue executing its ambitious growth strategy.”