US: MycoTechnology raises $85m

The round brings total raised by the company to date to more than $200 million

Mushroom mycelia company MycoTechnology has raised $85 million in a Series E round led by a group affiliated with the Oman Investment Authority, a sovereign wealth fund and first-time investor in the business. New investors in the round included Nourish Ventures (Griffith Foods’ venture capital group), Rage Capital, Alphacy Investment, and Siddhi Capital.

Also contributing were returning investors S2G Ventures, Tyson Ventures, Continental Grain Company, Bunge Ventures, Maple Leaf Foods, Evolution VC Partners, and Gaingels.

This is the Colorado-based company’s largest single round of financing since it was established in 2013, bringing total raised to date to more than $200 million.

MycoTechnology said it will use the funding to capitalise on its proprietary fermentation platform and bring its products to more consumers globally, with a focus on expanding in Europe, Asia, and the Middle East.

Alan Hahn, co-founder and chief executive of MycoTechnology, said: “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.”