MycoTechnology, a company transforming agricultural material into functional ingredients, has raised $30 million in a Series C financing round with investments from big food players including Tyson and Kellogg’s.
The new investment will fuel expansion and accelerate R&D project execution with the company’s mushroom fermentation platform capturing the industry zeitgeist.
The company said the capital opens up “an opportunity to explore different ways to meet consumer demands and bring new and novel ingredients to market”.
MycoTechnology said it will also use these additional funds for further expansion of the team in order to facilitate current and future projects.
“MycoTechnology’s innovative organic technology addresses growing consumer demand for products focused on health and sustainability, and Kellogg’s is excited to continue to partner with the company in a number of ways,” said Gary Pilnick, Kellogg’s Vice Chairman.