Aurora mushroom startup raises another $39M

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MycoTechnology CEO Brooks Kelly examines a test liquid. (Photos courtesy MycoTechnology)

An Aurora food startup’s war chest continues to mushroom.

MycoTechnology, which makes sweeteners and protein products from the common fungi, recently pocketed $39 million in funding, bringing its total to approximately $120 million.

The round was co-led by Greenleaf Foods, SPC, S2G Ventures and Evolution Partners. Rich Products Ventures, Tyson Ventures, Continental Grain, Middleland Capital, Bunge Ventures, Seventure Partners, Cibus Investments Ltd. and Kellogg’s eighteen94 Capital investment arm also participated in the round.

MycoTechnology plans to use the funds to help prepare for new product introductions and to expand its team of 93 employees, according to spokeswoman Jessie Booth.

“While things have certainly not been ‘business as usual’ due to COVID-19, we have continued to innovate and hold fast to our commitment to bringing game-changing products to market,” she said in an email, declining to disclose the nature of the products.

A sweetener made from fungi.

Mycotechnology, founded in 2013, is the brainchild of a mushroom scientist and chemist who wanted to find a way to harvest nutritional products from mushrooms. This round of funding follows the $30 million round MycoTechnology had in January 2019.

The company has two core products. PureTaste, made from shiitake mushroom roots and said to taste slightly like cereal, can be used to add protein to breads and other items. ClearTaste, meanwhile, has the effect of curbing bitter tastes in foods such as coffee or chocolate, and functions as a sugar substitute.

The company is based in an 86,000-square-foot facility at 18250 E. 40th Ave. in Aurora.

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