Led · Seed · May 2022

Evolved Meats (formerly CaroMeats) develops a species-agnostic cultivated meat platform that grows whole cuts structurally and biochemically identical to conventional meat. Its technology aims to recreate fibrous texture, marbling, taste, mouthfeel, and nutrition of steak, pork, chicken, fish and other cuts directly from cells. The company says it can grow functional tissue to enable a unique production system that could make it a low-cost operator. Evolved highlights sustainability benefits: using less land and water, generating fewer greenhouse gases, and harming 100% fewer animals than current meat production. Led by CEO Alireza Shahin, the team plans to accelerate product development and scale up production processes with newly raised capital.

Participated · Series E · Mar 2022

MycoTechnology harnesses the metabolic engine of mushrooms—mycelium—using natural fermentation to produce novel food ingredients. Its product portfolio includes ClearIQ, a kosher and halal all‑natural bitter blocker, and FermentIQ, a plant‑based meat analog ingredient made by fermenting pea and rice protein with shiitake mycelium. The company positions its ingredients as solutions for sugar reduction, food insecurity, sustainable protein and natural immune support, and aims to improve taste and functionality in plant‑based products. Founded in 2013 and based in Aurora, Colorado, MycoTechnology says its platform can add new-to-the-world ingredients from the fungal kingdom. The startup plans to use recent funding to further capitalize its fermentation technology platform and expand its geographical footprint, prioritizing launches in Europe, Asia and the Middle East. MycoTechnology emphasizes improving the palatability of alt‑protein to help drive broader consumer adoption. MycoTechnology develops a mushroom fermentation platform to create food-processing solutions and functional ingredients made from mycelium. The company is Colorado-based and was selected from more than 150 global applicants to win the Radicle Protein Challenge, receiving a US$1 million investment prize. It previously closed a US$39 million Series D backed by Greenleaf Foods, Tyson Ventures and Eighteen94 Capital. Management has stated plans to expand its line of ingredients and food-processing solutions made using mycelium. The company also alluded to an opportunity for an IPO in late 2022. As part of the prize, MycoTechnology will gain access to the agricultural network and expertise of Radicle and Syngenta to accelerate its technology. MycoTechnology develops mushroom-based functional ingredients, including ClearTaste (a bitterness masker) and PureTaste, a fermented pea-and-rice protein that is 77% protein. The company raised $39M in a Series D to help build and scale its functional ingredients platform. PureTaste is produced by fermenting pea and rice protein with shiitake mycelia and is positioned for use in meat alternatives, snack bars, dairy alternatives, and baked goods. ClearTaste is commonly used to mask the aftertaste of stevia, enabling sugar reduction, and is also used in CBD products, coffee, chocolate, and low-sodium formulations made with potassium chloride. MycoTechnology's CEO, Alan Hahn, has said the company has projects that may create opportunities to go public, with a previously announced IPO plan for late 2022. The article also situates the company within a growing mycoprotein market, noting industry expansion and other recent fundraising by fungi-based ingredient startups. MycoTechnology is a Denver, CO–based developer of a novel organic food processing platform that transforms agricultural material into functional ingredients. Its offering includes ClearTaste, which enables companies to reduce sugar by blocking bitterness, and PureTaste®, a sustainable, functional, plant-based protein. The company is led by CEO Alan Hahn, CSO Anthony Clark, COO Rick Becker, and CFO Jonathan Jachimiec. MycoTechnology closed a $30M Series C to accelerate expansion, speed R&D project execution, and grow the team to support current and future projects. The firm targets major challenges in the food and beverage industry by commercializing ingredient solutions derived from its platform. MycoTechnology develops functional food ingredients using mushroom fermentation, commercializing products for the food and beverage industry. Its first product, ClearTaste®, is a certified organic bitter blocker that helps companies reduce sugar in their products. The company is commercializing a Shiitake-fermented vegetable protein called PureTaste, which the article describes as highly digestible, non-GMO, vegan, low in calories/fats/carbohydrates and rich in vitamins and minerals not found in competing proteins. After ClearTaste commercialization, MycoTechnology is focusing on addressing challenges in the protein industry with PureTaste. The company intends to use new funds to continue to grow operations, and its commercial facility will initially be able to produce 4,000 metric tons of PureTaste per year. MycoTechnology was founded in 2013 by Alan Hahn, who serves as CEO.