29th November 2022
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Controlled Environment Agriculture Funding Round

$85 Million Fundraise Confirms Growing Interest In Mushroom Production

Mushroom production hits new heights

Praised for its nutritional value, its taste and potential health benefits in the cure of certain diseases, Mushroom production has spiked a recent interest in investors throughout the world as start-ups bring new innovations to further the commercial production of fungi.

MycoTechnology to take its mushroom mycelia platform onto the global stage

MycoTechnology, Inc., the world’s leading explorer of mushroom mycelia, has set its sights on achieving global scale and realizing its innovation pipeline after securing a funding injection of $85 million. The recently concluded Series E fundraise represents the Colorado-based company’s largest single round of financing since it was established in 2013, bringing total fundraising to date to more than $200 million. This new investment will allow MycoTechnology to further capitalize on its proprietary fermentation platform, continuing to impact food and nutrition around the world. The company is now positioned to bring its unique product portfolio to even more consumers globally, with a focus on expanding in Europe, Asia, and the Middle East.


The Series E round was led by a group affiliated with the Oman Investment Authority (OIA), a sovereign wealth fund and first-time investor in the business. Their sights are set on major collaborations around food security and sustainability. In addition to OIA, the Series E funding round attracted several new investors, including 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.


Fungi Considered As Ingredient Of The Year By The New York Times

For the fourth consecutive year, mushrooms have been named a top trend by food industry trend spotters. Capping the 2022 trend forecast season, The New York Times recently named mushrooms the “Ingredient of the Year” and essential food for the plant-based movement. In addition, an increasing number of companies have spored since the pandemic as global leaders in the production of mushrooms in commercial-scale facilities or companies offering DIY solutions for people to grow mushrooms in their apartments or houses and enjoy harvesting nutritious yet mysterious fungi.

In November 2021, another company, Smallhold announced it has secured USD 25 million in Series A funding led by Astanor Ventures. In less than a year, Smallhold says it has increased production by more than 500 per cent. The brand began with five retailers and is now in nearly 250 restaurants and grocery store locations such as Whole Foods Market, FreshDirect, H-E-B, Safeway / Albertsons and Central Market. The company has expanded its footprint building expansive macro farms in Brooklyn, New York and two in Austin, Texas. The fourth is slated to open in the Los Angeles area in early 2022.

“We want Americans to eat more and better mushrooms and we’ve created a sustainable way to grow fungi indoors,” said Andrew Carter, co-founder and CEO, per the release. “The mushroom category is growing exponentially as consumers can experience better, fresher and different fungi closer to home.”

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