ADM Capital Europe leads successful $30m Series C fundraise for MycoTechnology

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4th February, London, UK: ADM Capital Europe, the London-based private equity firm, is pleased to announce that its Cibus Fund (“Cibus”) has led a successful $30m financing round for MycoTechnology, a leading food processing technology company based in Denver, United States.

The Series C financing was co-led by UK-based ADM Capital’s Cibus Fund alongside S2G Ventures Fund II L.P., Middleland MT Holdings LLC, and TML-Invest S.à.r.l., with participation from Tysons Ventures, Bunge Ventures Limited, Continental Grain Company, Eighteen94 Capital LLC (Kellogg’s), and DNS-Hiitake LLC.

Since being founded in 2013 with a mission to increase the availability of healthy, sustainable and high-quality food products, Mycotechnology has developed an innovative food processing platform that utilises fungi to transform agricultural material into functional ingredients to address the biggest challenges in the food and beverage industry.

This latest round of investment will enable MycoTechnology to build on the success of its flagship ClearTaste® ‘(a natural bitter blocker to reduce sugar and salt inclusion) and PureTaste® (a complete protein, meat substitute) products whilst accelerating the execution of ongoing R&D projects aimed at addressing changing consumer demands and bringing new and novel ingredients to market. MycoTechnology will also use these additional funds for further expansion of its team in order to facilitate current and future projects.

To date, the ADM Cibus Fund has made six investments totalling USD 84m and co-investments of an additional USD 23m in sustainable food processing and production companies.

Commenting, Alastair Cooper, Senior Investment Director at the Cibus Fund said: “MycoTechnology is at the forefront of transforming the food and beverage industry. Its innovative fungi fermentation platform solves a number of the sector’s biggest challenges, producing a high value, complete protein alternative to animal-based products, increased sustainability, and the ability to drastically reduce sugar content in foods.”

“We are delighted to be part of the next stage of the business’ development and thrilled to co-lead this investment round which provides a strong platform for the business to continue executing its ambitious growth strategy.”

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Contacts
Instinctif Partners
Nick Woods/Ross Gillam
0207 457 2020
[email protected]

About ADM Capital

ADM Capital is a Hong Kong and London-based private credit and private equity fund manager and adviser. Founded in 1998, ADM Capital manages or advises USD 1.70bn across a range of funds. With over 38 people operating out of 4 international offices ADM Capital manages closed-end, open-ended and managed accounts. With its long track record, and particular expertise in Asia, ADM Capital focuses on off-market private transactions accessed via its extensive, proprietary network. ADM Capital recently launched the Cibus Fund, focussed on investing growth capital into next generation global food and agriculture opportunities.

About the Cibus Fund

The Cibus Fund focusses on mid-market investment opportunities in sustainable food processing and production companies, primarily across Europe and Australasia with a secondary mandate for early stage high-growth investments. The Fund takes advantage of the significant investment opportunities presented by global demographic changes, shifting trade patterns and the inability of the world’s fastest growing economies to meet rapidly increasing regional demand for high-value foods driven by burgeoning middle classes. Cibus targets companies with strong management teams that are active in one or more stages of high-value food chains and looks for companies that are established category champions with a demonstrable technological advantage. Investments are also evaluated on their environmental sustainability as a key determinant of value creation.

In October 2018, The Cibus Fund was the first fund to be given ‘Guernsey Green Fund’ status by the Guernsey Financial Services Commission.  The Guernsey Financial Services Commission launched the Guernsey Green Fund in July 2018 and it is only awarded to those funds which meet strict eligibility criteria designed to reassure investors that funds are invested in line with appropriate environmental standards. Cibus has been granted this status in recognition of the fact it regards environmental sustainability as a key determinant of value creation.

 

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