German billionaire Theo Müller made his fortune through the dairy empire Müller. His net worth is estimated to be around $5 billion. But, contrary to his dairy brand, his family office and his investments are rather secret. This makes the latest participation in the Series C round of MycoTechnology, an American food-tech startup, even more interesting.
Series C round to expand MycoTechnology’s production facilities
MycoTechnology works on a food processing platform to create functional ingredients. The flagship product, ClearTaste, is a novel bitter blocker which enables food companies to reduce sugar content by blocking the bitterness. The investment aims at the realization of a new 86,000 sqft facility which can produce up to 4000 tons of PureTaste proteins per year. Furthermore, the company wants to expand the product portfolio and hire new people. Investors include Eighteen94 Capital (Kellogs), Bunge Ventures, Tysons Ventures and TML-Invest S.a.r.l., which is owned by the Mueller family.
Strategic investment through Luxembourg-based investment arm
Mueller invested in the round through TML-Invest, which is a Luxembourg-located investment firm of the family. Martin Goeggelmann, Head of the Mueller family office, states: “Representing one of the largest privately held dairy companies in Europe, we are excited to become an investor in MycoTechnology and its two key products, ClearTaste and PureTaste. Both the reduction of added sugar in FCMG as well as alternative dairy proteins are themes that we at Mueller are monitoring quite closely. An investment into a technology that addresses both topics in an innovative and seminal matter made sense for us on various levels”. To sum it up, the investment of the Mueller family office can be seen as a strategical deal to strengthen the future outlooks of the whole family-owned Müller Group.
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