The funding will enable ENOUGH to scale and expand its operations, with the ambitious goal to cultivate more than one million tonnes of ABUNDA® by 2032.
- UK foodtech company ENOUGH secures €40 million in growth funding co-led by climate tech venture capital firm World Fund and food tech investor CPT Capital.
- ENOUGH specialises in producing ABUNDA® mycoprotein through innovative fermentation technology, offering a sustainable alternative to meat and dairy products.
UK foodtech company, ENOUGH (formerly 3F BIO), has raised €40 million in growth funding co-led by World Fund, CPT Capital.
World Fund is a leading climate tech venture capital in Europe, that provides funding for entrepreneurs who are creating innovative tech for a regenerative world. CPT Capital, on the other hand, is a leading food tech investor, continuing its commitment to ENOUGH.
Returning investors who took part in this funding round include AXA IM Alts, through the Axa Impact Fund, HAL Investments, through 280ppm, Onassis Group, through Olympic Investments Inc, Tailored Solutions and Scottish Enterprise.
ENOUGH is using technology to pioneer sustainable protein production. The foodtech produces ABUNDA® mycoprotein by fermenting fungi, using renewable feedstocks to produce alternative ingredient proteins at a high scale. This ingredient will serve as an alternative to meat and dairy products, and will also address concerns about food safety and global food insecurity.
ABUNDA® mycoprotein is created by feeding fungi with sugars from grains, which then undergo fermentation. The protein-rich substance contains all essential amino acids, and is also high in fibre, with a neutral flavour and meat-like texture. ABUNDA® boasts to be 15 times more efficient than protein from beef, owing to its production technology and minimal waste production process. It is also more affordable to produce than protein from beef, consuming about 93% less water and 97% less feed, and creating 97% fewer carbon dioxide emissions.
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(Read also: Meatable Secures $35 Million Funding for Global Expand Cultivated Meat Production)
The growth funding will enable the company to scale and expand. It recently opened a first-of-its-kind protein factory in Sas van Gent, Netherlands, to create ABUNDA® at scale, positing to produce 10,000 metric tonnes of ABUNDA® per year and with plans to produce over 60,000 tonnes per year. The company aims to grow over one million tonnes of ABUNDA® cumulatively by 2032, to feed a growing global population and tackle the unsustainable impact of traditional protein farming.
Jim Laird, co-founder and CEO of ENOUGH said: “ENOUGH has made great strides in the past few years to launch our new factory in the Netherlands and scale up to work with customers across the UK and Europe. With this new funding, we will accelerate that growth. The alternative protein market is a multi-billion dollar opportunity, and the ethical and environmental reasons to embrace non-animal protein sources are more pressing than ever. We’re delighted to be leading this food revolution with our proprietary ABUNDA® mycoprotein. We’re excited to welcome our new investors World Fund and look forward to working closely with them on the next phase of growth for ENOUGH.”
Craig Douglas, Founding Partner at World Fund, said: “We’re delighted to be supporting ENOUGH as they scale up to become the global leader in sustainable protein. The company is tackling crucial bottlenecks in the creation of sustainable protein, whilst using fewer resources and maintaining a zero-waste process, which is enabling ENOUGH to have a lower carbon footprint compared to other plant-based protein sources, whilst producing at scale and providing supply security to a growing market. It helps that the products featuring ABUNDA® are delicious too. ENOUGH’s work has the potential to help combat food scarcity, reduce the use of resources in the food industry and reduce emissions on a global scale and we look forward to working with Jim and the team to help them achieve this.”
Harry Kalms, CPT Capital, said: “We are excited to continue supporting the ENOUGH team to deliver high-quality, alternative protein solutions supporting change in the global food system. Since our first investment 5 years ago, ENOUGH has stood out as a company that is poised to make a meaningful positive impact on today’s unsustainable food system. Now, with the completion of their first industrial production facility and this growth financing round, ENOUGH is leveraging its strong foundations to move into a new phase of large-scale commercialisation.”
Cover photo courtesy Business Cloud
