ENOUGH, a Glasgow-based food technology startup focused on high-scale sustainable protein production, has successfully secured €40 million in growth funding. The funding round was co-led by World Fund, Europe’s premier climate tech venture capital firm, and CPT Capital, a prominent food technology investor. Other previous investors, including AXA IM Alts through the Axa Impact Fund, HAL Investments through 280ppm, Onassis Group through Olympic Investments Inc, Tailored Solutions and Scottish Enterprise, also contributed to the funding.
The recent funding boost brings ENOUGH’s total capital raised to over €95 million, enabling the company to expand its production capacity and teams in various locations.
Hence, this investment will further enhance the Scottish startup’s efforts to amplify the capacity of its primary production site in the Netherlands, meeting the surging demand for sustainable protein.
Jim Laird, founder and CEO of ENOUGH, stated, “Our strides in launching the new factory in the Netherlands and expanding collaborations across the UK and Europe have been significant. This fresh funding will drive accelerated growth.
He further noted, “The alternative protein market holds immense value, and the urgency to adopt non-animal protein sources for ethical and environmental reasons is paramount. Leading this food revolution with our proprietary ABUNDA mycoprotein is a source of pride. We eagerly welcome our new partners, World Fund, and anticipate a collaborative journey in ENOUGH’s next growth phase.”
ABUNDA – sustainable protein production
Formerly known as 3F BIO, ENOUGH was founded in 2015 by Craig Johnston and Jim Laird in Glasgow, Scotland and is dedicated to meeting the growing worldwide demand for sustainable protein. The company has developed ABUNDA mycoprotein, a novel product generated by fermenting fungi with renewable feedstocks to produce ample alternative protein ingredients.
ABUNDA is up to 15 times more efficient than protein from beef thanks to ENOUGH’s proprietary technology and zero-waste production – using up to 93% less water, 97% less feed and causing 97% fewer CO2 emissions than protein from beef, which also makes it more affordable to produce.
Notably, ENOUGH’s approach has led to partnerships with industry giants like M&S and Unilever, solidifying its role as a significant player in the food technology realm.
A circular approach
In pursuit of their mission, ENOUGH has recently launched a protein factory in Sas van Gent, Netherlands. Partnering with Cargill, a prominent provider of food, agriculture, financial, and industrial offerings, The UK-based company aims to guarantee efficient feed sources while upholding a zero-waste approach and has anticipated to yield more than 60,000 metric tonnes of ABUNDA each year, surpassing one million tonnes by 2032.
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.”
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