ENOUGH closes €42m funding round to ‘maximise the pace of growth’

By Katy Askew

- Last updated on GMT

Fresh funding will support scale production at ENOUGH / Pic: ENOUGH
Fresh funding will support scale production at ENOUGH / Pic: ENOUGH

Related tags plant-based

Food tech start-up ENOUGH has raised €42m in Series B funding. Cash will be used to ‘supercharge’ expansion and bring the firm’s mycoprotein ingredient to the market at scale.

ENOUGH – formerly 3F Bio – produces ABUNDA mycoprotein, a fermented fungal ingredient for use in the alternative protein space.

ABUNDA is a ‘complete’ food ingredient that contains all nine essential amino acids and is high in dietary fibre. It is described as ‘light in colour, neutral in taste and fibrous in texture’ and is suitable for uses in a variety of applications, including alternative meat, seafood and dairy products.

The mycoprotein is grown by feeding fungi with sugar feedstocks, sourced from sustainable grains, in a large-scale continuous fermentation process.

Glasgow-based ENOUGH is currently building a ‘first of its kind’ mycoprotein factory in the Netherlands, which will have a 50,000-tonne capacity. The company expects to initially grow 10,000 tonnes per annum when the facility is operational – by the end of 2022 – and has targeted production of over a million tonnes cumulatively within 10 years of its launch.

Capital raised will be used to support development of ENOUGH’s production footprint. “The Use of Funds supports installation and commission of 10,000 tonnes of initial capacity in Europe, with plans to grow to 50,000 tonnes by 2027,”​ Commercial Director Andrew Beasley told FoodNavigator.

Reaching scale: ‘The pressure is growing’

Rapidly scaling up capacity is a priority for ENOUGH, which has already entered into high-profile supply partnerships with the likes of Unilever and UK retailer Marks & Spencer.

“The market for delicious, nutritious vegan products is growing at a pace that requires a step change in the supply of sustainable ingredients. This will supercharge our focus which prioritises collaboration and B2B supply to maximise the pace of growth and reach into the market,”​ Jim Laird, CEO of ENOUGH, noted.

“The demand for sustainable, healthy protein is estimated at 100 million tonnes within 10 years. The pressure on supply is definitely a growing subject as we get closer to launch,”​ Beasley added.

ABUNDA 'as it comes out of the fermenter' / PIC: ENOUGH

Producing ‘vast quantities’ of healthy and sustainable protein to meet this need is one of the most ‘urgent global priorities’. ENOUGH believes ABUNDA can be part of the solution because it is an ‘existing advantaged ingredient’ with an ‘established market role’. It is also more sustainable and cheaper than other protein options, according to the company.

Beasley explained that ENOUGH’s fermentation process is ‘more resource-efficient than both animal and plant farming’. ABUNDA mycoprotein uses 97% less feed than beef, 80% less than chickens and 40% less feed than soya beans. It is also significantly more water efficient, using 93% less water than beef, 55% less water than chickens and 29% less water than soy. The company reported that its carbon emissions are 97% lower than beef, 80% lower than chickens and 53% lower than soy.

On cost, he elaborated: “We don’t compare ourselves to plant proteins, primarily because the current market for plant proteins is less than 10% of the animal protein market. To achieve scale, we need to be at or lower than the cost of animal protein and that is where we are today. Most plant protein foods on the market are significantly more expensive than the meat alternative, which is a barrier to scale. Our strategy on cost, combined with the clean taste and naturally fibrous texture aligns with ABUNDA’s promise of ‘tasting as good or better, and costing the same or less than livestock alternatives’.”

ENOUGH bacon made with ABUNDA
Meat-free bacon made with ABUNDA / Pic: ENOUGH

ENOUGH has ‘potential to transform protein production’

The funding round was led by Nutreco, a global leader in animal nutrition and aqua feed, and Olympic Investments alongside new investors including AXA IM Alts through the AXA Impact Fund – Climate & Biodiversity, HAL Investments and Tailored Solutions. Existing investors CPT Capital and Scottish Enterprise also participated. CPT Capital will remain the largest shareholder in the company.

ENOUGH Chief Executive Laird said the company was supported by investors that ‘share our focus on making sustainable protein’. “We are delighted to strengthen the Board with the combination of expertise and impact focus from AXA IM Alts who have a long history of impact investment, Nutreco who provide strategic insights, and by HAL Investments who share our view regarding the need for scalable technologies and food products to cater for growth of alternative proteins and meat substitutes in decades to come.”

Commenting on the investment, Nutreco CEO Rob Koremans described ENOUGH as an ‘exciting business’ with ‘real potential to transform protein production’.

“This partnership perfectly supports our ambitions to accelerate the contribution we can make to the challenge of feeding a growing global population. If we are serious about meeting this objective in a sustainable way, we will need to produce protein from a variety of sources such as fermentation, which is very much a shared goal,”​ he noted.

Jonathan Dean, Head of Impact Investing at AXA IM Alts added that providing a scalable alternative to animal protein will contribute to the ‘transition towards a more sustainable, climate-aligned food system’.

CPT Capital – who led the Series A investment – said: “ENOUGH excites because of their B2B focus and their ability to create impact and scale within a short timescale. ENOUGH will provide a sustainable alternative to the problem of factory farming / intensive animal agriculture.”

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