Alternative proteins company Enough announced that it has raised €40 million in growth funding to expand its production co-led by World Fund, a European climate tech VC, and food investor CPT Capital.
The alternative proteins manufacturer produces Abunda 'mycoprotein' by fermenting fungi using renewable feedstocks. This process has allowed Enough to produce alternative ingredient proteins on a large scale.
Plant-based and alternative meat businesses like The Vegetarian Butcher are provided mycoproteins in order to create their products - by using Enough's mycoprotein ingredient, The Vegetarian Butcher can supply Burger King its Plant-Based Whopper.
A "first-of-its-kind" protein factory was opened up in Sas van Gent, Netherlands in order to scale up mycoprotein production. The factory will initially produce 10,000 metric tonnes of Abunda mycoprotein per year, with plans to scale up production to reach a rate of 60,000 tonnes per year. Enough states that this is "the equivalent of growing one cow's worth of protein every two minutes."
Funding for an alternative future
Jim Laird, co-founder and CEO of Enough, stated: “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.”
"The ethical and environmental reasons to embrace non-animal protein sources are more pressing than ever."
Jim Laird, co-founder and CEO of 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.
“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.”
The company is aiming to grow over one million tonnes of its mycoprotein by 2032, and after its new growth funding Enough's total capital has raised to over €95 million. This will enable Enough to scale up capacity at its new Netherlands factory and grow its teams in Glasgow, London and Sas van Gent offices.
This story was originally published on a previous version of the Meat Management website and so there may be some missing images and formatting issues.
