Alternative proteins manufacturer Enough has announced that it has raised €40 million in growth funding co-led by World Fund, a European climate tech VC, and food tech investor CPT Capital.
Enough produces Abunda mycoprotein by fermenting fungi using renewable feedstocks to produce alternative ingredient proteins at scale, providing mycoproteins to alternative meat businesses like The Vegetarian Butcher, which supplies Burger King with its Plant-Based Whopper.
The company has developed technology which it says enables large-scale sustainable protein production by creating a protein ingredient to “power” alternative meat products globally. This is made by feeding fungi with sugars from sustainably sourced grain, which is then fermented in a similar production to beer or wine.
Expanding its facilities to enable more production
Enough opened a protein factory in Sas van Gent, Netherlands, to create Abunda at scale. The factory is co-located alongside a Cargill facility which Enough claims to ensure the most efficient feed source and supports Abunda’s zero-waste strategy.
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.”
The factory will produce 10,000 metric tonnes of Abunda mycoprotein per year, with plans to scale up to produce more than 60,000 tonnes per year, with Enough said that it is “the equivalent of growing one cow’s worth of protein every two minutes”.
Using funding to invest in company growth
Enough’s new growth funding brings the total capital raised to over €95 million, enabling it to not only scale up capacity at its factory in the Netherlands, but also grow its teams in Glasgow, London and Sas van Gent offices.
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.”
Enough said it aims to grow over one million tonnes of Abunda mycoprotein cumulatively by 2032.
