Scottish food-tech startup ENOUGH has raised €42 million in its Series B funding round. The company ferments fungi to produce a highly sustainable meat alternative called ABUNDA®.
The funding round was led by Olympic Investments Inc. and animal nutrition company Nutreco. Two existing investors, CPT Capital and Scottish Enterprise, also participated, with CPT Capital remaining the largest shareholder. New investors included AXA IM Alts, HAL Investments, and Tailored Solutions.
According to ENOUGH, fermentation is the most effective way of feeding the growing global population. By 2032, it aims to grow over a million tons of mycoprotein, which it says would replace 5 million cows or a billion chickens. It is currently building a new protein factory that will help it achieve this goal, partially funded by the EU’s Horizon 2020 research program.
Earlier this year, ENOUGH rebranded from its previous name, 3F Bio. The new name is based on the idea that “One Earth needs to be ENOUGH”. Last month, it announced a partnership with Unilever to provide mycoprotein for The Vegetarian Butcher. It also began collaborating with M&S last year to supply protein for the supermarket’s Plant Kitchen range.
“The market for delicious, nutritious vegan products is growing at a pace that requires a step-change in the supply of sustainable ingredients,” said Jim Laird, CEO of ENOUGH. “This will supercharge our focus which prioritises collaboration and B2B supply to maximise the pace of growth and reach into the market.”
