Glasgow-based ENOUGH (formerly 3F BIO) is a foodtech startup producing protein through fermenting fungi using renewable feedstocks. In a recent development, the company announced that it has raised €42M in its Series B round of funding.
ENOUGH is a technology spin-out company from the University of Strathclyde.
“The future of sustainable protein”?
With the world’s growing population, the demand for protein has also increased. And we need a sustainable solution for it. This is where the foodtech startup ENOUGH believes it has a solution.
The company produces ABUNDA mycoprotein, fermenting fungi using renewable feedstocks to make the most sustainable source of food protein. It is an essential protein ingredient in any diet whether vegan, vegetarian or flexitarian, claims the company.
ENOUGH targets growing over a million tonnes by 2032 which is the equivalent of replacing 5 million cows, over 1 billion chickens or reducing more than 6 million tonnes of CO2 emissions, the equivalent of planting more than 30 million trees. The company claims ABUNDA is sustainable through its advantaged feed conversion, low carbon footprint, and water usage.
Jim Laird, CEO of ENOUGH says, “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.”
In a statement, ENOUGH mentions that it is building a first of its kind protein factory which will initially produce 10,000 tonnes per annum and which targets producing over a million tonnes by 2032. Moreover, the plans are supported and have received investment from the Bio-Based Industries Joint Undertaking within the European Union’s Horizon 2020 research and innovation programme.
Besides, as a sustainable food ingredient company, ENOUGH is also looking forward to participating at COP26 in November of this year, where it will highlight the merits of a high scale impactful solution as part of the accepted need for sustainable food.
Investors in this round
The round was led by Nutreco, a Dutch company in animal nutrition and aqua feed and Olympic Investments Inc.
Nutreco CEO, Rob Koremans says, “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.”
Additionally, the Series B also saw new investors including AXA IM Alts through the AXA Impact Fund – Climate & Biodiversity, HAL Investments, and Tailored Solutions. Besides, existing investors CPT Capital (the largest shareholder in the company) and Scottish Enterprise also participated in this round.
Talking about the investors, Jim Laird, CEO of ENOUGH, says, “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.”