Food tech start-up Enough, formerly known as 3F BIO, has raised €42 million in Series B funding.
Based in Scotland, Enough produces its Abunda mycoprotein using a fermentation process that feeds natural fungi renewable feedstock such as wheat and corn. The company aims to grow more than 1 million tonnes by 2032, which it says would be the equivalent of replacing 5 million cows or more than 1 billion chickens.
Led by Nutreco and Olympic Investments, Enough’s Series B funding round also received participation from new investors such as AXA IM Alts, Hal Investments and Tailored Solutions, as well as existing investors CPT Capital and Scottish Enterprise.
“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.
“We are privileged by support from investors who share our focus on making sustainable protein.”
Nutreco CEO, Rob Koremans, said: “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.”
Jonathan Dean, head of impact investing at AXA IM Alts, added: “We are excited to support Enough in its mission to provide a scalable alternative to animal protein, which in turn contributes to the transition towards a more sustainable, climate-aligned food system.”
Enough is building a protein facility that will initially produce 10,000 tonnes per year. The plans have received funding from the Bio-Based Industries Joint Undertaking within the EU’s Horizon 2020 research and innovation programme.
Unilever recently announced a new partnership with Enough, as part of its strategy to bring more plant-based meat products to market.
© FoodBev Media Ltd 2021
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