The investment was co-led by World Fund and CPT Capital, and will allow Enough to increase the capacity of its factory in the Netherlands and grow its teams located across offices in Glasgow, London and Sas van Gent.
Off the back of this latest funding round, which takes its total amount raised to €95m (£81.3m), the Scottish firm aims to produce one million tonnes of its Abunda mycoprotein within 10 years. Enough claims this would be the equivalent of replacing five million cows or more than one billion chickens.
Enough partners with Unilever through the conglomerate’s The Vegetarian Butcher brand, while it also has an agreement with M&S.
The Abunda mycoprotein is produced by fermenting fungi using renewable feedstocks to develop proteins at scale that can then be used in alternative meat and dairy products. Abunda is high in protein and fibre, while it possesses a meat-like texture.
According to Enough, its mycoprotein is also up to 15 times more efficient than protein from beef, using up to 93% less water, 97% less feed and causing 97% fewer CO2 emissions.
Alternative protein is a multi-million dollar opportunity
Chief executive Jim Laird said that the funding would allow Enough to build on the progress made with the construction of its factory in the Netherlands, allowing the firm to supply white-label manufacturers that serve retail, food service and fast-food brands.
“With this new funding, we will accelerate that growth,” Laird declared.
“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.”
Opened in 2022, the factory is Sas van Gent will initially produce 10,000 tonnes of mycoprotein per year, with the hope that can be scaled up to 60,000 tonnes in time.
In other news, Food Manufacture speaks to Unilever about how the firm is harnessing AI to develop new products.
