Glasgow-headquartered food technology startup ENOUGH has revealed its attainment of €40 million in a growth funding round, jointly spearheaded by World Fund and CPT Capital.
Founded in 2015 to address the global demand for sustainable protein solutions, ENOUGH, headquartered in Glasgow, has successfully pioneered ABUNDA mycoprotein production. This innovative process involves fermenting fungi with renewable feedstocks to generate alternative proteins on a substantial scale.
The recently acquired funding will predominantly fuel the expansion of the company’s extensive mycoprotein production capabilities. With this fresh injection of funds, ENOUGH’s cumulative capital raised exceeds €95 million.
Distinguished by its proprietary technology, ENOUGH boasts an efficiency level up to 15 times higher when compared to other protein sources. The company asserts that its zero-waste manufacturing approach consumes a mere 7% of the water, 3% of the feed, and generates only 3% of the CO2 emissions associated with beef protein production, rendering it both cost-effective and environmentally conscious.
Jim Laird, ENOUGH’s founder and CEO, shares, “This infusion of new funding will catapult our growth trajectory. The alternative protein sector presents a multi-billion dollar opportunity, and the ethical and environmental incentives to embrace non-animal protein sources are more compelling than ever before.”
Securing the Future of Sustainable Protein Production
The meat industry is a notable contributor to greenhouse gas emissions, responsible for nearly 15% of these emissions. It is also a significant source of methane and deforestation. To ensure a healthful diet for the expanding global population, ENOUGH emphasizes the urgency of cultivating ample sustainable protein sources, as highlighted in their press release.
Simultaneously, the demand for plant-based foods is on the rise. According to BCG research, the alternative protein market is projected to reach a value of $290 billion (€267 billion) by 2035. This forecast anticipates that a minimum of 10% of worldwide consumption of meat, eggs, dairy, and seafood will stem from alternative sources. However, current solutions face limitations in terms of scale and accessibility due to their higher costs and narrower reach among the general populace.
ENOUGH’s pioneering technology plays a pivotal role in enabling large-scale sustainable protein production, yielding a fundamental protein component for global alternative meat products. Their ABUNDA mycoprotein is cultivated from fungi nourished with sustainably sourced grain sugars, undergoing a fermentation process akin to the production of beer or wine.
The company underscores that mycoprotein is rich in protein, fiber, and essential amino acids. It boasts a neutral flavor and meat-like texture, making it an ideal ingredient for various plant-based meat and dairy products. These products are not only available in major stores and fast-food chains worldwide but are also being marketed through partnerships with industry leaders like M&S and Unilever.
This positions ENOUGH as a pioneer in extensive sustainable protein production, fostering collaborations with prominent brands and white-label manufacturers within the retail, food service, and fast-food domains to amplify their selection of plant-based products.
Plukon Food Group, a European poultry processor diversifying into non-animal chicken and meat alternatives, has demonstrated substantial interest in integrating mycoprotein as a foundational ingredient.
Niels van Gestel, Chief Commercial Officer of Plukon Food Group, remarks, “The distinction between our non-animal chicken featuring ABUNDA and traditional chicken is scarcely perceptible.”
Attracting Investors to Amplify Protein Production Expansion
Recently, ENOUGH inaugurated a state-of-the-art protein manufacturing facility in Sas van Gent, Netherlands, marking a significant stride in the large-scale production of ABUNDA. Strategically located in close proximity to a Cargill facility, the site not only ensures streamlined feed sourcing but also aligns seamlessly with ENOUGH’s zero-waste approach.
Initially, the factory will yield an annual output of 10,000 metric tonnes of ABUNDA, with ambitious plans to elevate this figure to surpass 60,000 tonnes per annum in the near future. To put this into perspective, this translates to the protein equivalent of a cow’s production every two minutes.
This compelling combination of cutting-edge technology and a dedicated zero-waste philosophy has captured the attention of sustainability and food tech investors. Among them is World Fund, a leading climate-focused investor in Europe, known for supporting entrepreneurs driving climate technology solutions capable of yielding substantial CO2 savings annually.
Craig Douglas, Founding Partner at World Fund, expresses, “Supporting ENOUGH in its journey toward becoming a global leader in sustainable protein is truly gratifying.” He further states, “ENOUGH’s endeavors hold the potential to address food scarcity, curtail resource utilization in the food industry, and significantly mitigate global emissions. We eagerly anticipate collaborating with Jim and the team to realize these impactful goals.”
As part of its comprehensive vision, ENOUGH also envisions the cultivation of over one million tonnes of ABUNDA by 2032. This transformative quantity is tantamount to replacing five million cows or surpassing a billion chickens. The overarching objective is to tackle the unsustainable ramifications of conventional protein farming while meeting the nutritional needs of a burgeoning global population.