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Glasgow-based Alt Protein Startup ENOUGH Raised £36M For Its Vegan Meat And Dairy Alternatives

Glasgow-based Alt Protein Startup ENOUGH Raised £36M For Its Vegan Meat And Dairy Alternatives

by Agi Kaja

Scottish food tech start-up ENOUGH (formerly 3F BIO), who are pioneering high scale sustainable protein production, has raised £36 million in Series B funding.

ENOUGH produces ABUNDA mycoprotein, fermenting fungi using renewable feedstocks to make the most sustainable source of food protein. Using fermentation to meet future food protein needs is widely recognised as being the most effective solution to feed a growing planet. 

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 >30 million trees. ABUNDA is sustainable through its advantaged feed conversion, low carbon footprint and water usage.

The funding round is led by Nutreco, a global leader in animal nutrition and aqua feed and Olympic Investments Inc. along withnew investors including AXA IM Alts through the AXA Impact Fund – Climate & Biodiversity, HAL Investments and Tailored Solutions. Existing investors CPT Capital and Scottish Enterprise are also participating and CPT Capital will remain the largest shareholder in the company.

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Jim Laird, CEO of ENOUGH said: “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. We are privileged by support from investors who share our focus on making sustainable protein. As a longstanding dedicated investor in the alternative protein space, CPT Capital has unmatched experience investing in companies disrupting the food systems. 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.”

Nutreco CEO, Rob Koremans said:  “ENOUGH is an exciting business with real potential to transform protein production. 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. Our partnership with ENOUGH demonstrates our continued support for innovative investment solutions that are aligned with our overarching aim to invest in solutions that combat climate change and preserve biodiversity.”

CPT Capital – who led the Series A investment– said “ENOUGH excites because of their B2B focus and their ability to create impact and scale within a short timescale. ENOUGH will provide a sustainable alternative to the problem of factory farming / intensive animal agriculture.”

Dr Olga Kozlova, Director of Innovation and Industry Engagement from the University of Strathclyde, which was an early-stage investor into the company, said: “ENOUGH is a fantastic example of an innovative company which is also focused on sustainability and exemplifies our mission at Strathclyde to create original solutions for real world problems.
“We are looking forward to the company entering this new next stage of its exciting journey.”

ENOUGH was founded by Jim Laird, David Ritchie, and Craig Johnston as 3F Bio in 2015. It makes ABUNDA mycoprotein by fermenting fungi using renewable feedstocks to make the most sustainable protein.

Currently, ENOUGH 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.

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Agi Kaja

Agi Kaja

News Editor Focused On Conscious Consumerism. Vegan Business Promoter. Animal Advocate. Environmentalist.

Breaking the news on plant-based food innovation, new vegan products, sustainability, animal welfare, environment, science, society and conscious shopping.

Contact: [email protected]

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