ENOUGH raises $51 million Series B to supercharge sustainable protein
UK-based food tech startup ENOUGH (formerly 3F BIO) has raised €42 million in Series B funding round, bringing its total funding to $78 million. Founded in 2015, ENOUGH produces ABUNDA® mycoprotein, fermenting fungi using renewable feedstocks to make the most sustainable source of food protein.
The funding round is led by Nutreco, a global leader in animal nutrition and aqua feed and Olympic Investments Inc. along with new 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.
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.”
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 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 prioritizes collaboration and B2B supply to maximize 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 long-standing 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 HAL Investments who share our view regarding the need for scalable technologies and food products to cater for the growth of alternative proteins and meat substitutes in decades to come.” – Jim Laird, CEO of ENOUGH.
“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.” – Nutreco CEO, Rob Koremans.
“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.” – Jonathan Dean, Head of Impact Investing at AXA IM Alts.