Home Finance specialist Mycoprotein Specialist Enough Raises € 42 Million to Fund Rapid Growth | New

Mycoprotein Specialist Enough Raises € 42 Million to Fund Rapid Growth | New

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Vegan protein startup Enough has raised € 42million (£ 36million) in new funding to boost production as it seeks to produce one million tonnes of sustainable protein by 2032.

The Series B financing was led by Nutreco and Olympic Investments, with new investors including AXA IM Alts via the AXA Impact Fund – Climate and Biodiversity, HAL Investments and Tailored Solutions.

Existing investors CPT Capital and Scottish Enterprise are also participating and CPT Capital will remain the major shareholder of the company.

Co-founded in Glasgow, Enough – formerly known as 3FBio – makes its trademarked mycoprotein Abunda through what it describes as a zero waste fermentation process.

The company aims to grow more than one million tonnes by 2032, which is equivalent to replacing five million cows, over one billion chickens or reducing over six million tonnes of CO2 emissions .

Enough is currently building a protein factory, which will initially produce 10,000 tonnes per year.

“The market for delicious and nutritious vegan products is growing at a rate that requires a sea change in sourcing sustainable ingredients,” said Jim Laird, CEO of Enough. “This will strengthen our focus, which prioritizes B2B collaboration and sourcing to maximize the pace of growth and reach the market.

“We are privileged to have the support of investors who share our goal of making sustainable proteins. As a long-time dedicated investor in the field of alternative proteins, CPT Capital has unmatched experience investing in companies that disrupt food systems.

He said the tour de table would strengthen the board of directors of the company through “the combination of the expertise and impact of AXA IM Alts, Nutreco, who provide strategic insight, and HAL Investments. , who share our perspective on the need for scalable technologies and food products to meet the needs. for the growth of alternative proteins and meat substitutes in the decades to come ”.

Nutreco CEO Rob Koremans added: “Enough is an exciting company 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 world population. If we really want to achieve this in a sustainable way, we will have to produce protein from various sources such as fermentation, which is a very shared goal. “

Enough claims that its mycoprotein Abunda can be produced more sustainably and cheaply than other protein options.

Last month, he signed an agreement with Unilever to bring a mycoprotein base to his The Vegetarian Butcher line.

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