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Friday, February 3, 2023

UK-Based Mycoprotein Company Raises US$51 Million Series B Funding

Food tech start-up Enough (formerly 3F BIO) has secured US$51 million in Series B funding led by Nutreco, an animal nutrition and aqua feed company, and Olympic Investments Inc.

Some new investors participating in the round include, AXA IM Alts, HAL Investments and Tailored Solutions. Existing investors CPT Capital and Scottish Enterprise were also a part of the investment round. CPT Capital will remain the largest shareholder in the company.

Enough has developed a proprietary mycoprotein Abunda using fermentation process and aims to grow over a million tonnes of the product by 2032, which it says is the equivalent of replacing five million cows, over one billion chickens or reducing more than six million tonnes of CO2 emissions, the equivalent of planting >30 million trees.

Abunda mycoprotein is rich in protein, fibre, essential amino acids, zinc and iron. The fibrous texture of the product makes it perfect for use in a wide variety of meat alternatives. According to Enough, 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 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,” Jim Laird, CEO of Enough, said in a press statement.

“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.”

To help meet its ambitious tagets, Enough is building a first of its kind protein factory, which will initially produce 10,000 tonnes per annum, and targets producing over a million tonnes by 2032.

The plans are supported and have received funding from the Bio-Based Industries Joint Undertaking within the European Union’s Horizon 2020 research and innovation programme under grant agreement No 838104-Plenitude.

Enough will be participating at COP26 in Glasgow this November, where it will highlight the merits of a high scale impactful solution as part of the accepted need for sustainable food.

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