Glasgow, Scotland-based food technology startup pioneering high-scale sustainable protein production, ENOUGH raised EUR 40 million in growth funding. The company announced the investment on August 21, 2023. World Fund, one of Europe’s leading climate tech VC and leading food tech investor CPT Capital led the financing for the firm. Meanwhile, existing investors such as AXA IM Alts through the Axa Impact Fund, HAL Investments through 280ppm, Onassis Group through Olympic Investments Inc, Tailored Solutions and Scottish Enterprise also provided the investment. So far, the total funds raised by the company amount to more than EUR 95 million.
Purpose of financing for ENOUGH
With the latest financing, the company seeks to scale up capacity at its factory in the Netherlands. It aims to serve growing customer demand for ABUNDA mycoprotein while also growing its teams across its offices in Glasgow, London and at Sas van Gent.
Further, ENOUGH has plans to grow more than one million tonnes of ABUNDA cumulatively by 2032, the equivalent of replacing 5 million cows or over 1 billion chickens, to feed a growing global population and tackle the unsustainable impact of traditional protein farming.
What the company’s official has to add
Jim Laird, founder and CEO of ENOUGH, said, “ENOUGH has made great strides in the past few years to launch our new factory in the Netherlands and scale up to work with customers across the UK and Europe. With this new funding, we will accelerate that growth. The alternative protein market is a multi-billion dollar opportunity, and the ethical and environmental reasons to embrace non-animal protein sources are more pressing than ever. We’re delighted to be leading this food revolution with our proprietary ABUNDA mycoprotein. We’re excited to welcome our new investors World Fund and look forward to working closely with them on the next phase of growth for ENOUGH.”
What the investors have to add
Craig Douglas, Founding Partner at World Fund, further commented, “We’re delighted to be supporting ENOUGH as they scale up to become the global leader in sustainable protein. The company is tackling crucial bottlenecks in the creation of sustainable protein. Meanwhile, they use fewer resources and maintain a zero-waste process. It further enables ENOUGH to have a lower carbon footprint compared to other plant-based protein sources whilst producing at scale and providing supply security to a growing market. It helps that the products featuring ABUNDA are delicious too. ENOUGH’s work has the potential to help combat food scarcity, reduce the use of resources in the food industry and reduce emissions on a global scale. We also look forward to working with Jim and the team to help them achieve this.”
Besides, Harry Kalms, CPT Capital, added, “We are excited to continue supporting the ENOUGH team to deliver high-quality, alternative protein solutions supporting change in the global food system. Since our first investment five years ago, ENOUGH has stood out as a company that is poised to make a meaningful positive impact on today’s unsustainable food system. Now, with the completion of their first industrial production facility and this growth financing round, ENOUGH is leveraging its strong foundations to move into a new phase of large-scale commercialisation.”
About the company
Jim Laird in 2015 launched the company. The company’s mission is to serve the world’s growing demand for sustainable protein. ENOUGH produces ABUNDA® mycoprotein, fermenting fungi using renewable feedstocks to produce alternative ingredient proteins at scale.
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