Food tech company Enough has announced the successful raise of €40 million in growth funding to scale up production of its mycoprotein ingredient, ‘Abunda’.

The Series C funding round was co-led by climate tech venture capital fund World Fund, and food tech investor CPT Capital which continued its commitment. Other previous investors also followed on, including AXA IM Alts, HAL Investments, Onassis Group, Tailored Solutions and Scottish Enterprise.

Enough, which was previously named 3F Bio, produces its Abunda mycoprotein by fermenting fungi using renewable feedstocks to produce alternative ingredient proteins at scale.

The ingredient is designed for use in plant-based meat, fish and dairy alternative products, to be sold in supermarkets and foodservice around the world. It is high in protein and fibre, contains all nine essential amino acids and is described as having a neutral flavour and “meat-like” texture.

According to Enough, its technology makes Abunda up to 15 times more efficient than protein from beef, using up to 93% less water, 97% less feed and causing 97% fewer CO2 emissions.

The company recently opened a factory in Sas van Gent, Netherlands, to create Abunda at scale. It is co-located alongside a Cargill factory to ensure efficient feed source in support of Enough’s zero-waste product strategy. Initially, the factory will produce 10,000 metric tonnes of Abunda per year, with plans to scale this up to more than 60,000 tonnes per year.

With the new growth funding, Enough’s total capital raised has reached over €95 million. This will support scaling up capacity at the Netherlands factory while also growing its teams across its offices in Glasgow, London and at Sas van Gent. The company has an R&D centre in Scotland, which includes a scaled-down version of its industrial process and a development kitchen.

Enough aims to grow over one million tonnes of Abunda cumulatively by 2032, the equivalent of replacing five million cows or over one billion chickens.

Jim Laird, co-founder and CEO of Enough, said: “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”.

He added: “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”.

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