UK-based mycoprotein producer Enough raised €42m ($49.8m) today in a series B round co-led by animal nutrition specialist Nutreco and Olympic Investments, the private investment arm of the Onassis Foundation.
The round also featured Axa IM Alts, which is part of insurance group Axa and which invested through its Axa Impact Fund-Climate & Biodiversity vehicle, alongside HAL Investments and Tailored Solutions, Scottish Enterprise and CPT Capital, which remains Enough’s largest shareholder.
Enough produces alternative proteins and its core product is Abunda, a mycoprotein obtained from fungi fermentation using renewable feedstocks, primarily grains.
Rich in protein and fibre and naturally fortified in B12, zinc and iron, Abunda is used as a base ingredient for the production of alternative meat, fish and dairy products. Enough has partnerships with consumer goods group Unilever, which uses Abunda in its plant-based products, and supermarket chain Marks & Spencer.
Enough plans to produce over 1 million tonnes of Abunda by 2032, which would be the equivalent of replacing 5 million cows and reducing CO2 emissions by 6 million tonnes over the same period, it said.
To achieve this goal, the company is building a factory in the Netherlands that will initially produce 10,000 tonnes of mycoprotein per year, with the aim of surpassing a million tonnes in 10 years.
Formerly known as 3F Bio, Enough was founded in 2015 as a spinout from University of Strathclyde. CPT Capital led its $7.5m series A round in 2018, investing with Scottish Enterprise, University of Strathclyde, EOS Technology Investment Syndicate and DCVC.
The company had previously secured $530,000 from EOS, Scottish Enterprise (through Scottish Investment Bank), University of Strathclyde, Data Collective (DCVC) and angel investors including Nick Elmslie and Enough’s management team the year before.