Scottish company ENOUGH secures £34M to scale production of its mycoprotein
Image credits: ENOUGH
Scottish company ENOUGH has raised around £34 million in growth funding to scale up production capacity for its ABUNDA mycoprotein.
ABUNDA mycoprotein is made through a process of fermentation, where fungi is fed with natural sugars found in grains and then grows the mycoprotein ingredient in large volumes.
ENOUGH says the ingredient is high in protein and fibre and contains the essential nine amino acids. It also is neutral in flavour and delivers a meat-like texture, making it suitable for use in plant-based meat, fish, and dairy products.
The company completed construction on its mycoprotein factory last year in Sas van Gent, the Netherlands, which is to be used to produce the ABUNDA protein ingredient at scale. Its facility is positioned alongside a Cargill factory which turns grains into sugar that the company then can use as feedstock. ENOUGH is initially working to produce 10,000 metric tonnes of ABUNDA each year at the factory and plans to scale up to 60,000 tonnes a year.
Following the latest growth funding, ENOUGH’s total capital stands at over £80 million. The company is using the fund to grow its teams in Glasgow, London and Sas van Gent. It will also scale up capacity at the Dutch factory, with its goal being to have grown over one million tonnes of ABUNDA altogether by 2032.
The European climate tech VC World Fund and food tech investor CPT Capital co-led the investment. Other returning investors included alternative investments group AXA IM Alts through the Axa Impact Fund, Dutch investment group HAL Investments through 280ppm, Onassis Group through Olympic Investments Inc, Tailored Solutions, and Scottish Enterprise.
Left to right: Darius Blaszyk, Director of Technology & Capital Projects, Rob Cooghe, Site Director, Jim Laird, co-founder and CEO, Elaine Ferguson, CFO, and John Gray, Managing Director (EU)
Left to right: Darius Blaszyk, Director of Technology & Capital Projects, Rob Cooghe, Site Director, Jim Laird, co-founder and CEO, Elaine Ferguson, CFO, and John Gray, Managing Director (EU)
Commenting on the news of the latest raise, Jim Laird, co-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.”
Craig Douglas, Founding Partner at World Fund, added: “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, whilst using fewer resources and maintaining a zero-waste process, which is enabling 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 and we look forward to working with Jim and the team to help them achieve this.”
Last year, the company teamed up with several figures working in the fungi protein sector including Quorn, Nature’s Fynd, and Mycorena among others, to establish a new trade group called the Fungi Protein Association to accelerate the production of sustainable fungi-based proteins.
