Meat substitute firm Enough raises £34 million
A Scottish meat substitute company has secured €40m (£34.2m) in equity funding to double its headcount and scale up the business.
Enough, based in Glasgow, has developed a mycoprotein called “ABUNDA” that can be used as an ingredient in plant-based alternative products.
Founded in 2015 as 3FBio, a spinout from the University of Strathclyde, it has a London commercial hub and two factories in the Netherlands. It has 55 employees and intends to double that figure over the next year.
The latest funding round is one of the bigger rounds in the alternative protein category this year and was led by World Fund and CPT Capital. Previous backers AXA IM Alts, HAL Investments, Onassis Group, Tailored Solutions and Scottish Enterprise also added to their investments.
So far Enough has received more than €95m (£81.1m) from investors.
Jim Laird, chief executive and founder, who managed Quorn’s international business between 2008 and 2011, said: “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.”
The company’s first factory began growing fungi protein last year. It is aiming to produce 10,000 tonnes a year initially, before scaling up to 60,000 tonnes – or equal to a cow’s protein content every couple of minutes.
Enough has a target of manufacturing a million tonnes collectively by 2032.
At its headquarters in Glasgow, the food tech business has a farm and kitchen R&D centre, where there is a smaller set up of its factory to make ABUNDA.
World Fund managing partner Craig Douglas, said: “The company is tackling crucial bottlenecks in the creation of sustainable protein.”