Food technology innovator ENOUGH has secured €40 million ($43.5 million) in a recent funding round, a significant feat considering the apparent deceleration in the alternative meat and protein industry. The company, renowned for transforming fungi into protein for plant-based dairy, chicken, and mince products, received backing from several investors.
Key Investors and Funding Partners
- Leading the funding round were World Fund and CPT Capital, the latter known for its early investments in industry giants like Beyond Meat and a stakeholder in Upside Foods.
- Repeat investors such as AXA IM Alts and the Olympic Investments company of the Onassis shipping family also contributed.
- ENOUGH’s partnership circle includes heavyweight brands such as Unilever and Marks & Spencer.
CEO Jim Laird, who once helmed plant-based meat company Quorn, highlighted the strides ENOUGH has taken recently. “The opening of our factory in the Netherlands and our scaling efforts across the UK and Europe has set the stage for exponential growth,” he commented.
Standing Out in the Protein Transition
Although deriving protein from mushrooms isn’t groundbreaking, ENOUGH believes its unique technology and scalability give it a competitive edge. The company’s process involves feeding fungi with sugars from renewable resources, then fermenting it—a procedure akin to brewing beer. The outcome, named “Abunda,” is a sustainable mycoprotein known for its neutral taste, meat-like texture, and richness in protein and fiber.
Learn more about mycoprotein and its benefits.
Efficiency and Environmental Benefits
- Abunda boasts an efficiency of up to 15 times that of beef protein production.
- It uses less feed and emits lesser carbon dioxide, making it cheaper and more environmentally friendly.
Gearing Up for Market Dominance
ENOUGH, previously named 3F BIO and founded in 2015 by Jim Laird, commenced operations by producing in small batches. After the establishment of its Netherlands factory, the production figures have been remarkable. The firm currently yields over a tonne of Abunda every hour, translating to around 10,000 metric tonnes annually. However, retail launch plans are set for the end of this year and more in 2024, given the six-month lead time from factory trials to supplying retailers.
Laird predicts that by 2024’s second half, demand might outstrip their production capacity. Consequently, they’re gearing up to install a second production line. “If we consider projections from top banks and consultancies, the rising global demand, estimated at about 10,000 tonnes per week, will require us to massively upscale our output,” Laird observed.
Looking Ahead
ENOUGH has ambitious plans for the future. By 2024, the goal is to scale up production to over 60,000 tonnes annually. By 2032, they aim to have produced over a million tonnes cumulatively. They’re also scouting for a potential second location, with North America in their sights.
Joining the likes of mushroom-focused food tech firms such as Meati Foods and Fable Foods, ENOUGH’s recent funding elevates their total capital to a whopping €95 million ($103 million). With these resources, they aim to augment factory capacity, expand teams across multiple locations, and add more talent like John Gray, their newly appointed managing director for Europe.
In partnership with brands like Plukon Food Group, M&S, and Unilever, the company prepares for first-market launches and the construction of its second production line, set for completion by 2024’s end.
Final Words from Laird
Laird summed up the company’s journey, “As we continue to bolster our team and assess our financial growth needs, the key challenge remains to align our capacity with surging demand. Over the coming years, our focus will remain on outpacing the demand curve.”
