Food tech start-up ENOUGH (formerly 3F BIO), which is pioneering high scale sustainable protein production, has raised €42 million in Series B funding.
ENOUGH produces ABUNDA® mycoprotein, fermenting fungi using renewable feedstocks to make the most sustainable source of food protein. Using fermentation to meet future food protein needs is widely recognised as being the most effective solution to feed a growing planet.
ENOUGH targets growing over a million tonnes by 2032 which is the equivalent of replacing 5 million cows, over 1 billion chickens, or reducing more than 6 million tonnes of CO2 emissions, the equivalent of planting >30 million trees. ABUNDA is sustainable through its advantaged feed conversion, low carbon footprint, and water usage.
The funding round is led by Nutreco, a global leader in animal nutrition and aquafeed, and Olympic Investments Inc. along with new investors including AXA IM Alts through the AXA Impact Fund – Climate & Biodiversity, HAL Investments, and Tailored Solutions. Existing investors CPT Capital and Scottish Enterprise are also participating and CPT Capital will remain the largest shareholder in the company.
Jim Laird, CEO of ENOUGH said “The market for delicious, nutritious vegan products is growing at a pace that requires a step-change in the supply of sustainable ingredients. This will supercharge our focus which prioritises collaboration and B2B supply to maximise the pace of growth and reach into the market”.
Nutreco CEO, Rob Koremans said “ENOUGH is an exciting business with real potential to transform protein production. This partnership perfectly supports our ambitions to accelerate the contribution we can make to the challenge of feeding a growing global population. If we are serious about meeting this objective in a sustainable way, we will need to produce protein from a variety of sources such as fermentation, which is very much a shared goal.”
Jonathan Dean, Head of Impact Investing at AXA IM Alts added: “We are excited to support ENOUGH in its mission to provide a scalable alternative to animal protein, which in turn contributes to the transition towards a more sustainable, climate-aligned food system. Our partnership with ENOUGH demonstrates our continued support for innovative investment solutions that are aligned with our overarching aim to invest in solutions that combat climate change and preserve biodiversity.”
CPT Capital – who led the Series A investment– said “ENOUGH excites because of their B2B focus and their ability to create impact and scale within a short timescale. ENOUGH will provide a sustainable alternative to the problem of factory farming / intensive animal agriculture.”
Dr Olga Kozlova, Director of Innovation and Industry Engagement from the University of Strathclyde, which was an early-stage investor into the company, said: “ENOUGH is a fantastic example of an innovative company which is also focused on sustainability and exemplifies our mission at Strathclyde to create original solutions for real-world problems. “We are looking forward to the company entering this new next stage of its exciting journey.”
Learn more about ENOUGH
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Article originally published on Bridge2Food website – 23 June 2021