Plant-based protein producer Enough secures €40 million to meet soaring demand
Creating protein from mushrooms is not new, but Enough believes their unique technology and ability to increase production quickly will set them apart from the competition. To test this theory, the Scotland-based company has secured €40 million ($43.5 million in today’s dollars) in growth funding. The funds will be used to double the output capacity of their first production site in the Netherlands, which was completed in September of last year.
Enough was initially established as 3F BIO in 2015 by Jim Laird, a food operations expert. The company’s exclusive technology involves feeding fungi with renewable feedstock sugars and fermenting it like beer production.
Abunda sustainable mycoprotein is the result of a process that produces a neutral-flavored protein with a meaty texture that is high in protein and fiber. This protein can be used to make plant-based meat, fish, and dairy products. The company claims that Abunda is up to 15 times more efficient than protein from beef, requiring less feed and producing fewer carbon dioxide emissions, which makes it more affordable to construct.
According to the company, its focus is on introducing high-scale capacity that serves the market on a B2B basis, with the ability to grow in line with the growing demand. As the protein transition continues, there is a need for non-animal sources that taste as good or better than animal products while costing the same or less. The company’s process achieves this aim.
Before building the factory in the Netherlands, Enough produced small batches. With the factory online, they are ramping up production, initially delivering over a tonne of Abunda every hour and around 10,000 metric tonnes per year. However, since the lead time from factory trials at its customers to the point where Enough supplies to retailers often take six months, the company expects retail launches at the end of the year, with more beginning in 2024.
According to Laird, our capacity may not meet the demand by the second half 2024. As a result, we are initiating the installation of a second line. Doubling our capacity is significant, but it must still catch up to the projected global demand of approximately 10,000 tonnes per week. This equates to one of our lines being necessary every week.
Our plans include scaling to over 60,000 tonnes per year by 2024. This would be like growing one cow’s worth of protein every two minutes. We anticipate reaching a cumulative total of over a million tonnes by 2032. If the market continues as expected, Enough has plans for a second location and is considering North America.
Enough, a mushroom-focused food tech company has recently secured a round of venture capital funding, joining the likes of Meati Foods and Fable Foods. The growth funding was closed this month, and the total capital raised by Enough to date is now over €95 million ($103 million). The round was co-led by World Fund and CPT Capital, with participation from existing investors, including AXA IM Alts through the Axa Impact Fund, HAL Investments through 280ppm, Onassis Group through Olympic Investments Inc., Tailored Solutions, and Scottish Enterprise.
This new investment will enable Enough to expand its factory capacity and increase its teams across its offices in Glasgow, London, and Sas van Gent. Enough’s employee base has grown to 60, including the addition of John Gray as managing director of its Europe operations. The company is also currently collaborating with Plukon Food Group, M&S, and Unilever on first-market launches while preparing to build its second production line, to be completed by the end of 2024.
According to Laird, the company’s focus in the coming years will be to align capacity with demand as it grows. The team will continue to look at their growth finance needs while strengthening their key areas.