June 28, 2021

photo credit: ENOUGH

By Lynda Kiernan-Stone, Global AgInvesting Media

ENOUGH (formerly 3F BIO), a Glasgow-based alternative protein startup making ABUNDA mycoprotein – a sustainable vegan protein created by fermenting fungi fed by renewable feedstocks – announced it has closed on a $51 million Series B. 

“The market for delicious, nutritious vegan products is growing at a pace that requires a step change in the supply of sustainable ingredients,” said Jim Laird, CEO,ENOUGH. “This will supercharge our focus which prioritizes collaboration and B2B supply to maximize the pace of growth and reach into the market.”

This round was led by global animal nutrition and aquafeed leader Nutreco and Olympic Investments Inc. New investors joining the round include AXA IM Alts through its AZA Impact Fund – Climate & Biodiversity, HAL Investments, and Tailored Solutions.

Existing participating investors include Scottish Enterprise, and CPT Capital, which led the company’s Series A and remains its largest shareholder.

“We are privileged by support from investors who share our focus on making sustainable protein,” said Laird. “As a longstanding dedicated investor in the alternative protein space, CPT Capital has unmatched experience investing in companies disrupting the food systems.”

He continued, “We are delighted to strengthen the Board with the combination of expertise and impact focus from AXA IM Alts who have a long history of impact investment, Nutreco who provide strategic insights, and by HAL Investments who share our view regarding the need for scalable technologies and food products to cater for growth of alternative proteins and meat substitutes in decades to come.”

Founded in 2015 under its original name 3F Bio by Jim Laird, David Ritchie, and Craig Johnston (the name change occurred earlier this year to reflect the premise that “One Earth needs to be ENOUGH”), ENOUGH is aiming to meet the world’s future protein demands in the most sustainable way – by using fermentation and renewable feedstock.

The company’s flagship product is ABUNDA, a complete mycoprotein containing all essential amino acids and a high concentration of dietary fiber that has an advantageous feed conversion rate, has a low carbon footprint and water usage, and can be used as a base for the production of meat, dairy, and seafood alternatives. 

By 2032 ENOUGH is targeting production of over one million tons – the equivalent of replacing 5 million cows, more than 1 billion chickens – or – reducing more than 6 million tons of CO2 emissions, or planting more than 30 million trees.

“ENOUGH is an exciting business with real potential to transform protein production,” said Rob Koremans, CEO, Nutreco. “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.”

Last month the company announced an agreement with Unilever to source its mycoprotein for The Vegetarian Butcher – the supplier of plant-based products to Burger King – and the formation of a collaboration with Marks and Spencer last year to originate protein for a vegan range of products. 

“ENOUGH excites because of their B2B focus and their ability to create impact and scale within a short timescale,” said CPT Capital. “ENOUGH will provide a sustainable alternative to the problem of factory farming / intensive animal agriculture.”

Currently ENOUGH is building a first-of-its-kind production facility that will have an initial output capacity of 10,000 tons per year as a starting point toward 1 million tons of protein per year.

“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,” added Jonathan Dean, head of impact investing, AXA IM Alts. “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.”

– Lynda Kiernan-Stone is editor with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Oilseed & Grain News. She can be reached at lkiernan@globalaginvesting.com.