UK: Enough closes €42m Series B amid plans to scale product

Funding round led by animal nutrition giant Nutreco as Enough plots factory build

Mycoprotein manufacturer Enough has raised €42 million (£35.9 million) in a Series B funding round led by animal nutrition giant Nutreco and Olympic Investments.

New investors AXA IM Alts, HAL Investments and Tailored Solutions also participated, alongside existing investors CPT Capital and Scottish Enterprise.

AXA IM Alts will also sit on the start-up’s board of directors, while Nutreco will provide strategic insights.

Enough produces its patented mycoprotein using fungi fermented with renewable feedstock to tackle pressing sustainability challenges in the food sector.

The start-up has set itself a target of producing over a million tonnes of its mycoprotein by 2032, which would reduce more than six million tonnes of CO2 emissions.

It plans to use the funds raised in this round to build a protein factory to scale the product.

Enough has also received a grant from the Bio-Based Industries Joint Undertaking within the European Union’s Horizon 2020 research and innovation programme.

Enough CEO Jim Laird said of the funding round: “This will supercharge our focus which prioritises collaboration and B2B supply to maximise the pace of growth and reach into the market.

“We are privileged by support from investors who share our focus on making sustainable protein, he added.

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,” Koremans added.

In May, Enough secured a deal with Unilever to provide its mycoprotein to the CPG behemoth’s plant-based Vegetarian Butcher brand.