ENOUGH, a pioneering force in the realm of sustainable protein, has announced a significant milestone by securing €40 million in growth funding. This momentous round of investment is co-led by World Fund, a preeminent climate tech venture capital firm in Europe, and CPT Capital, a distinguished food tech investor. This funding marks a pivotal stride toward fulfilling ENOUGH's mission of meeting the escalating global demand for sustainable protein.
At the heart of ENOUGH's groundbreaking efforts lies ABUNDA® mycoprotein, a revolutionary protein ingredient created through the fermentation of fungi using renewable feedstocks. This transformative technology is poised to redefine the landscape of alternative meat and dairy products available in leading supermarkets and fast-food chains worldwide.
The urgency of producing sustainable protein to support a burgeoning global population while mitigating environmental impact cannot be overstated. The traditional meat industry contributes to nearly 15% of greenhouse gas emissions, exacerbates methane emissions, and drives deforestation. The call for sustainable solutions has led to a surge in interest and demand for plant-based alternatives. According to research by BCG, the alternative protein market is projected to reach $290 billion by 2035, with at least 10% of global meat, eggs, dairy, and seafood consumption sourced from alternative avenues. However, existing solutions have been constrained by limited scalability and high costs, limiting accessibility to the mass market.
ENOUGH emerges as a trailblazer with a pioneering technology that unlocks large-scale sustainable protein production. Its signature mycoprotein is the result of feeding fungi with sugars from sustainably sourced grain and fermenting the mixture—a process analogous to beer or wine production. This yields ABUNDA®, a protein-rich and fiber-packed ingredient that mirrors the nine essential amino acids found in traditional protein sources. Moreover, ABUNDA® boasts a neutral flavor and meat-like texture that can be harnessed to craft plant-based meat, fish, and dairy products.
What sets ABUNDA® apart is its exceptional efficiency. It outshines beef protein production by up to 15 times, thanks to ENOUGH's proprietary technology and zero-waste production approach. This translates to up to 93% less water consumption, 97% less feed usage, and 97% fewer CO2 emissions compared to traditional beef protein production. ENOUGH's innovation is not only environmentally conscious but also cost-effective, facilitating affordability and accessibility for consumers.
The recent inauguration of ENOUGH's protein factory in Sas van Gent, Netherlands, stands as a testament to the company's commitment to scale its transformative solution. Operating in conjunction with a Cargill facility, this factory is strategically positioned for efficient feed sourcing and aligns with ENOUGH's zero-waste strategy. Initially, the factory will produce 10,000 metric tonnes of ABUNDA® annually, with ambitious plans to scale production to over 60,000 tonnes per year—equivalent to cultivating the protein content of a cow every two minutes.
World Fund's endorsement of ENOUGH is a testament to the innovative technology's capacity to drive meaningful carbon reduction. The fund focuses on supporting entrepreneurs who develop climate technology solutions capable of substantial CO2 savings.
With the infusion of €40 million in growth funding, ENOUGH's total capital raised surpasses €95 million. This investment will bolster the expansion of capacity at its Netherlands factory, meeting escalating customer demand for ABUNDA® mycoprotein. The company will also fuel growth across its offices in Glasgow, London, and Sas van Gent. ENOUGH's audacious goal is to collectively produce over one million tonnes of ABUNDA® by 2032—an endeavor equivalent to replacing five million cows or more than one billion chickens. This ambition reflects the company's unwavering commitment to sustainably feeding a burgeoning global population while addressing the unsustainable impact of traditional protein farming.