The funding was co-led by Europe’s renowned climate tech venture capitalist, World Fund, and prominent food tech investor, CPT Capital. Notable investors such as AXA IM Alts, HAL Investments, Onassis Group, Tailored Solutions, and Scottish Enterprise also reinforced their commitment to ENOUGH.

Rooted in its vision to cater to the escalating global demand for sustainable protein, ENOUGH’s pioneering technology produces a core protein named ABUNDA mycoprotein. This is achieved through the fermentation of fungi using renewable feedstocks, a process akin to beer or wine production. This unique ingredient, high in protein and fibre, is poised to be a crucial component in alternative meat and dairy products, targeted for leading supermarket chains and fast-food brands globally.

Given that the meat industry contributes to nearly 15% of global greenhouse gas emissions and is a significant deforestation driver, the demand for plant-based foods has skyrocketed. Research by Boston Consulting Group suggests that by 2035, the alternative protein sector could be worth $290 billion (£227bn), with a minimum of 10% of global meat, eggs, dairy, and seafood being sourced alternatively.

The recent funding surge brings ENOUGH’s total capital to over €95m (£81.2m). This financial boost will be instrumental in ramping up production capacity in the Netherlands and expanding its teams across Glasgow, London, and Sas van Gent. By 2032, ENOUGH aims to produce over one million tonnes of ABUNDA, equivalent to replacing 5 million cows or over 1 billion chickens.

Jim Laird, co-founder and CEO of ENOUGH, said: “ENOUGH has made great strides in the past few years to launch our new factory in the Netherlands and scale up to work with customers across the UK and Europe. With this new funding, we will accelerate that growth.

“The alternative protein market is a multi-billion dollar opportunity, and the ethical and environmental reasons to embrace non-animal protein sources are more pressing than ever. We’re delighted to be leading this food revolution with our proprietary ABUNDA mycoprotein.

“We’re excited to welcome our new investors World Fund and look forward to working closely with them on the next phase of growth for ENOUGH.”

Craig Douglas, founding partner at World Fund, said: “We’re delighted to be supporting ENOUGH as they scale up to become the global leader in sustainable protein. The company is tackling crucial bottlenecks in the creation of sustainable protein, whilst using fewer resources and maintaining a zerowaste process, which is enabling ENOUGH to have a lower carbon footprint compared to other plantbased protein sources, whilst producing at scale and providing supply security to a growing market.

“It helps that the products featuring ABUNDA are delicious too. ENOUGH’s work has the potential to help combat food scarcity, reduce the use of resources in the food industry and reduce emissions on a global scale and we look forward to working with Jim and the team to help them achieve this.”

Harry Kalms, CPT Capital, said: “We are excited to continue supporting the ENOUGH team to deliver high-quality, alternative protein solutions supporting change in the global food system. Since our first investment 5 years ago, ENOUGH has stood out as a company that is poised to make a meaningful positive impact on today’s unsustainable food system.

“Now, with the completion of their first industrial production facility and this growth financing round, ENOUGH is leveraging its strong foundations to move into a new phase of large-scale commercialisation.”