The innovative foodtech company, Enough, has secured a substantial €40 million ($43.5 million) in growth funding to amplify its mycoprotein production. The Scotland-based firm is channeling these funds to double the output capacity of its inaugural production site in the Netherlands, established in September of the previous year.
Enough, founded initially as 3F BIO in 2015 by Jim Laird, a veteran in food operations, has developed a unique technology that ferments fungi using sugars from renewable sources. This process, reminiscent of beer fermentation, results in the creation of Abunda, a sustainable mycoprotein. Touted for its neutral taste, meat-like texture, and rich protein and fiber content, Abunda is a promising ingredient for plant-based meat, fish, and dairy alternatives.
Highlighting the efficiency of their product, Enough claims that Abunda is up to 15 times more resource-efficient than beef protein. This efficiency reduces feed consumption, decreases carbon dioxide emissions, and creates a more cost-effective production process.
Before establishing the Netherlands facility, Enough’s production was limited to small batches. With the new facility, the company is set to produce over a tonne of Abunda every hour, amounting to approximately 10,000 metric tonnes annually. Retail launches are anticipated by the end of this year, with a more significant rollout expected in 2024.
Discussing prospects in an interview with Techcrunch, Laird mentioned, “Given the current market trajectory, we foresee demand surpassing our capacity by the latter half of 2024. As a result, we’re initiating the installation of a second production line.” He also shared ambitious plans to scale production to over 60,000 tonnes annually starting in 2024, producing the protein equivalent of one cow every two minutes.
The influx of funds will bolster Enough’s capacity expansion and team growth across its Glasgow, London, and Sas van Gent offices. The company has also partnered with industry giants like Plukon Food Group, M&S, and Unilever for market launches. It is gearing up to complete its second production line by the end of 2024.
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