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ENOUGH closes €42m funding spherical to ‘maximise the tempo of direct’

ENOUGH – previously 3F Bio – produces ABUNDA mycoprotein, a fermented fungal ingredient to be used in the different protein advise.

ABUNDA is a ‘full’ food ingredient that contains all 9 wanted amino acids and is excessive in dietary fibre. It’s described as ‘gentle in coloration, impartial in model and fibrous in texture’ and is correct for makes exhaust of in a diversity of capabilities, including different meat, seafood and dairy products.

The mycoprotein is grown by feeding fungi with sugar feedstocks, sourced from sustainable grains, in a broad-scale continuous fermentation course of.

Glasgow-based completely ENOUGH is at this time constructing a ‘first of its fashion’ mycoprotein manufacturing facility in the Netherlands, which is able to have a 50,000-tonne ability. The firm expects to first of all develop 10,000 tonnes each and every year when the power is operational – by the give up of 2022 – and has centered production of over 1,000,000 tonnes cumulatively interior 10 years of its initiate.

Capital raised will be aged to bolster pattern of ENOUGH’s production footprint. “The Use of Funds helps set up and price of 10,000 tonnes of initial ability in Europe, with plans to develop to 50,000 tonnes by 2027,”​ Industrial Director Andrew Beasley suggested FoodNavigator.

Reaching scale: ‘The stress is rising’

Impulsively scaling up ability is a priority for ENOUGH, which has already entered into excessive-profile provide partnerships with the likes of Unilever and UK retailer Marks & Spencer.

“The marketplace for elegant, nutritious vegan products is rising at a tempo that requires a step substitute in the provision of sustainable substances. This can supercharge our focal level which prioritises collaboration and B2B provide to maximise the tempo of direct and reach into the market,”​ Jim Laird, CEO of ENOUGH, notorious.

“The build an teach to for sustainable, wholesome protein is estimated at 100 million tonnes interior 10 years. The stress on provide is with out grief a rising self-discipline as we web closer to initiate,”​ Beasley added.

ENOUGH ABUNDA

ABUNDA ‘because it comes out of the fermenter’ / PIC: ENOUGH

Producing ‘gigantic portions’ of wholesome and sustainable protein to meet this need is one in all the most ‘pressing world priorities’. ENOUGH believes ABUNDA might presumably moreover be a part of the acknowledge on fable of it is an ‘existing advantaged ingredient’ with an ‘established market characteristic’. It’s moreover extra sustainable and less pricey than utterly different protein alternatives, in conserving with the firm.

Beasley defined that ENOUGH’s fermentation course of is ‘extra handy resource-atmosphere pleasant than both animal and plant farming’. ABUNDA mycoprotein makes exhaust of 97% less feed than beef, 80% lower than chickens and 40% less feed than soya beans. It’s moreover vastly extra water atmosphere pleasant, utilizing 93% less water than beef, 55% less water than chickens and 29% less water than soy. The firm reported that its carbon emissions are 97% lower than beef, 80% lower than chickens and 53% lower than soy.

On payment, he elaborated: “We don’t compare ourselves to plant proteins, primarily for the reason that present market for plant proteins is lower than 10% of the animal protein market. To assemble scale, we want to be at or lower than the payment of animal protein and that is where we are on the present time. Most plant protein foods in the marketplace are vastly dearer than the meat different, which is a barrier to scale. Our formula on payment, mixed with the tidy model and naturally fibrous texture aligns with ABUNDA’s promise of ‘tasting as appropriate or better, and costing the an identical or lower than cattle decisions’.”

ENOUGH bacon made with ABUNDA

Meat-free bacon made with ABUNDA / Pic: ENOUGH

ENOUGH has ‘possible to remodel protein production’

The funding spherical was led by Nutreco, a world leader in animal nutrition and aqua feed, and Olympic Investments alongside contemporary traders including AXA IM Alts by the AXA Affect Fund – Local climate & Biodiversity, HAL Investments and Tailor-made Choices. Unusual traders CPT Capital and Scottish Endeavor moreover participated. CPT Capital will stay the biggest shareholder in the firm.

ENOUGH Chief Government Laird said the firm was supported by traders that ‘share our focal level on making sustainable protein’. “We are pleased to bolster the Board with the mix of skills and impression focal level from AXA IM Alts who’ve a long history of impression funding, Nutreco who present strategic insights, and by HAL Investments who share our look referring to the need for scalable applied sciences and food products to cater for direct of assorted proteins and meat substitutes in a long time to reach.”

Commenting on the funding, Nutreco CEO Opt Koremans described ENOUGH as an ‘engaging enterprise’ with ‘right possible to remodel protein production’.

“This partnership completely helps our ambitions to plug the contribution we can compose to the self-discipline of feeding a rising world population. If we are fascinated by meeting this goal in a sustainable capacity, we are going to web a plan to pray to make protein from a diversity of sources equivalent to fermentation, which is amazingly essential a shared goal,”​ he notorious.

Jonathan Dean, Head of Affect Investing at AXA IM Alts added that offering a scalable different to animal protein will make a contribution to the ‘transition in direction of a extra sustainable, local climate-aligned food blueprint’.

CPT Capital – who led the Collection A funding – said: “ENOUGH excites thanks to their B2B focal level and their ability to compose impression and scale interior a short timescale. ENOUGH will present a sustainable different to the self-discipline of manufacturing facility farming / intensive animal agriculture.”

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