Venture Capital: Alternative Meat Startup ENOUGH Lands €40M

The alternative protein market has been projected to grow to $290 billion by 2035, according to a study by management consulting firm Boston Consulting Group. That holds promise for ENOUGH.

Scottish startup ENOUGH, a mycoprotein producer, has secured €40 million ($43.5 million) in equity funding to expand its plant-based chicken, mince, and dairy offerings for supermarkets and fast-food chains. ENOUGH utilizes mycoprotein, derived from fungus, as a vegan protein source, intending to sell it to businesses for incorporation into their own meat products including plant-based chicken, mince and dairy. It counts Unilever and Marks & Spencer amongst its partners in food technology.

Launched in 2015, ENOUGH has raised over €95 million, becoming Europe’s most well-funded mycoprotein startup. The mycoprotein is produced sustainably, using significantly less water and feed than conventional meat, leading to a substantial reduction in CO2 emissions. (Yahoo Movies)

Climate tech VC World Fund and foodtech investor CPT Capital led the funding, with previous investors also participating. The latter included AXA IM Alts and the Olympic Investments company of the Onassis shipping family.

The funding will support scaling production and expanding teams, aiming to replace millions of cows and chickens by 2032. Despite recent challenges in the alternative meat sector, ENOUGH seeks to tap into a projected $290 billion alternative protein market by 2035.

Related Story:  Meatable Raises $35M Series B For Its Cultivated Pork Products

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