NUTRECO INVESTS IN FOOD TECH START-UP
Nutreco has announced its investment in food tech start-up ENOUGH (formerly 3F BIO), who are pioneering high scale sustainable protein production via fungal fermentation.
ENOUGH produces ABUNDA® mycoprotein, fermenting fungi using renewable feedstocks to make a sustainable source of food protein. Using fermentation to meet future food protein needs is widely recognised as being the most effective solution to feed a growing planet. ENOUGH targets growing over a million tonnes by 2032, which is the equivalent to reducing more than 6 million tonnes of CO2 emissions, the equivalent of planting >30 million trees. ABUNDA is sustainable through its advantaged feed conversion, low carbon footprint and water usage.
The funding round is led by Nutreco and Olympic Investments Inc. along with new investors including AXA IM Alts through the AXA Impact Fund – Climate & Biodiversity, HAL Investments and Tailored Solutions. Existing investors CPT Capital and Scottish Enterprise are also participating and CPT Capital will remain the largest shareholder in the company.
Jim Laird, CEO of ENOUGH says, “The market for delicious, nutritious vegan products is growing at a pace that requires a step change in the supply of sustainable ingredients. This will supercharge our focus which prioritises collaboration and B2B supply to maximise the pace of growth and reach into the market.
We are privileged by support from investors who share our focus on making sustainable protein. As a long-standing dedicated investor in the alternative protein space, CPT Capital has unmatched experience investing in companies disrupting the food systems. We are delighted to strengthen the Board with the combination of expertise and impact focus from AXA IM Alts who have a long history of impact investment, Nutreco who provide strategic insights, and by HAL Investments who share our view regarding the need for scalable technologies and food products to cater for growth of alternative proteins and meat substitutes in decades to come.”
Nutreco CEO, Rob Koremans comments, “ENOUGH is an exciting business with real potential to transform protein production. This partnership perfectly supports our ambitions to accelerate the contribution we can make to the challenge of feeding a growing global population. If we are serious about meeting this objective in a sustainable way, we will need to produce protein from a variety of sources such as fermentation, which is very much a shared goal.”
Jonathan Dean, Head of Impact Investing at AXA IM Alts adds, “We are excited to support ENOUGH in its mission to provide a scalable alternative to animal protein, which in turn contributes to the transition towards a more sustainable, climate-aligned food system. Our partnership with ENOUGH demonstrates our continued support for innovative investment solutions that are aligned with our overarching aim to invest in solutions that combat climate change and preserve biodiversity.”
CPT Capital says, “ENOUGH excites because of their B2B focus and their ability to create impact and scale within a short timescale. ENOUGH will provide a sustainable alternative to the problem of factory farming / intensive animal agriculture.”
Producing vast quantities of healthy and sustainable protein is one of the most urgent global priorities. ENOUGH addresses this by growing ABUNDA mycoprotein, an existing advantaged ingredient with an established market role, more sustainably and at a lower cost than other protein options.
ENOUGH is building a first of its kind protein factory which will initially produce 10,000 tonnes per annum and which targets producing over a million tonnes by 2032. The plans are supported and have received funding from the Bio-Based Industries Joint Undertaking within the European Union’s Horizon 2020 research and innovation programme under grant agreement No 838104-Plenitude.
As a sustainable food ingredient company who are founded in Glasgow, ENOUGH looks forward to the participating at COP26 in November of this year, where it will highlight the merits of a high scale impactful solution as part of the accepted need for sustainable food.