ENOUGH, a food technology firm in collaboration with Unilever (ULVR.L) and Marks & Spencer (MKS.L), has successfully secured 40 million euros ($43.5 million) in funding. This achievement comes amidst indications of a deceleration in the alternative meat and protein industry, showcasing the company’s strong appeal to investors.
ENOUGH employs fungal fermentation to generate protein for its plant-based chicken, mince, and dairy items. The company announced that the recent funding cycle was spearheaded by World Fund, a venture capital entity, alongside CPT Capital. Notably, CPT Capital was an initial backer of Beyond Meat (BYND.O) and holds an interest in Upside Foods.
Other participants in the funding campaign for ENOUGH, a company based in Britain and the Netherlands, encompassed existing investors including AXA IM Alts (AXAF.PA) and the Onassis shipping family-affiliated Olympic Investments.
“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,” said CEO Jim Laird, a former chief executive of plant-based meat producer Quorn.
“With this new funding, we will accelerate that growth,” he added.
Entities engaged in the creation of alternative meat and protein sources assert their contribution to the climate preservation endeavor, as lab-grown meat exerts a lesser environmental footprint compared to conventional farming practices.
However, there are indications that the consumer appetite for plant-based meat might be diminishing, as evidenced by Beyond Meat’s recent adjustment of its yearly revenue projection.