Scottish biotech Enough Invests Euro 40 Million in Plant-Based Protein

In a significant stride toward sustainable food production, Scottish biotech firm, Enough, announced securing $44 million (approx. €40 million) in August 2023. This investment is to bolster its plant-based protein manufacturing operations. 

The plant-based food and beverage alternatives industry analysis by BIS Research projects the market to grow at a CAGR of 13.82% during the forecast period from 2019 to 2024.

The infusion of capital for Enough is set to propel the company's innovative endeavors to meet the ever-growing global demand for alternative protein sources while reducing the environmental impact of traditional animal farming.

Here’s the Complete Story
The Glasgow-based biotechnology company, Enough, specializes in manufacturing eco-friendly protein utilized in plant-based meat and dairy alternatives. This protein is derived through a fermentation process involving fungi. 

While the utilization of alternative protein sources in vegan products is not a novel concept, Enough believes that it has achieved an optimal solution. Its proprietary technology enables them to generate larger quantities of protein, consequently leading to cost reductions.

Enough secured €40 million (approx. $44 million) in expansion funding. This funding round was jointly led by the World Fund and CPT Capital. Notable participants in the investment include AXA IM Alts via the Axa Impact Fund, HAL Investments through 280 ppm, Onassis Group through Olympic Investments Inc, Tailored Solutions, and Scottish Enterprise.

Enough is well-positioned to capitalize on this growth. The company's mycoprotein is already being used in a variety of plant-based meat and dairy products, and the new funding would allow Enough to expand its production and reach new markets.

"This investment is a major milestone for Enough," said Enough CEO Stuart Heap. He further added, "It will allow us to accelerate our growth and make our mycoprotein more widely available to consumers around the world."

Technology Behind the Enough’s Plant-Based Protein

Enough's technology uses a fermentation process to produce mycoprotein, a type of protein that is high in fiber and low in saturated fat. The company's mycoprotein is grown on a substrate of sustainably sourced grains, and the fermentation process is water intensive.

Enough says that its mycoprotein has a lower environmental impact than traditional animal proteins, and it is also more scalable. The company plans to use the funding to build a new production facility in Scotland that would be able to produce 10,000 tons of mycoprotein per year.

"We're delighted to be supporting Enough as they scale up to become the global leader in sustainable protein," said Astanor Ventures, managing partner of Frederic Court. He further added, "The company is tackling crucial bottlenecks in the creation of sustainable protein whilst using fewer resources and maintaining a zero-waste process."

The global market for plant-based proteins is growing rapidly as consumers become more aware of the environmental and ethical impacts of animal agriculture. 
Enough's mycoprotein is a sustainable and scalable source of protein that has the potential to make a significant impact on the food system. The company's recent funding round is a vote of confidence in its technology and mission to create a more sustainable food future. 

Global Take on Plant-based Food Alternatives 

The expansion of the plant-based food alternatives market is predominantly fueled by the surge in flexitarian consumers (individuals who predominantly consume meat and dairy but are actively decreasing their intake), as well as the growing population of vegan and vegetarian consumers. 

Recently, a prominent American entrepreneur and co-founder of Microsoft, Bill Gates, promoted plant-based foods as beneficial not only for personal health but also for the environment. 
He emphasized that with the current abundance of choices in the market, plant-based foods no longer need to be unexciting or lacking in flavor. 
Gates shared on LinkedIn, “These days, companies are creating alternatives to animal products that aren’t just good for the environment — they taste good, too.” 

Moreover, McDonald's and Beyond Meat collaborated in 2023 to introduce plant based McNuggets in Germany. 
Prominent participants in the worldwide market for plant-based food and beverage alternatives comprise DANONE S.A., Beyond Meat, Inc., Impossible Foods, Inc., Amy’s Kitchen, Daiya Foods Inc., Lightlife Foods, The Vegetarian Butcher, Morning Star Farms, Before the Butcher, Tofurkey, Sweet Earth Inc., and Blue Diamond Growers. 

 Conclusion
From innovative meat alternatives to protein-rich snacks, the food industry is catering to diverse dietary preferences without compromising on taste, nutrition, or environmental responsibility. 
At present, plant-based food and beverages are in an early phase of their lifecycle. However, with continuous investments and the introduction of novel products, the demand for plant proteins is projected to experience a significant surge.

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