Food technology company ENOUGH, which has partnerships with Unilever and Marks & Spencer, has raised 40 million euros ($43.5 million), attracting investment despite signs of a slowdown in the alternative meat and protein sector.
ENOUGH, which ferments fungi to produce protein for plant-based chicken, mince, and dairy products, said the funding round was headed by venture capital firm World Fund and CPT Capital, an early investor in Beyond Meat and had a stake in Upside Foods.
Other participants in the fund-raising for the British and Netherlands-based company ENOUGH included existing investors like AXA IM Alts and the Olympic Investments company of the Onassis shipping family.
“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.
Alternative meat and protein producers claim that by using meat produced in laboratories, which has a lower environmental impact than traditional farming, they are helping in the battle to protect the climate.
However, Beyond Meat’s reduction of its annual revenue forecast earlier this month suggests that consumer demand for plant-based meat may be declining.
