Foodtech Startup ENOUGH Secures $43.5 Million in Capital

ENOUGH, a food technology company with partnerships with Unilever and Marks & Spencer, has raised 40 million euros ($43.5 million), attracting investment despite signs that the alternative meat and protein sector is slowing.

ENOUGH, which ferments fungi to produce protein for plant-based chicken, mince, and dairy products, announced that the funding round was led by World Fund and CPT Capital, which was an early investor in Beyond Meat and has a stake in Upside Foods.

Existing investors such as AXA IM Alts and the Olympic Investments company of the Onassis shipping family joined the fund-raising for ENOUGH, which is based in the United Kingdom and the Netherlands.

"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 be able to accelerate that growth," he added.

Companies that produce alternative meat and protein sources claim to be aiding in the fight to protect the climate because laboratory meat has a lower environmental impact than traditional farming.

Nonetheless, Beyond Meat cut its annual revenue forecast earlier this month, indicating that consumer demand for plant-based meat may be dwindling.