ENOUGH Funding, Investors & Competitors

ENOUGH has raised $102M across 4 funding rounds, most recently a $43M Series C in August 2023.

Last ENOUGH funding round

$43M

Series C · Aug 2023

Cumulative funding ENOUGH raised

$102M

across 4 funding rounds

Key investors in ENOUGH

  • Scottish Investment Bank
  • DCVC
  • CPT Capital
  • AXA Investment Managers
  • University of Strathclyde
  • HAL Investments
  • EOS Technology Investment Syndicate
  • Olympic Investments

ENOUGH Overview

About ENOUGH

ENOUGH is a Scotland-based biotech commercializing mycoprotein production integrated with bio-ethanol refineries for food, fuel, and feed. Spun out from University of Strathclyde in 2019, the company partners with AB Agri to scale fermentation at 1,000-tonne capacity plants in the UK.


Founded

2015

HQ

United KingdomGlasgow

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

ENOUGH Funding History

ENOUGH has raised a total of $102M across 4 funding rounds.

ENOUGH's first fundraising round was a $600K seed round in July 2017. The most recent completed round was a $43M Series C in August 2023.

ENOUGH funding rounds

ENOUGH funding rounds
DateStageInvestorsRaisedDeal Summary
Aug 2023Series CCPT Capital (lead); World Fund (lead); Tailored Solutions Wealth Management; HAL Investments; 280ppm; AXA Investment Managers; Olympic Investments; Scottish Enterprise$43MENOUGH, operating as 3F Bio Ltd, is a Glasgow-based food technology startup specializing in high-scale sustainable protein production through biomass fermentation to create ABUNDA mycoprotein, used to replicate meat, egg, and dairy products as an alternative to animal proteins. On August 17, 2023, ENOUGH raised €40 million (approximately $43.4-43.5 million) in a Series C growth funding round co-led by World Fund and CPT Capital, with participation from existing investors including AXA IM Alts (Axa Impact Fund), HAL Investments via 280ppm, Olympic Investments (Onassis Group), Tailored Solutions Wealth Management, and Scottish Enterprise. This round brought ENOUGH's total capital raised to over €95 million. The funding is designated to scale up production capacity at ENOUGH's factory in Sas van Gent, Netherlands, to meet growing customer demand for ABUNDA mycoprotein, while expanding teams across offices in Glasgow, London, and the Netherlands. The company targets producing over one million tonnes of ABUNDA cumulatively by 2032, equivalent to replacing the output of 5 million cows or over 1 billion chickens, addressing unsustainable traditional protein farming amid global population growth. ENOUGH operates in the alternative proteins sector, focusing on fungi-based mycoprotein to create animal-free food and materials. CPT Capital, a pioneer in alternative proteins since 2015, continued its commitment, while World Fund invests in European climate tech with high climate performance potential across sectors like food and agriculture.
Jun 2021Series BNutreco (lead); Olympic Investments (lead); Tailored Solutions Wealth Management; HAL Investments; CPT Capital; AXA Investment Managers; Scottish Investment Bank$50MENOUGH (formerly 3F Bio) is a UK-based alt-protein startup founded in 2015 as a spin-out from the University of Strathclyde that produces ABUNDA mycoprotein through fungal fermentation using renewable feedstocks. The company pioneers sustainable protein production with a target to grow production to over one million tonnes by 2032, equivalent to reducing more than 6 million tonnes of CO2 emissions. In June 2021, ENOUGH closed a Series B funding round raising €42 million ($51 million) co-led by Dutch food and animal feed company Nutreco and Olympic Investments, an arm of the Onassis Foundation. Additional investors in the round included AXA IM Alts through its AXA Impact Fund–Climate & Biodiversity, HAL Investments, and Tailored Solutions, while existing investors Scottish Enterprise and CPT Capital participated again, with CPT Capital remaining the company's single largest shareholder. The company had previously raised a £6.16 million ($8.51 million) Series A round in 2018 and secured a €17 million grant from the EU's Horizon 2020 program in July 2019. ENOUGH has partnered with major consumer goods brands including Unilever, which uses ABUNDA in its Vegetarian Butcher line of plant-based products, and supermarket chain Marks & Spencer to develop vegan products.
Apr 2018Series AUniversity of Strathclyde; Nick Elmslie; EOS Technology Investment Syndicate; DCVC; Scottish Investment Bank$9M-
Jul 2017SeedEOS Technology Investment Syndicate (lead); University of Strathclyde; Nick Elmslie; DCVC; Scottish Investment Bank$600K-

Who has invested in ENOUGH?

14 investors have backed ENOUGH across its funding rounds, including Scottish Investment Bank, DCVC, CPT Capital, AXA Investment Managers, University of Strathclyde and HAL Investments.

Lead investors include CPT Capital, World Fund, Nutreco, Olympic Investments and EOS Technology Investment Syndicate.


ENOUGH Investors

Investors in ENOUGH by funding rounds participated
InvestorHQRoundsRoleFirst check
Scottish Investment BankUnited KingdomGlasgow3ParticipantJul 2017
University of StrathclydeUnited KingdomGlasgow2ParticipantJul 2017
Nick ElmslieUnited KingdomLondon2ParticipantJul 2017
Tailored Solutions Wealth ManagementUnited KingdomNorwich2ParticipantJun 2021
HAL InvestmentsNetherlandsRotterdam2ParticipantJun 2021
CPT CapitalUnited KingdomLondon2LeadJun 2021
EOS Technology Investment SyndicateUnited KingdomSaint Andrews2LeadJul 2017
AXA Investment ManagersFranceParis2ParticipantJun 2021
DCVCUnited StatesUnited States2ParticipantJul 2017
Olympic InvestmentsGreeceAthens2LeadJun 2021
World FundGermanyBerlin1LeadAug 2023
NutrecoNetherlandsAmersfoort1LeadJun 2021

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ENOUGH Competitors

ENOUGH competitors include listed companies like Tongwei, First Solar, CF Industries and Qinghai Salt Lake Industry, and private ones like Believer Meats and Northvolt.

Public and private companies comparable to ENOUGH
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Believer MeatsIsraelJerusalemPrivate--$900M-
TongweiChinaChinaPublicly listed$13B$461M$7.4B1.5x
First SolarUnited StatesUnited StatesPublicly listed$5.2B$2.1B$22B4.0x
CF IndustriesUnited StatesUnited StatesPublicly listed$7.1B$3.2B$20B3.1x
Qinghai Salt Lake IndustryChinaChinaPublicly listed$2.3B$1.2B$20B4.5x
NorthvoltSwedenStockholmPrivate--$12B-

ENOUGH Public Comps

ENOUGH is still privately-owned, but its public comps include Coca-Cola, Nestlé, PepsiCo, AB InBev, Unilever, Monster Beverage, Mondelez, Nongfu Spring, Hindustan Unilever and Coca-Cola Europacific Partners.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Coca-Cola$48B$18B8.5x8.3x22.8x24.1x
Nestlé$109B$19B2.9x2.8x16.2x14.4x
PepsiCo$94B$16B2.4x2.3x14.5x11.8x
AB InBev$59B$20B3.9x3.6x11.7x10.0x
Unilever$58B$12B2.9x2.8x13.6x12.4x
Monster Beverage$8.3B$2.5B10.1x9.0x33.3x28.9x
Mondelez$39B$4.7B2.6x2.5x21.4x14.9x
Nongfu Spring$7.8B$3.5B6.9x6.3x15.2x14.0x

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Common questions about ENOUGH

When was ENOUGH founded?ENOUGH was founded in 2015.
Where is ENOUGH headquartered?ENOUGH is headquartered in Glasgow, United Kingdom.
Is ENOUGH publicly listed?No, ENOUGH is a private, VC-backed company.
How much funding has ENOUGH raised?ENOUGH has raised $102M across 4 funding rounds.
What was ENOUGH's last funding round?ENOUGH's last funding round was a $43M Series C in August 2023, led by CPT Capital and World Fund.
Who are ENOUGH's investors?ENOUGH's investors include Scottish Investment Bank, University of Strathclyde, Nick Elmslie, Tailored Solutions Wealth Management, HAL Investments, CPT Capital, EOS Technology Investment Syndicate, AXA Investment Managers, DCVC, Olympic Investments and 4 others.
Which companies are comparable to ENOUGH?Companies comparable to ENOUGH include Believer Meats, Tongwei, First Solar, CF Industries, Qinghai Salt Lake Industry and Northvolt.

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