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- ENOUGH
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
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
Website
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
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Aug 2023 | Series C | CPT Capital (lead); World Fund (lead); Tailored Solutions Wealth Management; HAL Investments; 280ppm; AXA Investment Managers; Olympic Investments; Scottish Enterprise | $43M | ENOUGH, 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 2021 | Series B | Nutreco (lead); Olympic Investments (lead); Tailored Solutions Wealth Management; HAL Investments; CPT Capital; AXA Investment Managers; Scottish Investment Bank | $50M | ENOUGH (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 2018 | Series A | University of Strathclyde; Nick Elmslie; EOS Technology Investment Syndicate; DCVC; Scottish Investment Bank | $9M | - |
| Jul 2017 | Seed | EOS 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Participant | Jul 2017 | ||
| 2 | Participant | Jul 2017 | ||
| 2 | Participant | Jul 2017 | ||
| 2 | Participant | Jun 2021 | ||
| 2 | Participant | Jun 2021 | ||
| 2 | Lead | Jun 2021 | ||
| 2 | Lead | Jul 2017 | ||
| 2 | Participant | Jun 2021 | ||
| 2 | Participant | Jul 2017 | ||
| 2 | Lead | Jun 2021 | ||
| 1 | Lead | Aug 2023 | ||
| 1 | Lead | Jun 2021 | ||
This data is available for Pro users. Sign up to see all 14 ENOUGH investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialENOUGH 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.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $900M | - | ||
| Publicly listed | $13B | $461M | $7.4B | 1.5x | ||
| Publicly listed | $5.2B | $2.1B | $22B | 4.0x | ||
| Publicly listed | $7.1B | $3.2B | $20B | 3.1x | ||
| Publicly listed | $2.3B | $1.2B | $20B | 4.5x | ||
| Private | - | - | $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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $48B | $18B | 8.5x | 8.3x | 22.8x | 24.1x | |||
| $109B | $19B | 2.9x | 2.8x | 16.2x | 14.4x | |||
| $94B | $16B | 2.4x | 2.3x | 14.5x | 11.8x | |||
| $59B | $20B | 3.9x | 3.6x | 11.7x | 10.0x | |||
| $58B | $12B | 2.9x | 2.8x | 13.6x | 12.4x | |||
| $8.3B | $2.5B | 10.1x | 9.0x | 33.3x | 28.9x | |||
| $39B | $4.7B | 2.6x | 2.5x | 21.4x | 14.9x | |||
| $7.8B | $3.5B | 6.9x | 6.3x | 15.2x | 14.0x | |||
This data is available for Pro users. Sign up to see all ENOUGH competitors and their valuation data. Start Free Trial | ||||||||
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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