ENOUGH creates constituent proteins that may be used in meat and dairy alternatives. Credit: Africa Studio/Shutterstock.

ENOUGH, a food technology company, has raised €40m ($43.6m) in a funding round co-led by World Fund and CPT Capital.

Existing investors including HAL Investments through 280ppm, Tailored Solutions through 280ppm, Scottish Enterprise, AXA IM Alts through the Axa Impact Fund, and Onassis Group through Olympic Investments also took part in the round.

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The funding takes the total investment raised by ENOUGH to €95m.

The UK-based business claims to have created a technology that makes it possible to produce sustainable protein on a large scale.

The method entails fermenting fungi with renewable feedstocks to create constituent proteins that may be used in meat and dairy alternatives.

ENOUGH plans to use the proceeds to increase the production of ABUNDA, its protein offering, at its factory in the Netherlands.

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The company will also increase its team across its locations in London, Glasgow and Sas van Gent.

ENOUGH co-founder and CEO Jim Laird said: “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. With this new funding, we will accelerate that growth.

“The alternative protein market is a multi-billion dollar opportunity, and the ethical and environmental reasons to embrace non-animal protein sources are more pressing than ever.”

World Fund founding partner Craig Douglas said: “The company is tackling crucial bottlenecks in the creation of sustainable protein, whilst using fewer resources and maintaining a zerowaste process, which is enabling ENOUGH to have a lower carbon footprint compared to other plantbased protein sources, whilst producing at scale and providing supply security to a growing market.”

In June 2021, the biotechnology company raised €42m in its Series B funding round, which was led by Nutreco.