Fungi-based meat alternative startup Enough, founded by a former Quorn boss, just raised $43.5 million with this 16-slide pitch deck

The Enough team
  • Fungi-based food startup Enough just secured $43.5 million (40 million euros) in growth funding.
  • The Scottish startup raised the fresh funds from World Fund and early Beyond Meat backer CPT Capital.
  • We got an exclusive look at the 16-slide redacted pitch deck it used to convince investors. 

Jim Laird has spent decades in food businesses spanning everything from beef burgers and crisps to the vegetarian food brand Quorn. Now, he’s just raised 40 million euros (around $43 million) to scale up his own company.

Glasgow-based Enough, founded in 2015, ferments fungi to create an alternative to animal-based meat known as mycoprotein. The startup conducts the fermentation process in large metal vats with sugars from grain to create its Abunda product, which it claims is high in protein and fiber and contains all nine essential amino acids.

Its neutral flavor and meaty texture mean it can be used to create a range of plant-based meat, fish, and dairy products. Quorn, which has been around since 1985, also creates mycoprotein for its products.

The plant-based meat industry has stagnated in recent years with the likes of Beyond Meat reporting lower sales and Meatless Farm going into administration. Critics argue that vegetarian alternatives rarely live up to the taste and texture of animal-based meat and, while some consumers cut down on meat for environmental reasons, alternatives do tend to be more expensive. The rising cost of living has seen people revert to cheaper foods. 


Enough CEO and cofounder Laird said that for every bad story, there was also a good one and that the market was still growing. For example, one in five Burger King Whoppers sold in Germany is plant–based while plant-based startup This was recently named the fastest-growing food brand in the UK.

Enough has efficiency at its core, Laird said, which is also one of the reasons it uses fungi. “Pea and soya are not massively abundant in protein so they require some complex processing to get that protein component out. Whereas, fermentation of fungi, it just creates protein and fiber in a super-efficient manner,” he said. 

It has a zero-waste production line, uses less water and feed, and produces significantly fewer carbon dioxide emissions than protein from beef, the company claims. Beef produces 36 kilograms of Co2 for every kilogram of product on average, according to Our World In Data.

Enough’s lifecycle analysis puts its emissions at 2.5 kilogram per kilogram of product, Laird said. This could be reduced to one-for-one if the company used renewable energy, he added. 


In all, that makes its mycoprotein more scalable and affordable to produce. 

Instead of making its own products to sit on shelves, Enough works with other food manufacturers as an ingredient supplier. It slots into existing supply chains, delivering frozen slabs of mince-like mycoprotein to customers in the same way customers get chicken or fish before it is made into products, Laird said.

Enough touts the UK and Netherlands arm of Unilever as a customer, alongside British supermarket M&S. Unilever’s brand The Vegetarian Butcher, uses its mycoprotein. 

The cash injection will be used to scale up operations as it looks to double capacity at its factory in the Netherlands, which is currently producing 10,000 metric tonnes of Abunda annually. The startup wants to eventually produce 60,000 metric tonnes per year. The 60-strong team will also double next year. 


Although the VC landscape is a shadow of its 2021 self, Laird said investor appetite was strong for the business-to-business startup. Some 70% of the fresh funds came from existing investors, one of which was CPT Capital, who co-led the round with new backer European VC World Fund. 

CPT Capital was an early investor in Impossible and Beyond Meat. 

It brings Enough’s total raised to over 95 million euros. 

See the 16-slide redacted pitch deck below.

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