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Fungi-based food startup Enough just secured $43.5 million (40 million euros) in growth funding. Glasgow-based Enough, founded in 2015, ferments fungi to create an alternative to animal-based meat known as mycoprotein. Its neutral flavor and meaty texture mean it can be used to create a range of plant-based meat, fish, and dairy 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. 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.
Persons: Jim Laird, he's, Laird, Whoppers, Beef Organizations: World Fund, Burger, Unilever, British, Capital, European, CPT Capital Locations: Scottish, Quorn, Glasgow, Germany, soya, Netherlands
Food tech company ENOUGH raises 40 million euros
  + stars: | 2023-08-20 | by ( Sudip Kar-Gupta | ) www.reuters.com   time to read: +2 min
Other participants in the fund-raising for Britain- and Netherlands-based ENOUGH included existing investors such as AXA IM Alts (AXAF.PA) and the Olympic Investments company of the Onassis shipping family. "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. Companies involved in producing alternative-sources of meat and protein say they are helping in the battle to protect the climate, since meat from a laboratory has less impact on the environment than traditional farming. Nevertheless, there are signs that consumers' demand for plant-based meat may be waning, with Beyond Meat cutting its annual revenue forecast earlier this month. ($1 = 0.9194 euro)Reporting by Sudip Kar-Gupta; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.
Persons: Alts, Onassis, Spencer, Jim Laird, Quorn, Sudip Kar, Kirsten Donovan Organizations: World Fund, CPT Capital AXA, Investments, Unilever, Food, CPT, Foods, Britain, AXA, Alts, Olympic Investments, Companies, Thomson Locations: BRUSSELS, Netherlands, Europe
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