# 3FBIO

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/3fbio

- Industry: Food
- Headquarters: Glasgow, UK
- Website: www.enough-food.com
- Total disclosed funding: $102M
- Latest round: Series C (Aug 14, 2023)
- Investors on record: 12

## About

3FBIO Ltd. is a UK-based company specializing in the sustainable production of ABUNDA mycoprotein, utilizing a zero-waste fermentation process to create nutritious protein alternatives for food brands and retailers.Founded in 2015 in Glasgow, UK, 3FBIO Ltd. focuses on producing mycoprotein to meet the growing demand for sustainable food sources. The company has successfully completed 7 funding deals, including a Series C round in February 2024, raising EUR 39.60 mn from investors such as AXA Investment Managers, Cargill Inc., and others, bringing total funding raised to EUR 39.60 mn and a current valuation of EUR 172.94 mn. The company is led by CEO Fernanda Meneguine and co-founders Craig Johnston, Jen Hansen, Romena Devyže, and Jim Laird.ENOUGH, a brand of 3FBIO, specializes in producing ABUNDA mycoprotein, which is created through a zero-waste fermentation process. This method yields a fibrous, meat-like texture that provides a complete protein source with all nine essential amino acids and is high in fiber. ENOUGH targets retailers and food brands in Europe and North America, aiming to produce 1,000,000 tonnes of mycoprotein by 2032 as a contribution to sustainability in food production.In 2023, ENOUGH generated revenue of EUR 82,635.40 from its B2B model, where clients purchase ABUNDA for incorporation into their product lines. The company operates on wholesale agreements, structured to meet the production scale and customer demands, focusing on bulk sales.In February 2024, 3FBIO Ltd. secured Series C funding to enhance its global footprint. The company plans to expand its presence into new markets, particularly within Europe and North America, while further developing new products to meet evolving consumer demands. Recent funding will be allocated towards these expansion efforts, supporting the strategic aim of producing 1,000,000 tonnes of mycoprotein by 2032.

## Funding rounds

- Series C, Aug 14, 2023, $43M — AXA Investment Managers, Hal Investments, CPT Capital, Scottish Enterprise, Olympic Investments, Tailored Solutions Wealth Management, World Fund
- Series B, Jun 21, 2021, $50M — AXA Investment Managers, Nutreco N.V., Hal Investments, CPT Capital, Scottish Enterprise, Olympic Investments, Tailored Solutions Wealth Management
- Series A, Apr 4, 2018, $8.1M — Coller Capital, DCVC, University of Strathclyde, EOS Technology Investment Syndicate, Scottish Enterprise

## Investors

- Coller Capital (https://capitalatlas.ai/funds/coller-capital) — Series A
- DCVC (https://capitalatlas.ai/funds/dcvc) — Series A
- University of Strathclyde — Series A
- EOS Technology Investment Syndicate — Series A
- Scottish Enterprise (https://capitalatlas.ai/funds/scottish-enterprise) — Series A, Series B, Series C
- AXA Investment Managers — Series B, Series C
- Nutreco N.V. — Series B
- Hal Investments (https://capitalatlas.ai/funds/hal-investments) — Series B, Series C
- CPT Capital — Series B, Series C
- Olympic Investments — Series B, Series C
- Tailored Solutions Wealth Management — Series B, Series C
- World Fund (https://capitalatlas.ai/funds/world-fund) — Series C