Glasgow-based foodtech company Enough has raised £34 million (€40m) in new growth funding to expand their mycoprotein plant-based food production.

The company, founded in 2015, is a spin out from University Strathclyde graduates Craig Johnston and David Ritchie, and touts an environmentally-friendly meat-alternative.

The product uses Abunda, an ingredient created by feeding fungi sustainably-sourced sugars, which is then fermented in a way similar to beer.

The resulting product has a texture that is supposed to be similar to meat, and a ‘neutral flavour’ the company says makes it suitable to substitute for meat, fish, and dairy.

According to Enough, the product is “zero-waste”, and uses up to 93% less water and 97% less food than cows raised for beef, as well as creating 97% less CO2 emissions than cattle.

With the new funding, the total capital raised by the company is over €95m, or about £81m.

The company has already used some of this funding to create a manufacturing unit in the Netherlands, which aims to create 10,000 tonnes of Abunda a year initially. It eventually plans to scale up to 60,000 tonnes, which would be the equivalent of producing the same amount of protein in one cow ever two minutes.

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Abunda is credited as a protein alternative, with all nine essential amino acids, making it a complete protein.

The latest funding round was from foodtech investors World Fund and CPT Capital, with previous investors including Scottish Enterprise, AXA IM Alts, HAL Investments, Onassis Group, and Tailored Solutions.

Jim Laird, chief executive and founder of Enough, said: “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.”