Three months after raising $40 million in a Series A round, Finnish food-biotech startup Onego Bio has secured another €14 million. The latest investment came from the European Innovation Council (EIC) Accelerator Program (which invested in Dronamics and Hardt Hyperloop) and additional Series A investors.
The latest EIC funding will fuel the company’s go-to-market plan in the EU, including securing regulatory approval from the European Food Safety Authority (EFSA).
What issue does the company address?
Eggs are an essential part of food businesses, but with the egg market constantly fluctuating due to avian flu and increased demand for cage-free, manufacturers are challenged to find a viable replacement with a consistent, reliable, and safe supply of high-quality protein at an accessible price. This calls for a long-term sustainable solution for chicken eggs and Onego Bio addresses this challenge.
The startup works with the mission to rethink eggs and give people access to sustainable, tasty, and healthy food.
What does the company do?
The company was founded in 2022 as a spinoff from VTT (Technical Research Center of Finland) by alternative protein pioneer Maija Itkonen and precision fermentation expert Christopher Landowski.
It employs a patented fungal fermentation technology that is highly productive and scalable, demonstrating industrial production potential and enabling competitive pricing compared to conventional egg production methods. It demonstrated an industrial production potential of 120 g/L in 250 000 L fermentation vessels allowing it to reach competitive price points with the conventional way of making egg protein.
Its revolutionary animal-free egg protein Bioalbumen® is bioidentical to the major protein in chicken egg white, ovalbumin. As per the company, it contains all essential amino acids, has the highest possible protein digestibility score PDCAAS of 1.0, and delivers a whopping >90 g protein per 100 g.
With a clean neutral flavour and superior functional properties, it’s an ideal industrial ingredient for replacing eggs and enhancing the texture, taste, and performance of a wide range of applications across the food industry.
US manufacturing facility
Onego is already working with major food companies on product formulation in a wide range of products, from baked goods, confectionery, snacks, sauces, pasta, meat alternatives, and more. With commercial operations in San Diego, California, the company is currently producing Bioalbumen® with co-manufacturers while finalising plans for its first own manufacturing unit.
A single Onego full-scale manufacturing unit will boast a two-million-liter fermentation capacity, effectively delivering the protein equivalent produced by six million laying hens.
What do we think about Onego Bio?
With its innovative tech, the company is poised to revolutionize the egg protein market. By leveraging patented fungal fermentation technology, it offers a sustainable, high-quality alternative to traditional egg production.
With recent funding, the company is advancing its EU market entry and regulatory approval. As it scales up production and collaborates with major food companies, Onego Bio is set to significantly impact the global food industry, providing a reliable and eco-friendly protein source.
