Helsinki, Finland – July 18, 2024 – Onego Bio, a leading precision fermentation company, has closed a new funding round of €14 million. The funds come from the European Innovation Council (EIC) Accelerator Program and additional Series A investors, bringing Onego Bio’s total funding to €65 million in 2024 alone.
Onego Bio’s Mission: Sustainable Egg Protein
Founded in 2022, Onego Bio utilizes precision fermentation to create Bioalbumen®, a bio-identical egg protein derived entirely from fermentation processes. This animal-free alternative offers a sustainable and ethical protein source for the food industry.
Focus on Market Entry
Onego Bio is actively working with major food companies to incorporate Bioalbumen® into various food products, including baked goods, confectionery, snacks, and meat alternatives. The company is currently based in Helsinki, Finland, with commercial operations in San Diego, California. While they finalize plans for their own manufacturing unit, Onego Bio utilizes co-manufacturers to produce Bioalbumen®. A single full-scale production unit will have a massive 2-million-liter fermentation capacity, equivalent to the egg protein produced by six million laying hens.
Dual Regulatory Strategy
Onego Bio is pursuing a two-pronged approach to market entry. They are prioritizing commercialization in North America due to its faster regulatory approval process. The company is on track to submit a Generally Recognized as Safe (GRAS) notice to the FDA in 2024, aiming for a positive response in 2025. Additionally, the newly acquired EIC funding will accelerate Onego Bio’s efforts to secure regulatory approval from the European Food Safety Authority (EFSA) for the European market.
Deal Table:
| Term | Details |
|---|---|
| Funding Amount | €14 Million |
| Investors | European Innovation Council (EIC) Accelerator Program, Series A Investors |
| Total Funding (2024) | €65 Million |
| Product | Bioalbumen® (Animal-Free Egg Protein) |
| Technology | Precision Fermentation |
| CEO | Maija Itkonen |
| Locations | Helsinki, Finland (HQ), San Diego, California (Commercial Operations) |
| Website | https://onego.bio/ |
Onego Bio is a promising player in the sustainable protein market. Their innovative technology and strategic approach to market entry position them well to become a major supplier of animal-free egg protein in the coming years.