FINLAND—Onego Bio, a US-Finish food biotechnology firm, has recently concluded its Series A financing round, securing €27 million (US$ 29 million) in funding, for their precision-fermented egg proteins project.
The Helsinki based company also managed to raise an additional €9.5 million in non-dilutive funding.
Led by NordicNinja, a venture capital firm, many companies participated in the funding round, which marked one of the largest A-rounds in the Nordics.
The funding round even included investments from companies such as equity investments firms Tesi and EIT Food. Existing investors Agronomics, Maki.vc, and Holdix Turret also participated.
Onego Bio further received substantial non-dilutive funding from Business Finland, a government organization supporting Finnish companies addressing global challenges.
“We’re incredibly fortunate to be surrounded by a passionate team and like-minded investors who share our vision for systemic change in the food system. This powerful combination has fueled our rapid growth, allowing us to deliver a revolutionary ingredient that is unmatched in terms of functionality, taste, and texture”, says Maija Itkonen, Co-founder and CEO of Onego Bio.
Onego Bio specializes in precision fermentation technology to produce Bioalbumen, a bioidentical ovalbumin protein found in egg whites, without animal involvement.
This innovative protein boasts exceptional nutritional qualities, including a PDCAAS score of 1.0 and 90g of protein per 100g.
To achieve their production requirements, they have set up a manufacturing facility that a 2-million-liter fermentation capacity- this replaces the need for 6 million laying hens, resulting in a notable 90% reduction in greenhouse gas emissions and a significant 95% decrease in land use.
The firm plans to utilize the funding to support its North American market penetration strategy, which involves expanding its industrial-scale production capacity and growing its commercial team in the US.
The company is also currently in the process of obtaining self-affirmed Generally Recognized As Safe (GRAS) status for Bioalbumen this year and anticipate receiving a no objections letter from the FDA by 2025.
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