USA – Onego Bio, a US-Finnish precision fermentation innovator, has successfully raised US$15.2 million through the European Innovation Council (EIC) Accelerator Program and other Series A investors.
This latest funding injection brings the company’s total for 2024 to a remarkable US$55 million and elevates its cumulative funding to US$70.8 million.
The company’s flagship product, Bioalbumen®, is a cutting-edge, animal-free, bio-identical egg protein created for use as an industrial food ingredient.
Bioalbumen stands out for its superior protein quality, comprehensive functionality, and neutral taste.
It promises to slash the environmental impact of traditional egg production by up to 90%, addressing the ongoing supply chain disruptions that have plagued the egg industry in recent years.
Onego Bio is targeting North America for the commercialization of Bioalbumen, citing a more conducive regulatory environment for quicker market entry.
The company intends to file a Generally Recognized as Safe (GRAS) notice with the FDA this year, with expectations for a “no questions” letter by 2025.
The EIC funding is expected to significantly advance Onego’s efforts to gain regulatory approval and market entry within the European Union.
Out of 969 candidates, Onego was one of only 68 to secure funding, reflecting its potential to scale operations and influence the market.
The EIC acknowledged the transformative potential of precision fermentation to enhance the sustainability, efficiency, and resilience of Europe’s food supply chain.
Already, Onego Bio is collaborating with major food corporations to integrate Bioalbumen into a diverse array of products, including baked goods, confectionery, snacks, sauces, pasta, and meat alternatives.
The company is also in the final stages of planning a new manufacturing facility designed to handle two million liters of fermentation, equivalent to the output of six million hens.
In a recent podcast interview, Onego’s co-founder and CEO Maija Itkonen described the company’s bioreactor-based protein production as the “true factory farming” of the future.
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