Onego Bio, a pioneering company focused on sustainable food solutions, has successfully completed a significant milestone with the closing of its $40 million Series A funding round.
This funding will be instrumental in advancing the commercialization and manufacturing of egg protein through precision fermentation, marking a significant step forward in the alternative protein industry.
Founded in 2022 as a spinoff from VTT by industry experts Maija Itkonen (CEO) and Christopher Landowski (CTO), Onego Bio utilizes patented fungal fermentation technology to produce animal-free egg protein. The company’s innovative approach has demonstrated exceptional productivity and scalability, with industrial production potential reaching 120 g/L in 250,000 L fermentation vessels. This efficiency enables Onego to offer competitive pricing while addressing the environmental concerns associated with traditional egg production methods.
Onego’s flagship product, Bioalbumen®, is a bioidentical alternative to chicken egg white protein, offering superior nutritional value with a protein digestibility score of 1.0 and over 90 g of protein per 100 g. With its neutral flavor and exceptional functional properties, Bioalbumen® has garnered interest from over 25 prominent consumer packaged goods (CPG) companies across various industries, including baked goods, confectionery, snacks, sauces, pasta, and meat alternatives.
Maija Itkonen, CEO of Onego Bio, expressed gratitude for the support of the company’s passionate team and investors, emphasizing their shared vision for transformative change in the food system. She highlighted the versatility and importance of egg protein in culinary applications, underscoring the value of Onego’s innovative solution.
The Series A funding round was led by Japanese-Nordic investor NordicNinja and included equity investments from Tesi, EIT Food, Agronomics, Maki.vc, Holdix, Turret, and strategic partners. Additionally, Onego secured $10 million in non-dilutive funding from Business Finland to support its mission of accelerating systemic change through innovation.
Tomosaku Sohara, Managing Partner at NordicNinja, commended Onego’s rapid progress and market potential, citing the company’s robust technology and strategic approach to commercialization. Jim Mellon, Executive Chairman of Agronomics, echoed these sentiments, emphasizing the need for sustainable solutions in the face of fluctuating egg markets.
Looking ahead, Onego Bio plans to focus on scaling up its North American operations, including expanding its commercial team and partnering with co-manufacturers to accelerate market entry. The company is on track to achieve GRAS (Generally Recognized as Safe) status for Bioalbumen® and anticipates further regulatory approvals to facilitate its global expansion efforts.
With its groundbreaking technology and commitment to sustainability, Onego Bio is poised to revolutionize the egg protein market and drive positive change in the food industry on a global scale.
