Onego Bio has completed its $40 million Series A funding round to drive the commercialisation and manufacturing of egg protein via precision fermentation. Onego's Series A funding is one of the largest A-rounds in the Nordics, bringing the company's total funding to $56 million.
Onego Bio was founded in 2022 as a spinoff from VTT by alternative protein pioneer Maija Itkonen (CEO) and precision fermentation trailblazer Christopher Landowski (CTO). The company produces animal-free egg protein with precision fermentation using patented world-class fungal fermentation technology that is superior in productivity and scalability.
It has demonstrated 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.
Catering to the needs of the food industry, its Bioalbumen is bioidentical to the major protein in chicken egg white, ovalbumin. Nutritionally complete, Bioalbumen® 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.
Onego currently collaborates with over 25 well-known CPG companies, integrating Bioalbumen® into their innovation pipeline for a wide range of products, including baked goods, confectionery, snacks, sauces, pasta, meat alternatives, and more.
According to Maija Itkonen, co-founder and CEO of Onego Bio:
"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.
Egg protein remains one of nature's most perfect foods; this single ingredient supplies more than 20 different functional benefits from aeration to emulsification and gelation. While it may sound scientific, the value is in our mouths every day with velvety cake structures, silky-smooth mayonnaises, crispy nugget batterings, or those chewy-fluffy nougat fillings, just to mention a few."
The round was led by Japanese-Nordic investor NordicNinja, and included equity investments from Tesi and EIT Food, existing investors Agronomics, Maki.vc, Holdix, Turret, and certain strategic partners.
The Series A round also includes $10 million in non-dilutive funding from Business Finland, a public organisation under the Finnish Government that supports innovation to accelerate systemic change to help solve major global challenges.
"Onego Bio is taking all the right steps to commercialise in record time. They are a next-generation precision fermentation company, with a clear path to industrialisation, go-to-market, and profitability. With technology that is designed to scale and such a strong team, they really stand out," said Tomosaku Sohara, Managing Partner, Nordic Ninja.
"In less than two years, Onego is already working with major global food companies and is staged to disrupt the $330 billion egg market and create system level change, accelerating the green transition."
"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. A long-term sustainable solution for chicken eggs is needed," said Jim Mellon, Executive Chairman and co-founder of Agronomics.
"We have been highly impressed with Onego's capabilities and vision from the very beginning. By repurposing a well-established technology from the enzyme industry for food protein production, they are well-positioned to scale to the massive volumes needed to future-proof the supply of the world's most versatile and popular food protein."
The funding will fuel Onego's North American go-to-market strategy, including scaling up to industrial-level production and expanding its US commercial team. Onego is partnering with co-manufacturers to accelerate market entry while finalising its in-house manufacturing plans.
Onego is on-track to receive self-affirmed GRAS (Generally Recognised as Safe) status for Bioalbumen® this year, with a no objections letter expected from the FDA in 2025. As a US-Finnish company, Onego is first launching in North America, where the regulatory landscape allows a faster market entry, followed by expansion in Europe, South America and Asia.
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