Finnish foodtech start-up Onego Bio recently closed a $40 million Series A funding round. This financial milestone is spearheaded by NordicNinja, a venture capital firm with Japanese-Nordic roots, committed to investing in companies that promise sustainability and advancements in the digital society. This move marks a significant step towards commercializing and scaling egg protein production using precision fermentation, a cutting-edge technology designed to meet the global food industry's demands sustainably.
Revolutionizing Egg Protein Production
At the core of Onego Bio's mission is the development of Bioalbumen®, a bio-identical product to ovalbumin, the primary protein found in chicken egg whites. This innovative product not only matches the nutritional profile of traditional egg proteins but also offers a superior functional advantage, making it an ideal substitute for a wide range of food applications. From baked goods to meat alternatives, Bioalbumen® is poised to enhance the texture, taste, and performance of countless products while maintaining a commitment to environmental sustainability.
A Broad Coalition of Support
The Series A round saw participation from an impressive array of equity investors, including Tesi and EIT Food, alongside existing investors such as Agronomics, Maki.vc, Holdix, and Turret. A significant portion of this funding, specifically $10 million, came from non-dilutive support from Business Finland, emphasizing the Finnish government's commitment to fostering innovation that addresses global challenges. This collective investment brings Onego Bio's total funding to an impressive $56 million, underscoring the vast potential investors see in Onego Bio's vision and technology.
Industry Impact and Expansion Plans
Onego Bio stands at the forefront of a movement poised to disrupt the $330 billion global egg market. With the egg industry currently facing challenges related to supply chain stability, animal welfare concerns, and environmental sustainability, Onego Bio's technology offers a promising solution. By leveraging precision fermentation, the company aims to produce egg protein at scale, reducing reliance on traditional egg farming methods with significant environmental footprints.
The funding will primarily fuel Onego Bio's go-to-market strategy in North America, including scaling production to industrial levels and expanding its U.S. commercial team. Furthermore, the company is finalizing plans for its manufacturing capabilities, intending to construct a facility capable of significantly mitigating greenhouse gas emissions and reducing land use, compared to conventional egg farming.
Future Prospects
With an eye on the future, Onego Bio is on track to receive self-affirmed GRAS (Generally Recognized as Safe) status for Bioalbumen®, with expectations of a no-objections letter from the FDA by 2025. The company's strategic approach, coupled with its innovative technology and robust financial backing, positions it to make a significant impact on the food industry globally. As Onego Bio prepares for its launch in North America, followed by expansions into Europe, South America, and Asia, the world watches closely as this Finnish biotech firm moves closer to revolutionizing how we think about and consume one of nature's most versatile proteins.
This pioneering venture underscores the potential of precision fermentation in addressing food sustainability challenges and highlights the growing importance of cross-border investments in nurturing innovations that promise a greener, more sustainable future.