The Helsinki-based startup Onego Bio developing a bio-identical egg protein has secured the fresh €14 million from EIC Accelerator and additional Series A investors. Just three month earlier, Onego Bio raised €50.5 million, bringing the company’s total funding to €65 million.
About Onego Bio
- Founded in 2022 as a spinoff from VTT (Technical Research Center of Finland), by Maija Itkonen (CEO) and Christopher Landowski (CTO). Onego Bio develops and commercializes Bioalbumen, an animal-free egg-white. The production process equals a 90% reduction in greenhouse gas emissions and a 95% decrease in land use (Nature Food 2021).
- Now, Onego works with major food companies on product formulation in a wide range of products, from baked goods, confectionery, snacks, sauces, pasta, meat alternatives, and more. As a US-Finnish company, Onego is commercializing in North America, where the regulatory landscape allows a faster market entry.
Maija Itkonen, CEO and co-founder
The new funding and immense support from our investors demonstrates their confidence in our vision and the potential of innovations like Bioalbumen® to build a more sustainable system. It also shows that the EU recognizes precision fermentation as a solution to address sustainability issues and enhance food security in Europe and worldwide. However, to remain competitive and fully capture the potential of exceptional European research and innovation, the regulatory approval process must be accelerated, as the EU currently lags behind other regions in this area, — Maija Itkonen, CEO & co-founder of Onego Bio said.
The fresh investment:
Onego Bio was selected for EIC funding from a competitive pool of 969 applicants, of which 347 companies were interviewed by juries of investors and entrepreneurs, with only 68 receiving funding. EIC Accelerator offers startups and SMEs grants of up to €2.5 million combined with equity investments through the EIC Fund ranging from €0.5 to €15 million or more. In addition to financial support, all projects benefit from a wide range of Business Acceleration Services that provide access to expertise, corporates, investors, and ecosystem actors.
The company aims to submit a Generally Recognized as Safe (GRAS) notice to the FDA this year, with hope of receiving a “no questions” letter from the FDA in 2025. The newly received EIC funding will fuel its go-to-market plan also in the EU, including securing regulatory approval from the European Food Safety Authority (EFSA).
