US-Finnish precision fermentation company Onego Bio has secured $15.2 million in funding from the European Innovation Council (EIC) Accelerator Program and other Series A investors. This takes the amount raised by the company in 2024 to $55 million, and its total funding to $70.8 million.
Onego Bio produces Bioalbumen®, an animal-free bio-identical egg protein manufactured as an industrial food ingredient. Bioalbumen is said to have perfect protein quality, full functionality, and a neutral flavor; it could also alleviate the environmental burden of conventional egg production by as much as 90%, while providing a stable supply. This is likely to be very attractive to manufacturers, since chicken eggs have been plagued by supply chain issues in recent years.
Commercialization
Onego says it is focusing on commercializing Bioalbumen in North America, since the regulatory landscape should allow for faster market entry. The company plans to submit a Generally Recognized as Safe (GRAS) notice to the FDA this year, and hopes to receive a “no questions” letter in reply by 2025.
Meanwhile, the EIC funding could help Onego Bio achieve regulatory approval and commercialization in the EU. Of 969 applicants, Onego was one of just 68 to receive funding, after it was determined that the business had the potential to scale up and create new markets (or disrupt existing ones). The EIC recognized that precision fermentation could have a major impact on the sustainability, efficiency, and resilience of the European food supply chain.
Onego has revealed that it is already working with major food companies to incorporate Bioalbumen into a range of products, including baked goods, confectionery, snacks, sauces, pasta, and meat alternatives. The company is also finalizing plans for a manufacturing unit with a two-million-liter fermentation capacity, delivering a quantity of protein equal to that produced by six million laying hens.
“The real factory farming”
The industrial production potential of Onego’s patented fungal fermentation technology should allow for price competitiveness with conventional egg production. Speaking to the Future of Foods Interviews podcast earlier this week, Onego co-founder and CEO Maija Itkonen said that producing protein in bioreactors would become “the real factory farming”.
Last year, Bioalbumen was selected as a winner in the Food category of Fast Company’s 2023 World Changing Ideas Awards, in recognition of its potential to provide the nutritional and functional benefits of egg protein without the environmental, safety, and supply chain issues.
“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,” said Maija Itkonen, CEO and co-founder of Onego Bio. “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.”
Here you can read and listen to this week’s Future of Foods Interviews in which podcast host Alex Crisp talks to Onego Bio CEO Maija Itkonen.
