Onego Bio Secures $40M Funding: In a major advancement, Onego Bio has successfully concluded a $40 million Series A funding, aimed at scaling its groundbreaking animal-free egg protein, Bioalbumen®. This represents a significant milestone in the Nordics, cumulatively raising Onego’s funds to $56M.
Key Recent Highlights:
Leadership in Precision Fermentation: With this investment, Onego Bio is poised to revolutionize the egg market by commercializing Bioalbumen® through precision fermentation. This initiative is supported by a consortium of investors led by NordicNinja and includes contributions from Tesi, EIT Food, along with previous backers and strategic partners. Notably, Business Finland contributed $10 million in non-dilutive funding.
Strategic Path to Disruption: Onego Bio is positioned to disrupt the global egg market, valued at $330 billion, by offering a sustainable, reliable alternative to traditional egg proteins. The company’s approach leverages precision fermentation to address market volatilities and demand for ethical, sustainable food sources.
Bioalbumen®: A bioidentical match to ovalbumin, the primary protein in chicken egg whites, offering a nutritionally complete profile with a PDCAAS score of 1.0 and >90g of protein per 100g.
Functional Benefits: Bioalbumen® excels in various food applications, enhancing texture, taste, and nutritional value across a broad spectrum of products, including baked goods, confectioneries, and meat alternatives.
Environmental Advantage: With potential to dramatically reduce greenhouse gas emissions by 90% and land use by 95%, Onego’s technology represents a significant leap towards sustainable food production.
Innovation and Growth:
Technology: Utilizing patented fungal fermentation technology, Onego showcases superior productivity and scalability with a demonstrated potential for industrial production.
North American Expansion: Leveraging the recent funding, Onego is expanding its U.S. operations, including scaling up production and enhancing the commercial team to accelerate market entry.
Sustainability Goals: The company aims to minimize environmental impact by exploring alternative feedstocks, reducing reliance on traditional agricultural inputs.
Regulatory and Global Expansion: Onego is on track to achieve GRAS status for Bioalbumen® in the U.S., with plans for broader market entry into Europe, South America, and Asia following regulatory approvals.
Conclusion: Onego Bio’s innovative approach to animal-free egg production through Bioalbumen® is set to transform the food industry. By merging scientific excellence with a commitment to sustainability, Onego stands at the forefront of “Food Industry 2.0,” promising a future where food production is kinder to the planet and meets the growing demand for ethical, sustainable protein sources.