Onego Bio raises $40 million for animal-free egg protein

In Finland, Onego Bio has completed a $40-million Series A funding round to drive commercialization and manufacturing of egg protein via precision fermentation.

Founded in 2022 as a spinoff from VTT, Onego Bio’s Bioalbumen® is bioidentical to ovalbumin, the major protein in chicken egg white, and contains all essential amino acids. Onego says Bioalbumen also has a clean, neutral favor, and the company is collaborating with over 25 “well-known” consumer packaged goods companies.

The round was led by NordicNinja, a Japanese-Nordic VC, and included equity investments from Tesi and EIT Food, existing investors Agronomics, Maki.vc, Holdix and Turret, and certain strategic partners. The Series A round also includes a $10 million non-dilutive funding from Business Finland, a public organization under the Finnish Government that supports innovation to accelerate systemic change to help solve major global challenges. The Series A funding is one of the largest A-rounds in the Nordics, bringing the company’s total funding to $56M.

“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.”