Onego Bio’s animal-free egg white ingredient, Bioalbumen, produced by precision fermentation. Photo/Onego Bio
Onego Bio is a biotech spin-off from the VTT Technical Research Center of Finland.
The company uses commercially proven Trichoderma technology to address environmental issues associated with eggs, one of the most widely used animal proteins in the world.
Onego Bio said its sustainable and cost-effective precision fermentation method produces ovalbumin, the most abundant egg white protein, and the team believes this technology is superior due to its efficiency and productivity. .
Onego raised €10 million ($10 million) in seed funding from Agronomics and Maki VC in February, and now Business Finland, a public organization under the Finnish Ministry of Employment and Economy , awarded an additional grant of €4.5 million ($4.5 million) for Onego Bio’s research and development work.
Business Finland’s funding increases the project’s resources and accelerates its implementation, which improves its business expectations.
Fight against climate change
According to Business Finland, the company’s solution responds to major global challenges and development trends in food production. It has significant international trade potential and promotes sustainable food production, food security and the fight against climate change.
The funded project also promotes the commercialization of public research results into a global competitive advantage and has a significant positive impact on the development of the company’s activities.
“Since our inception in February 2022, our team has worked hard to launch remarkable development projects, recruit talented new members, as well as generate business plans and business scenarios. With this incredible additional funding, we can focus on even more complex and challenging areas of R&D and keep our risk appetite and performance requirements high,” said Maija Itkonen, CEO and Co-Founder of Onego Bio.
Industry, then consumers
Cellular farming uses microorganisms and bioreactors instead of traditional farming and can provide the same everyday food ingredients, but without farming systems.
Due to its unique functional properties, egg white is difficult to substitute with alternative ingredients and is often cited as one of the last frontiers before completely animal-free products can be made. Onego Bio provides the nutritional and functional benefits of egg white, without the environmental, ethical and safety concerns.
The company aims to launch its first product, Bioalbumen, as a food ingredient for the food industry and later enter the consumer market with its own branded products for baking and cooking.