Onego Bio, a Helsinki, Finland-based precision fermentation company, secured €14M in new funding from the European Innovation Council (EIC) Accelerator Program and additional Series A investors.
The newly gained EIC funding will accelerate the company’s go-to-market plan also in the EU, including securing regulatory approval from the European Food Safety Authority (EFSA).
In April 2024, Onego Bio has raised altogether €50.5M, bringing total funding to €65M.
Founded in 2022 as a spinoff from VTT (Technical Research Center of Finland) by Maija Itkonen, CEO, Onego Bio is a food-biotech company harnessing precision fermentation to manufacture real egg protein entirely animal-free. It is already working with major food companies on product formulation in a wide range of products, from baked goods, confectionery, snacks, sauces, pasta, meat alternatives, and more. With commercial operations in San Diego, California, the company is currently producing Bioalbumen® with co-manufacturers while finalizing plans for its first own manufacturing unit. A single full-scale manufacturing unit will boast a two-million-liter fermentation capacity, effectively delivering the protein equivalent produced by six million laying hens.
Onego is moving at full speed in commercializing in North America, where the regulatory landscape allows a faster market entry. The company is on track 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.
FinSMEs
22/07/2024