Helsinki-based Onego Bio has announced a significant €37M Series A funding round, led by NordicNinja, marking one of the largest A-rounds in the Nordics. The funding round also saw participation from Tesi and EIT Food, along with existing investors Agronomics, Maki.vc, Holdix Turret, and strategic partners.
This round includes a notable €9.3M non-dilutive funding from Business Finland, aimed at supporting innovation and systemic change to address global challenges. The total funding for Onego Bio now stands at approximately €52M.
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Strategic Use of Funds for Market Expansion
Onego Bio plans to utilize the capital to propel its North American market entry strategy, which includes scaling up to industrial-level production and expanding its US commercial team. The company is collaborating with co-manufacturers and finalizing in-house manufacturing plans to accelerate market entry. Onego’s manufacturing unit, with a 2M-liter fermentation capacity, aims to replace 6 million laying hens, resulting in a 90% reduction in greenhouse gas emissions and a 95% decrease in land use.
Innovative Approach to Egg Protein Production
Founded in 2022 by Maija Itkonen (CEO) and Christopher Landowski (CTO) as a spinoff from VTT (Technical Research Center of Finland), Onego Bio specializes in producing real egg protein entirely animal-free through precision fermentation. The company’s flagship ingredient, Bioalbumen, offers identical taste and nutrition to chicken eggs, superior functional properties, and a significantly smaller environmental footprint. Bioalbumen contains all essential amino acids, boasts the highest protein digestibility score of 1.0, and delivers over 90g of protein per 100g.
Collaboration with Major Food Companies
Onego Bio collaborates with over 25 well-known CPG companies, integrating Bioalbumen into their innovation pipelines for a wide range of products, including baked goods, confectionery, snacks, sauces, pasta, meat alternatives, and more. The company employs a patented fungal fermentation technology that is highly productive and scalable, demonstrating industrial production potential and enabling competitive pricing compared to conventional egg protein production methods.
Investor Confidence in Onego Bio’s Vision
NordicNinja, the largest Japan-backed VC fund in Europe, supports Onego Bio’s mission to disrupt the $330 billion egg market and create system-level change, accelerating the green transition. “Onego Bio is taking all the right steps to commercialize in record time,” says Tomosaku Sohara, Managing Partner at Nordic Ninja, highlighting the company’s clear path to industrialization, market entry, and profitability.
With this Series A funding, Onego Bio is set to revolutionize the food industry by providing a sustainable, animal-free alternative to egg protein, aligning with global efforts to reduce environmental impact and meet the growing demand for plant-based food options.
