In 2023, higher egg prices provided an opportunity for alternative protein companies to prove their competitiveness against traditional egg manufacturers.
Prices have since stabilized, but the development of sustainable egg products remains active. Onego Bio, a Finland-based food-biotech company, is at the forefront of this movement, utilizing fungus Trichoderma reesei and precision fermentation to produce an animal-free egg white alternative called Bioalbumen.
Co-founder and CEO Maija Itkonen, along with precision fermentation expert Christopher Landowski, spun off Onego Bio from VTT (Technical Research Center of Finland) in 2022.
Onego Bio co-founders Maija Itkonen and Christopher Landowski. Image Credits: Onego Bio
According to Itkonen, Onego Bio’s fungal fermentation technology enables the production of 120 grams per liter in 250,000-liter fermentation vessels, bringing them closer to competitive pricing with traditional egg proteins.
Bioalbumen from Onego Bio is claimed to be “bioidentical” to ovalbumin, the primary protein in chicken egg white, containing all essential amino acids and with a high protein content of 90 grams per 100 grams of egg white. Additionally, it boasts a 90% smaller environmental footprint compared to chicken eggs.
The company designs Bioalbumen with a neutral flavor suitable for various food applications, including baked goods, snacks, and sauces. Their plan is to sell Bioalbumen to companies for use in creating food products.
Itkonen explained, “Our approach differs from others as our microorganism grows slightly slower but yields significantly more product without the need for specialized equipment. This efficiency is crucial for competitiveness with animal products in terms of pricing.”
Onego Bio will initially launch in North America, aiming to secure GRAS status for Bioalbumen this year and FDA approval in 2025. Subsequent expansions are planned for Europe, South America, and Asia.
To support these plans, Onego Bio recently raised $40 million in Series A funding to bring Bioalbumen to market and enhance manufacturing capabilities. The funds will facilitate growth in the U.S. commercial team and partnerships with co-manufacturers, while finalizing their own production facility. The company is nearing completion of a full-scale manufacturing unit with a 2 million-liter fermentation capacity, set to replace a conventional egg farm with 6 million laying hens.
NordicNinja, a Japanese-Nordic venture capital firm, led the investment round with contributions from equity investors Tesi and EIT Food, as well as existing investors and strategic partners.
Included in the funding is a $10 million non-dilutive investment from Business Finland, an organization supporting innovation to address global challenges. Itkonen highlighted that Onego Bio’s Series A funding is among the largest in the Nordics, bringing their total funding to $56 million.
ManagiSoaraa, managing partner of NordicNinja, stated, “Onego Bio is on a fast track to commercialization with a clear path to market and profitability. In less than two years, they have already engaged with major global food companies and are poised to disrupt the $330 billion egg market, driving systemic change to accelerate sustainability.”
