Onego Bio is a Helsinki-based precision fermentation food‑biotech company that produces Bioalbumen®, a real egg protein made entirely animal-free. Founded in 2022 as a spinoff from VTT by CEO Maija Itkonen, the company is working with major food companies on formulations for baked goods, confectionery, snacks, sauces, pasta, meat alternatives, and more. It currently conducts commercial operations in San Diego, producing Bioalbumen® with co-manufacturers while finalizing plans for its first own manufacturing unit. A single full-scale manufacturing unit is planned to have a two-million-liter fermentation capacity, equivalent to the protein produced by six million laying hens. Onego is prioritizing North American commercialization where regulatory pathways are faster, and it plans to submit a GRAS notice to the FDA this year with hopes of receiving a "no questions" letter in 2025. Financially, the company has raised €65M to date, including a €50.5M raise in April 2024 and the recent €14M in new funding. Onego Bio develops Bioalbumen®, an animal-free egg white protein produced with patented fungal precision‑fermentation technology that is bioidentical to ovalbumin and nutritionally complete (PDCAAS 1.0, >90 g protein/100 g). The company demonstrated industrial production potential of 120 g/L in 250,000 L fermentation vessels and currently collaborates with over 25 CPG companies across baked goods, confectionery, snacks, sauces, pasta, and meat alternatives. Founded in 2022 as a VTT spinoff, Onego positions its technology for competitive price points versus conventional egg protein and emphasizes superior functionality, flavor neutrality, and scalability. The funding will support North American go‑to‑market efforts, scaling to industrial production, expanding a US commercial team, partnering with co‑manufacturers, and finalising in‑house manufacturing plans. Onego is pursuing self‑affirmed GRAS status this year, with an FDA no‑objections letter expected in 2025, and plans to launch first in North America before expanding to Europe, South America, and Asia. The company has raised a total of $56 million to date. Onego Bio is a Finnish biotech spin-off from VTT developing an animal-free egg white using precision fermentation. The company employs a commercially proven Trichoderma technology to produce ovalbumin, the primary egg white protein. It plans to commercialize Bioalbumen™ first as a food ingredient for the food industry and later launch consumer-branded products for baking and cooking. Onego positions its method as safe, sustainable and cost-effective, with claimed efficiency and productivity advantages. The team says the product addresses environmental, food-security and animal-welfare concerns linked to conventional egg production. Financially, the company has recently raised funding to accelerate R&D and product development. Onego Bio is a Helsinki-based biotech spin-off from VTT Technical Research Centre of Finland developing animal-free proteins such as egg white using a commercially-proven trichoderma technology. Led by CEO Maija Itkonen, the company aims to produce egg white without chickens to address environmental problems associated with eggs. Its core product is animal-free bioalbumen powder positioned as a food ingredient for the bakery and confectionery industries and as a protein supplement for fitness products. The company plans to build pilot production in Finland in the coming years and to acquire necessary commercial approvals for its first product. Longer-term plans include entering the consumer market with its own branded products for baking and cooking. Onego raised seed funding to commercialize its technology and advance these plans.

Total raised

$71M

Funding rounds

5

Latest round

Equity

Latest activity

Jul 2024