Sept. 7, 2022, — Onego Bio is a biotech subsidiary of Finland’s VTT Technical Research Center. The business leverages commercially successful Trichoderma technology to address environmental issues related to eggs, one of the most popular animal proteins in the world. The team believes that the selected technique is superior due to its effectiveness and productivity because it manufactures ovalbumin, the most prevalent egg white protein, using a safe, environmentally friendly, and economically advantageous precision fermentation approach.
In February, Onego raised EUR 10 million in early capital from Agronomics and Maki VC. Business Finland, a government agency under the Finnish Ministry of Employment and the Economy, has given the company an extra EUR 4.5 million in funding for its R&D efforts. The project’s resources can be expanded, and its execution accelerated thanks to Business Finland’s investment, which raises its business expectations and has favorable social and environmental benefits.
Business Finland claims that the company’s response meets the main global issues and emerging trends in food production. It encourages sustainable agricultural production, food security, and the battle against climate change and offers enormous potential for worldwide business. Additionally, the sponsored initiative promotes the conversion of publicly available research results into a global competitive advantage and significantly enhances the growth of the company’s operations.
Maija Itkonen, CEO and co-founder of Onego Bio:
“With the help of this incredible additional funding, we can focus on even more complex and ambitious R&D areas and keep our risk appetite and performance requirements high. Since our founding in February 2022, our team has been working hard to launch remarkable development projects, recruit talented new team members, and develop business plans and commercial scenarios.”
More about the startup:
In place of conventional animal farming, cellular agriculture uses microorganisms and bioreactors to produce the same cherished food elements consumed daily but unconnected from animal agricultural systems. Egg white is often the final ingredient before completely animal-free products can be created. Its unique functional characteristics make it challenging to substitute with other ingredients. Without environmental, moral, or safety problems, Onego Bio offers egg white’s nutritional and practical benefits. The company plans to introduce its first product, BioalbumenTM, as a food additive for the food industry before launching its own branded baking and cooking goods on the consumer market.
