Onego Bio, a precision fermentation company, has secured €14 million from the European Innovation Council (EIC) Accelerator programme, bringing the company's total funding to €65 million.

The firm produces Bioalbumen, a bio-identical egg protein, which promises a stable supply, high protein quality and neutral flavour. The product is also designed to reduce the environmental impact of traditional egg production by approximately 90%.

Founded in 2022 as a spinoff from the Technical Research Center of Finland (VTT), Onego Bio collaborates with major food companies on product formulations across various categories, including baked goods, confectionery, snacks, sauces, pasta and meat alternatives. The company operates commercially from San Diego, California, and is finalising plans for its first manufacturing unit.

According to the company, Onego Bio is advancing its commercial efforts in North America, where the regulatory landscape facilitates quicker market entry. The business plans to submit a Generally Recognized as Safe (GRAS) notice to the FDA this year, aiming for a positive response in 2025.

The EIC funding will support regulatory approval efforts in the EU, specifically from the European Food Safety Authority (EFSA).

Maija Itkonen, CEO and co-founder of Onego Bio, said: "The new funding and immense support from our investors demonstrate their confidence in our vision and the potential of innovations like Bioalbumen to build a more sustainable system. It also shows that the EU recognises precision fermentation as a solution to address sustainability issues and enhance food security in Europe and worldwide."

"However, to remain competitive and fully capture the potential of exceptional European research and innovation, the regulatory approval process must be accelerated, as the EU currently lags behind other regions in this area."

Top image: © Onego Bio

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