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In 2023, rising egg costs supplied a chance for various protein corporations to exhibit that they will compete with conventional egg producers.

A 12 months later, costs have calmed down, however exercise to develop extra sustainable egg merchandise stays energetic. One place the place we’re seeing a whole lot of exercise is Onego Bio, a meals biotech firm primarily based in Finland. The corporate makes use of a fungus known as Trichoderma reesei and precision fermentation to create an animal-free egg white various known as bioalbumen.

Maiya Itkonen, co-founder and CEO of Onego Bio (pronounced on-e-go), spun off the corporate in 2022 with precision fermentation skilled Kristofer Landovski from VTT (Finnish Expertise Analysis Heart) .

Maija Itkonen and Christopher Landowski, co-founders of Onego Bio. Picture credit: Onego Bio

Itkonen advised TechCrunch that the corporate’s patented fungal fermentation know-how course of permits it to supply 120 grams per liter in a 250,000 liter fermentation vessel. With this functionality, Onego Bio is approaching a aggressive value level in comparison with conventional strategies of manufacturing egg protein, she added.

Onego Bio claims that bioalbumen is “biologically an identical” to ovalbumin, the principle protein in rooster egg white. It additionally comprises all of the important amino acids and is excessive in protein at 90 grams per 100 grams of egg white. Moreover, the corporate can produce eggs which have a 90% decrease environmental affect in comparison with rooster eggs.

The corporate designs BioAlbumen to have a clear, impartial taste that can be utilized to interchange eggs in quite a lot of meals, baked items, snacks, and sauces. The corporate plans to promote Bioalbumen to corporations that manufacture meals.

“What we’re doing is completely different from the methods that different corporations are engaged on, for instance,” Itkonen says. “The microbial progress is a bit slower, however the productiveness is far larger. So that you get an even bigger yield, and the product is easier in that it does not require specialised gear. All of it comes all the way down to value. It comes all the way down to that, as a result of to essentially compete with animal merchandise, it’s a must to have the identical value.”

The corporate will first launch it in North America. Itkonen expects Onego Bio to obtain self-affirmed GRAS (Usually Acknowledged as Protected) standing for bioalbumen this 12 months and a letter of no objection from the U.S. Meals and Drug Administration in 2025. After that, we plan to broaden in Europe, South America, and different areas. Asia.

In preparation for this, Onego Bio not too long ago secured $40 million in Collection A funding to deliver bioalbumen to market and enhance manufacturing capability. The funds will probably be used to develop the corporate’s U.S. industrial workforce, finishing its personal manufacturing unit and partnering with co-manufacturers. Itkonen mentioned the corporate is near a single Onego full-scale manufacturing unit with a fermentation capability of two million liters, which is able to primarily change an egg farm with 6 million egg-laying hens.

The funding was led by Japanese-Nordic enterprise capital agency NordicNinja, with participation from fairness buyers Tesi and EIT Meals, present buyers Agronomics, Maki.vc, Holdix, Turret, and a gaggle of strategic companions.

The spherical additionally contains $10 million in non-dilutive funding from Enterprise Finland, a public company underneath the Finnish authorities that helps innovation that accelerates systemic change to resolve main international challenges. It’s. Itkonen touted Onego Bio’s Collection A funding as “one among his largest A rounds in Scandinavia,” bringing the corporate’s whole funding to his $56 million.

Nordic Ninja Managing Associate Sohara Tomosaku mentioned in a press release: In lower than two years, Onego is already working with main international meals corporations with plans to disrupt the $330 billion egg market, set off system-level change, and speed up the inexperienced transition. Masu. ”

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