Onego Bio secures $15.2M for its animal-free real egg protein
The US-Finnish food company uses precision fermentation to make bio-identical egg protein - with no animals and around 90 percent less environmental impact.
Credit: Onego Bio
A US-Finnish food company has secured $15.2 million in new funding for its bio-identical egg protein that’s animal free.
Onego Bio uses the decades-old process of precision fermentation to manufacture real egg white protein.
The scientific process is described as somewhat similar to beer brewing, as both require microorganisms which are fed sugar to produce the desired molecules.
But instead of beer, Onego Bio’s fermentation tanks ultimately create an egg protein in powder form. The company calls this powder Bioalbumen, and says it can replace eggs in a wide range of food products from baked goods and confectionary to snacks, beverages, sauces, meat alternatives, and more.
The powdered form of the egg protein. Credit: Onego Bio
Investors and supporters have seen huge potential in the product, which could meet the food industry’s demand for eggs without the need to farm egg laying hens.
On July 17 the company announced its latest funding, receiving $15.2 million from the European Innovation Council (EIC) Accelerator Program and additional Series A investors.
This amount brings Onego Bio’s total funding to $70.8 million so far, and shows the excitement around precision fermentation and how it could transform the food industry to become more sustainable.
Onego Bio says its Bioalbumen has the potential to cut the environmental burden of traditional hen-laid eggs by around 90 percent. Compared to egg protein from chickens, the Bioalbumen can be produced with 95 percent less land, require 72 percent less water, and emit 89 percent less GHG emissions.
To put those numbers in perspective, the company says a single Onego full-scale manufacturing unit will boast a two-million-liter fermentation capacity - the protein equivalent produced by six million laying hens.
The egg protein can replace traditional eggs in a variety of foods. Credit: Onego Bio
As well as having a smaller climate impact, the product’s manufacturing process means that it can have a stable supply and pricing - unlike the traditional egg industry which can see supply chain disruption and price fluctuations.
By producing egg protein with precision fermentation, it can also improve food safety as there is no exposure to antibiotics, bird flu, or salmonella.
But customers will have to wait a little longer to try the new product, while the company first goes through the food safety regulatory process in the US.
Onego Bio says it is on track to submit a Generally Recognized as Safe (GRAS) notice to the FDA this year, with hope of receiving a "no questions" letter from the FDA in 2025. This process is what companies must undergo to get government approval to sell foods with emerging ingredients.
"The new funding and immense support from our investors demonstrates their confidence in our vision and the potential of innovations like Bioalbumen to build a more sustainable system”, said Maija Itkonen, CEO & co-founder of Onego Bio. “It also shows that the EU recognizes precision fermentation as a solution to address sustainability issues and enhance food security in Europe and worldwide.”
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