In 2023, higher egg prices provided an opportunity for alternative protein companies to demonstrate their ability to compete with traditional egg manufacturers.
While prices have stabilized in the following year, the momentum in developing more sustainable egg products continues to grow. One company at the forefront of this movement is Onego Bio, a Finland-based food-biotech company utilizing the fungus Trichoderma reesei and precision fermentation to produce an animal-free egg white alternative called Bioalbumen.
Founded by Maija Itkonen and Christopher Landowski in 2022, Onego Bio’s patented fungal fermentation technology facilitates the production of 120 grams per liter in 250,000-liter fermentation vessels, bringing them closer to competitive price points compared to traditional egg protein manufacturing methods.
Bioalbumen, according to Onego Bio, is “bioidentical” to ovalbumin, the primary protein found in chicken egg whites. It contains all essential amino acids and is high in protein, with 90 grams per 100 grams of egg white. Additionally, the production process boasts a 90% smaller environmental footprint compared to conventional chicken eggs.
Engineered with a clean, neutral flavor, Bioalbumen can serve as a substitute for eggs in various food products including baked goods, snacks, and sauces. Onego Bio plans to sell Bioalbumen to partner companies for the creation of food items.
Itkonen emphasized the efficiency of their process, stating that the microorganism used by Onego Bio yields a larger output at a lower cost, making the product competitive with animal-based alternatives.
The company’s initial launch will be in North America, with plans to obtain GRAS status and FDA approval in the coming years before expanding globally.
In preparation for this expansion, Onego Bio recently secured $40 million in Series A funding to support market entry and enhance manufacturing capabilities. The funds will be allocated towards growing the commercial team in the U.S. and establishing manufacturing partnerships while finalizing their own factory.
NordicNinja led the investment round, with additional contributions from Tesi, EIT Food, and existing investors. Business Finland also provided a $10 million non-dilutive funding, bringing Onego Bio’s total funding to $56 million.
With a strategic focus on commercialization and sustainability, Onego Bio is poised to disrupt the egg market and accelerate the transition towards greener food production practices.
