Onego Bio, a Helsinki, Finland-based biotechnology company producing animal-free egg white with precision fermentation, received a €4.5m grant.
The new funding, granted by Business Finland, makes it possible to increase the project’s resourcing and speed up its implementation.
The company intends to use the funds to accelerate the research and development of Bioalbumen™ production even further.
Founded in 2022 by Maija Itkonen (CEO), Christopher Landowski (CTO) and Jussi Joensuu (COO), as a biotech spin-off from VTT Technical Research Centre of Finland, Onego Bio is a biotech company producing animal-free egg proteins with precision fermentation. The company uses a commercially proven Trichoderma technology to solve environmental problems associated with eggs, one of the world’s most used animal proteins. This precision fermentation method produces ovalbumin, the most abundant egg white protein.
Onego raised €10m in seed funding from Agronomics and Maki VC in February, and now Business Finland, a public organization under the Finnish Ministry of Employment and the Economy, has awarded a grant of additional EUR 4.5 millionfor Onego Bio’s research and development work.
FinSMEs
09/09/2022