Pitch: Finnish startup using precision fermentation to create a functional alternative to ovalbumin.

Source: Onego Bio

ID card

• HQ: Finland
• Founded: 2022, VTT spinoff
• Funding: $71M
• Last Funding: $30M series A (4/24) + $14M EU grant (7/24)
• Corporate investors: Ø
• Partnerships: Perfect Day (to scale up Onego’s production)
• Technology/product: Precision fermentation for egg proteins
• Competitors: Every (US) => very small ecosystem
• Regulation: full-GRAS asked in December 2024

More insights

• A single product: bioalbumen, pure ovalbumin (egg white), the main protein content of the egg, and the source of most of the functionalities (~20).
• Waiting for full gras approval
• Plans to spend $250 to $300M on a large scale facility in the US
• There is no publicly available information on its pricing, but if we suppose a similar price point compared to Perfect Day (~$100/kg, it would be comparable in price to the currently high market price).

For Symrise

Why did we select the startup? There are two leading startups working on precision fermentation and egg proteins. Both are having a lot of recent announcements. Also, the development of a new facility for Onego could mean that there will be clients experimenting with its ingredients, and for which having the expertise of Symrise would be relevant.

Why now? Multiple recent announcements and the development of its large-scale facility in the US.

Source: Onego Bio