Finnish biotech startup Onego Bio Ltd has announced the successful closure of EUR10 million seed round with participation from venture capital investors Agronomics Limited and Maki VC.
Onego Bio’s technology, developed and researched at VTT, enables production of bioalbumen with cellular agriculture means.
Bioalbumen is an animal-free egg protein, produced with a specific precision fermentation process that creates identical egg white protein without the need for animals.
The company believes that the demand for animal-free egg white protein will be growing globally, because intensive animal farming causes many environmental hazards, such as excessive use of land, greenhouse gas emissions, water scarcity, and the risk of global pandemics.
The project has been part of VTT LaunchPad, a science-based spin-off incubator, where VTT researchers and technology are brought together with the best business minds and investors out there to renew industries. VTT LaunchPad supports incubator teams to develop VTT owned IPR into fundable spin-off companies.
