Agronomics leads €10m Onego Bio Seedrs round

Agronomics has reportedly contributed €6.9 million to a fundraise by Finnish biotech company Onego Bio.

The investment comes as part of a larger €10 million Seedrs fundraising round by the company in a bid to develop an animal-free, sustainable egg protein.

- Advertisement -

The capital injection is set to provide the venture capital firm with an equity stake on a completely diluted basis of 19.94% and also entitles the company to a seat on the startup’s board.

The addition to Agronomic’s portfolio joins its collection of animal-free alternative companies, including plant-based startups Live Kindly and The EVERY Company.

The investment company also holds stakes in startups such as alongside cultivated leather company VitroLabs and cultivated seafood firm BlueNalu.

The Onego Bio was founded in 2021 and has not yet generated revenue, incurred reported significant costs or announced its net assets.

- Advertisement -

The company is a cellular agricultural startup from VTT Technical Research Centre of Finland Ltd, one of Europe’s most prominent research institutions.

It reportedly aims to capitalise on the growing demand for animal-free protein due to rising concerns of animal welfare and the sustainability of farming practices.

According to Onego Bio, it intends to roll out the product in the US first, where it will meet a lower regulatory barrier of product entry.

The company aims to market the product as a confectionary and bakery ingredient, alongside utilisation as a fitness supplement ingredient.

“We want to thank VTT and our investors for supporting a technology that is part of a bigger wave of changing people’s perspective on alternative ways of producing food,” said Onego Bio CEO Maija Itoknen.

“The time is right to spin out this technology and start manufacturing our product, as consumers are more open to try products that are not animal-derived.”

“VTT’s laboratories and technical teams have cutting-edge know-how to develop truly new innovations. We will continue working together with them on the scientific aspects, and together with our investors we simultaneously focus on commercializing the technology.”

Onego Bio reportedly utilises a cellular agriculture method to produce egg-white protein ovalbumin, harnessing the microflora Trichoderma reesei to produce protein with the assistance of water, sugar and alternative minerals.

It is set to join the growing interest in alternative meat and protein in the experimental agricultural market.

Latest News

Subscribe to the UK Investor Magazine email newsletter

Register for our free email newsletter and receive the latest investment news, podcasts, event information and offers.

More Articles Like This

Tagdiv Cloud library - template content.