Foodtech company Onego Bio secures some EUR 37 million in a Series A round

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Onego Bio, Finnish food-biotech company, has completed their EUR 36.5 million (USD 40 million) Series A round, one of the largest in the sector in the Nordics. The round was led by NordicNinja, a Japanese-Nordic VC investing in the most promising companies within sustainability and digital society, and included equity investments from Tesi and EIT Food, existing investors Agronomics,, Holdix and Turret, and certain strategic partners.

Food production and consumption globally account for one-third of all environmental and climate emissions from consumption and also contribute to the decline in biodiversity, water eutrophication, and soil degradation. Through cellular agriculture, Onego Bio develops and commercialises Bioalbumen®, an animal-free egg-white. The production process equals a dramatic 90% reduction in greenhouse gas emissions and a 95% decrease in land use (Nature Food 2021). Egg protein produced without chickens also provides a sustainable and stable supply of one of the most versatile and most used protein sources by the food industry.

Tesi aims at establishing centers of expertise in Finland through its investment operations. Onego Bio serves as a notable illustration within the realms of bio and food technologies regarding such cluster formation. Furthermore, there is a growing demand from global food companies, food industry players, and consumers for environmentally sustainable and ethically sourced raw materials and products. This demand presents a significant market potential for innovative solutions like the ones developed by Onego Bio,” comments Keith Bonnici, Investment Director, on Tesi’s investment.

Onego Bio was founded in 2022 as a spinoff from VTT (Technical Research Center of Finland) by alternative protein pioneer Maija Itkonen (CEO) and precision fermentation trailblazer Christopher Landowski (CTO). Tesi’s investment was its first in the company.

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Additional information: 
Keith Bonnici, Investment Director, Venture Capital Investments
+358 40 179 9584

Tesi(officially Finnish Industry Investment Ltd) is a state-owned, market-driven investment company that invests in venture capital and private equity funds and directly in Finnish startups and growth|X (Twitter)| LinkedIn|Instagram|Bluesky|Threads|Newsletter