1 The EIC Accelerator Project
EIC Accelerator Program Overview
The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support innovative startups and small to medium-sized enterprises (SMEs) that are developing high-impact technologies and solutions. The program aims to bridge the funding gap faced by many deep-tech companies as they transition from the development phase to market introduction. By providing substantial financial support, the EIC Accelerator enables these companies to scale their operations effectively and compete on a global stage.
Funding Structure
The EIC Accelerator offers a blended finance model, which combines grant funding and equity investment.
The dual funding model is particularly advantageous for companies that require both immediate financial support for R&D and longer-term capital to grow and expand.
Purpose and Role in the Ecosystem
The EIC Accelerator plays a crucial role in the European DeepTech and startup ecosystem by fostering innovation and driving economic growth. It provides a platform for startups to develop groundbreaking technologies that address significant societal challenges, such as sustainability, health, and digital transformation. By facilitating access to substantial funding, the EIC Accelerator enhances the ability of companies to attract additional private investment, thereby creating a multiplier effect that stimulates further innovation and growth.
Support for Scaling and Private Funding
The EIC Accelerator not only provides financial resources but also offers mentoring, coaching, and networking opportunities. These additional resources help companies refine their business models, enhance their market strategies, and connect with potential investors. The program significantly increases the visibility of participating startups, making them more attractive to private sector investors who are looking for promising ventures with high growth potential.
Case Study: Onego Bio Ltd and the Bioalbumen Project
Company Overview: Onego Bio Ltd is a Finnish startup that focuses on innovative biotechnology solutions. The company has developed a novel precision fermentation process aimed at producing animal-free bioidentical ovalbumin, a key protein found in egg whites.
Project Description: The project, known as Bioalbumen, aims to create a sustainable and ethical alternative to traditional egg protein production. This is particularly relevant in the context of increasing consumer demand for plant-based and animal-free products.
Technology Basics and Background: The Bioalbumen project leverages advanced fermentation techniques to produce ovalbumin without the need for chickens or egg farming. This innovative approach not only eliminates animal welfare concerns but also significantly reduces the environmental footprint associated with conventional egg production, such as land use, water consumption, and greenhouse gas emissions.
The precision fermentation process involves the use of engineered microorganisms that are capable of synthesizing ovalbumin. By optimizing the fermentation parameters, Onego Bio is able to produce high yields of bioidentical ovalbumin that closely mimic the functional properties of the egg-derived version. This technology not only caters to the growing demand for alternative protein sources but also positions Onego Bio as a leader in the emerging field of sustainable food technology.
Onego Bio submitted its Step 2 proposal for the EIC Accelerator on March 13, 2024, and subsequently won in the Step 3 interview, highlighting the project's potential for impact and innovation.
In summary, the EIC Accelerator program serves as a vital engine for innovation in Europe, providing the necessary resources and support for deep-tech startups like Onego Bio Ltd to scale their operations and make significant contributions to their respective industries. Through initiatives like Bioalbumen, the EIC Accelerator demonstrates its commitment to fostering sustainable, ethical, and technologically advanced solutions in the food sector and beyond.
2 The Funding Rounds
Onego Bio Ltd: Financing and Funding Events Since EIC Accelerator Win
Onego Bio Ltd, based in Finland, has rapidly advanced its funding profile since submitting its successful EIC Accelerator application on March 13, 2024. The company specializes in precision fermentation to produce animal-free egg proteins (Bioalbumen®) and has attracted substantial investment for commercialization and scaling.
Financing Raised
- 2024 Total Funding Raised: €50.5 million ($55 million) raised in 2024 alone.
- Cumulative Funding: As of July 2024, total funding stands at €65 million ($70.8 million).
Recent Funding Rounds
| Round | Date | Amount | Key Investors & Notes |
|---|---|---|---|
| Series A | April 2, 2024 | $40M (approx. €36M) | Led by NordicNinja; included Tesi, EIT Food, Agronomics, Maki.vc, Holdix, Turret; plus $10M non-dilutive from Business Finland. |
| EIC Accelerator & Top-up Series A | July 17–18, 2024 | €14M ($15.2M) | European Innovation Council (EIC) Accelerator Program; additional participation from Series A investors. |
Details of the Rounds
- Series A:
- Closed in April 2024 for $40 million (€36 million approx.), one of the largest such rounds for a Nordic foodtech startup.
- Included a mix of equity investments and a significant non-dilutive grant from Business Finland.
- Investors included leading sustainability-focused VCs like NordicNinja and Tesi as well as sector specialists Agronomics and Maki.vc.
- EIC Accelerator + Additional Raise:
- In July 2024 Onego Bio secured an additional €14 million ($15.2 million), composed of both grant/equity support from the European Innovation Council’s prestigious accelerator program and further investments from existing Series A backers.
- This round was highly competitive—out of nearly a thousand applications across Europe only top-scoring innovations like Onego Bio’s received support.
Timing & Amounts
- April 2, 2024: Announced completion of $40M Series A round.
- July 17–18, 2024: Announced new injection with €14M through EIC Accelerator plus follow-on investment.
- Cumulative total by late July: approximately €65M raised since founding.
Investor Information
Key investors include: - NordicNinja VC (lead investor)
- Tesi
- EIT Food
- Existing backers: Agronomics, Maki.vc, Holdix, Turret
- Non-dilutive public funding: Business Finland (€10m/$10m)
The latest round also brought strategic input via the EU's European Innovation Council (EIC), which provides not only capital but access to networks and regulatory guidance key for expansion into both North American/EU markets.
Company Valuations
No specific public valuation figure is available following these rounds; however:
Exit Events (IPO or Buyouts)
As per all available information up to May 6th, 2025:
The company remains independently operated with commercial operations underway in San Diego (USA) and Helsinki while preparing for regulatory filings with FDA/EFSA—a typical pre-exit growth strategy seen among high-potential biotech firms aiming at global market entry before any liquidity event.
Summary Table: Key Financial Milestones Since March 13th 2024
| Event | Date | Amount |
|---|---|---|
| Completion Series A | April 2nd | $40m |
| New funding incl. EIC | July 17–18th | €14m / $15.2m |
| Total raised by mid-July '24 | ||
| Completion cumulative raise July '24 ~€65m / ~$70.8m |
Exit Status
No IPO or acquisition reported as of May 6th 2025; company remains private with aggressive scale-up agenda focused on North America/EU markets.
Sources: Onego Bio Secures New Funding Tech.eu coverage – Onego secures EUR14mn Protein Production Technology – US$15mn new funds FinSMEs – Raises EUR14mn IBCFinland News Release OneGo Official PR – Series A details AIN.ua report on Finnish Foodtech raise Unreasonable Group Profile on OneGoBio
3 The Press Releases
Onego Bio Ltd: EIC Accelerator Funding and Strategic Developments Finnish precision fermentation company Onego Bio Ltd secured €14 million ($15.2M) in July 2024 through the European Innovation Council (EIC) Accelerator Program, part of a total €50.5 million raised in 2024, bringing its cumulative funding to €65 million ($70.8M). The funding will accelerate commercialization of its animal-free egg protein, Bioalbumen®, produced via a proprietary fungal strain (Trichoderma reesei) engineered for high-yield ovalbumin production.Key Developments
- Regulatory Milestones: On track to submit a GRAS (Generally Recognized as Safe) notice to the U.S. FDA in 2024, targeting a "no questions" response by 2025. Parallel efforts include EU Novel Food authorization via EFSA.
- Commercial Strategy: Prioritizing North American market entry due to favorable regulations while expanding EU operations using EIC funds. Collaborations with food manufacturers span baked goods, confectionery, snacks, and meat alternatives.
- Sustainability Impact: Bioalbumen® aims to reduce environmental burdens by ~90% compared to conventional egg production.
Technology and Partnerships
Onego’s precision fermentation platform leverages Trichoderma reesei for superior protein titers and scalability compared to yeast-based alternatives like Komagataella phaffii. The company is scaling production through co-manufacturers while finalizing plans for in-house facilities.Sources
4 The Technology Advancements
Onego Bio Ltd: Post-EIC Accelerator Funding AdvancementsSince securing €14 million from the EIC Accelerator Program in July 2024 (submitted during the March 13, 2024, cutoff period), Onego Bio has accelerated its commercialization and manufacturing efforts while advancing regulatory approvals. Below are key developments post-funding:
Commercialization and Manufacturing
- North American Market Entry: The company is progressing toward FDA GRAS status for its Bioalbumen® protein, with a "no questions" letter anticipated in 2025.
- EU Regulatory Plans: EIC funding is directly supporting EFSA approval efforts to enable EU market access.
- Manufacturing Expansion: A flagship facility in Jefferson County, Wisconsin (announced March 2025) will occupy 25.9 acres and deliver egg protein equivalent to six million hens annually. The facility’s design emphasizes scalability using patented fungal fermentation technology capable of achieving 120 g/L yields in industrial-scale vessels.
Technological Progress
While no explicit new features or efficiency improvements have been disclosed since July 2024, Onego continues refining its core platform:- Feedstock Innovation: Projects to replace corn sugar with alternative inputs are ongoing to further reduce environmental impact.
- Scalability Validation: Existing partnerships with co-manufacturers demonstrate operational readiness ahead of full-scale production.
Market Demonstrations and Partnerships
Onego is collaborating with major food companies to integrate Bioalbumen® into baked goods, confectionery, sauces, pasta, and meat alternatives. No pilot results or clinical trial data have been published publicly.Intellectual Property and Research Publications
No new patents or peer-reviewed studies have been announced post-EIC funding. Previous patent filings related to fungal fermentation remain central to their competitive edge. The company frequently cites a Nature Food (2021) study highlighting a >90% reduction in greenhouse gas emissions compared to conventional egg production, though no recent whitepapers are noted.Sources
- Onego Bio Secures €14M / $15.2M New Funding
- Series A Funding Announcement
- DoD Distributed Bioindustrial Manufacturing Award
- Jefferson County Facility Announcement
5 The Partnerships and Customers
Onego Bio Ltd: Partnerships, Customers, and Market Positioning
Onego Bio Ltd, a Finnish company specializing in egg protein production through fermentation, has been actively engaging in strategic partnerships and collaborations since receiving the EIC Accelerator funding. These partnerships are crucial for advancing its technology and scaling its operations.
Partnerships and Collaborations
Customers and Market Positioning
While specific customer names are not disclosed, Onego Bio is working with major global food companies. Its egg protein products are designed to address supply chain volatility and provide a stable alternative to traditional eggs, particularly for manufacturers that use eggs for industrial purposes.
New Relationships and Their Purpose
New partnerships, such as the one with Perfect Day, enhance Onego Bio's technical capabilities and accelerate its market entry. The Precision Fermentation Alliance helps promote Onego Bio's products by building trust and familiarity with precision fermentation technology globally.
Positioning and Advancements
These relationships position Onego Bio as a leader in sustainable food production, leveraging precision fermentation to create a resilient and more environmentally friendly food system. The partnerships support Onego Bio's technology advancements by providing access to expertise in strain engineering and bioprocess development, which are essential for scaling up production efficiently.
Scaling and Technology Advancements
Onego Bio's partnerships and investments facilitate the scaling of its operations, particularly with its flagship manufacturing facility in Jefferson County, Wisconsin. This facility, expected to open in 2028, will significantly increase production capacity, allowing Onego Bio to replace the output of millions of laying hens while reducing environmental impact. The company's technological advancements are focused on achieving competitive pricing and improving product functionality, making it a viable alternative to traditional egg proteins.
Sources: - Onego Bio Chooses Jefferson County, Wisconsin for Flagship Egg
- Food Tech Leaders Come Together to Form the Precision Fermentation Alliance
- Perfect Day and Onego Bio Announce Partnership
- Onego Bio to Open Egg Protein Manufacturing Facility in Jefferson County, Wisconsin
- Onego Bio Raises $40M to Scale Up Animal-Free Egg Production
- NORDICNINJA LEADS NEW $40M INVESTMENT IN ONEGO TO SCALE UP ANIMAL-FREE EGG PRODUCTION
- Onego Bio's egg protein solution to launch in Jefferson County, Wisconsin
6 The Hiring and Company Growth
Onego Bio's Team Growth and Scaling Strategy Following EIC Accelerator SuccessFinnish biotech innovator Onego Bio Ltd, a 2024 EIC Accelerator winner, is rapidly scaling its operations to commercialize Bioalbumen®—a precision-fermented egg white protein. While the company’s exact current headcount isn’t publicly disclosed, its team spans Finland and the U.S., with active hiring across technical and commercial roles.
Hiring and Team Expansion
Onego Bio has emphasized building a diverse, purpose-driven workforce focused on sustainable food innovation. Recent job postings suggest ongoing recruitment for manufacturing, bioprocessing, and commercialization roles as the company prepares for large-scale production. The $40 million Series A funding round in April 2024 (including €9.5 million in non-dilutive grants) accelerated hiring efforts, particularly to grow its U.S. commercial team.Key Growth Milestones
- Manufacturing Expansion: In March 2025, Onego announced plans for a flagship facility in Jefferson County, Wisconsin (25.9 acres), targeting 2028 operations to meet global demand.
- Partnerships: Collaboration with Perfect Day’s nth Bio arm aims to accelerate production scaling through shared biotechnology expertise.
- Regulatory Progress: The company expects FDA approval for Bioalbumen® in 2025 after securing self-affirmed GRAS status in late 2024.
Leadership Stability
Co-founders Maija Itkonen (CEO), Christopher Landowski (CTO), and Jussi Joensuu (COO) remain central to strategic decisions. No management changes have been reported since their 2022 founding.Future Impact of Team Growth
New hires are critical for:Sources
- About Us - Onego Bio
- Perfect Day Partnership Announcement _(Note: URL links to manufacturing news; partnership details sourced from TechCrunch)_
- TechCrunch Funding Report
Note: Specific EIC Accelerator award details or grant amounts could not be verified from the provided sources.
[^] EIC Accelerator cut-off date mentioned (March 13, 2024) precedes reported Series A close (April 1–2, 2024). Publicly available materials focus on private funding rounds.
7 The Media Features and Publications
Media and Public Engagement of Onego Bio Ltd Following EIC Accelerator FundingOnego Bio Ltd, a Finnish precision fermentation company producing animal-free egg protein (Bioalbumen®), has garnered significant media attention and industry engagement since securing EIC Accelerator funding in March 2024. Below is a detailed overview of their public presence across various channels:
Media Features and Publications
- AgFunderNews: Highlighted Onego’s $15.2M funding round from the EIC Accelerator and Series A investors, emphasizing its use of Trichoderma reesei fungi to produce ovalbumin.
- Green Queen: Covered Onego’s submission of a GRAS notice to the FDA for its animal-free egg white protein.
- Vegconomist: Reported on the company’s GRAS notification progress and expansion of US operations in San Diego.
- Fast Company: Featured Onego in an article titled “The eggs of the future will be from precision fermentation”, discussing its sustainable protein innovation.
- WIRED: Listed Onego among Helsinki’s hottest startups, focusing on its mission to disrupt conventional egg production.
- Business Wire: Announced Onego’s plans to establish a flagship manufacturing facility in Jefferson County, Wisconsin, for scaled production.
Podcasts and Interviews
While no direct podcast links are listed in available materials:Conference Participation & Events
Though specific event details are not explicitly listed:- Regulatory Submissions: Active engagement with regulatory bodies like the FDA (GRAS notice submission) and EFSA (Novel Foods application) reflects participation in food-tech policy discussions.
- Industry Collaborations: Partnerships with food manufacturers for product integration suggest involvement in sector-specific forums or trade shows related to alternative proteins.
Sources Used:
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