Agronomics Limited, a leading listed company in the field of cellular agriculture, has announced that its portfolio company, Onego Bio Ltd, has secured EUR 14 million in new funding from the European Innovation Council Accelerator Program and an additional Series A investor. This funding comes after Onego previously closed EUR 37 million in its series A round, bringing its total funding to date to EUR 65 million.
Agronomics has invested EUR 8.4 million into Onego since its inception, which accounts for approximately 6.7% of Agronomics' last published Net Asset Value. The company also holds an equity ownership of 16.1% on a fully diluted basis.
Onego Bio, a precision fermentation company, has successfully raised a total of €65M, with the latest funding to be used to fuel the company's go-to-market plan in the US and EU, including securing regulatory approval from the European Food Safety Authority. Onego's flagship product, Bioalbumen®, is a bio-identical egg protein with full functionality, perfect protein quality, and a neutral taste, offering a stable supply of egg protein while potentially alleviating the environmental burden by approximately 90%.
Maija Itkonen, CEO & co-founder of Onego Bio, expressed confidence in the company's vision and the potential of innovations like Bioalbumen® to build a more sustainable system. She also highlighted the need for accelerated regulatory approval processes in the EU to remain competitive and fully capture the potential of exceptional European research and innovation.
Onego Bio's selection for EIC funding from a highly competitive pool of applicants underscores the EU's recognition of precision fermentation as a solution to address sustainability issues and enhance food security in Europe and worldwide.
Agronomics is a leading London-listed company focusing on investment opportunities within the field of cellular agriculture. The company has established a portfolio of over 20 companies in this rapidly advancing sector, seeking to invest in companies owning technologies with defensible intellectual property that offer new ways of producing food and materials with a focus on products historically derived from animals.
This disruption in agriculture aims to improve sustainability, address human health, animal welfare, and environmental damage, and decouple supply chains from the environment and animals to improve food security for the world's expanding population.