DLA Piper advised food-biotech company Onego Bio on $40 million Series A funding round

DLA Piper advised Onego Bio on their $40 million Series A funding round. The funding round was completed to drive commercialization and manufacturing of egg protein via precision fermentation.

Onego Bio is a US-Finnish food-biotech company revolutionizing the food system by harnessing the power of precision fermentation to manufacture real egg protein entirely animal-free. Their ingredient, Bioalbumen®, sets a new standard for sustainable protein with identical taste and nutrition, superior functional properties and over 90% smaller environmental footprint compared to eggs from chickens.

The round was led by NordicNinja, a Japanese-Nordic VC investing in the most promising climate tech companies, and included equity investments from Tesi and EIT Food, existing investors Agronomics, Maki.vc, and Holdix, and certain strategic partners. The Series A round also includes $10 million of non-dilutive funding from Business Finland.

“It’s been a pleasure to work with DLA Piper; they’re reliable and diligent and always fun to deal with. They did excellent work handling a multi-structural project and keeping both content and communication in good order”, says Onego Bio’s founder and CEO Maija Itkonen.

The DLA Piper advisory team comprised Jonathan Andersin and Josefine Jahnsson.