Edonia raises €15m to scale microalgae alt-protein ingredient

Nov - Food Bev - Website Banner - TIJ vs TTO 300x250.gif

Access more as a FoodBev subscriber

Sign up to FoodBev and unlock more insights from the international food and beverage industry. Subscribers have access to webinars, newsletters, publications and more...

Subscribe now >

Edonia, a food-tech start-up based in France, has raised €15 million to fund the industrial scale-up of its microalgae-based protein ingredient, Edo.

The functional ingredient offers manufacturers and foodservice a new whole food source derived from spirulina, suitable for use as an alternative to traditional, animal-derived protein sources like meat, cheese and seafood.

Going beyond mimicking animal products, the high-protein ingredient can also be used to boost the nutritional value of everyday foods, responding to industry demands for multi-functional ingredients that are minimally processed.

The funding round was led by Swen Blue Ocean 2, Asterion Ventures and EIT Food. It also includes non-dilutive funding from Bpifrance under the France 2030 plan and bank financing.

Benoît Lelong, senior investment manager at EIT Food, said: “This investment demonstrates not only the strength of Edonia’s technology, but also the growing market demand for innovative protein solutions that combine nutrition, affordability and sustainability”.

Edonia's co-founders (L-R): Pierre Mignon, COO; Hugo Valentin, CEO; and Nicolas Irlinger, CTO

Edonia will use the funds to scale-up industrialisation of its ingredient and open a dedicated new facility through a partnership in an existing shared location in France. It will also seek to grow its B2B foodservice sales model in Europe, Japan and the US. The company has currently secured €30 million in pre-orders, through around 20 contracts signed with industry players.

Edonia’s ingredient was made using its proprietary Edonization technology, a patented process developed in partnership with AgroParisTech. The tech transforms spirulina into a tender grain, with the functional ingredient’s carbon footprint ‘up to 27 times lower than meat’ according to EIT Food.

Hugo Valentin, co-founder of Edonia, said: “We firmly believe that microalgae can feed the world in a different way, and our successful step from pilot to large-scale production proves that there are applications far beyond nutraceuticals, particularly in the ready-to-use protein ingredients market”.

“Edonia is developing the new category of nutritious, minimally processed whole foods plant-based proteins. These essential and versatile ingredients can be used by industrial manufacturers on a large scale and at competitive prices.”