Edonia, a Paris-based alternative protein ingredients startup, has raised EUR 2 million (~USD 2.1 million) in pre-seed funding led by Asterion Ventures, with participation from bpi.
Edonia plans to allocate the newly raised funds toward developing a pilot plant and extending its R&D activities. The company also aims to establish a full-scale production factory within two years.
Edonia, founded in 2023, develops alternative protein ingredients using microalgae. It converts microalgae biomass into beneficial protein ingredients through a unique process called "edonization." Edonia’s first product, Edo-1, is expected to launch into the market by the end of this year with commercial proofs of concept.
Analyst QuickTake: Microalgae is a preferred alternative protein ingredient due to its high protein content and essential amino acids. It requires significantly less land and freshwater to produce compared to animal proteins, and its versatility allows for multiple applications. Phycom and Triton Algae Innovations are a few notable startups that develop algae-based protein ingredients.
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