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 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.”