French foodtech startup Edonia, which develops whole-food protein ingredients from microalgae, has raised €15 million in a funding round backed by SWEN Blue Ocean 2, Asterion Ventures, and EIT Food, alongside non-dilutive funding from Bpifrance and bank financing.
- Founded in 2023 by Hugo Valentin, Pierre Mignon, and Nicolas Irlinger, Edonia has developed Edo, a protein ingredient made from spirulina using its proprietary Edonization process, developed in partnership with AgroParisTech.
- The technology transforms spirulina into a ready-to-use grain designed for food manufacturers and foodservice operators.
- Edonia began industrializing its technology in 2024, moving from laboratory development to production and establishing its own supply chain. The company has since secured around 20 contracts with industry players and €30 million in pre-orders, including from partners such as Aliive and Newrest.
- The company says its microalgae-based protein can serve as an alternative to conventional protein sources such as meat, fish, and cheese, while offering a lower environmental footprint. According to Edonia, Edo has a carbon footprint up to 27 times lower than meat.
Details of the deal
- With the fresh capital, Edonia aims to scale industrial production by opening a dedicated facility in France and expand its B2B foodservice business across Europe, Japan, and the US.
