Spirulina Mince Maker Edonia Closes €15M Round Backed by €30M in Pre-Orders

French microalgae ingredient company Edonia has closed a €15 million funding round to establish a dedicated production facility for Edo, its spirulina-based protein grain. The funding comes after securing around €30 million in pre-orders from 20 food industry clients. The round was led by SWEN Blue Ocean 2, alongside Asterion Ventures and EIT Food, with additional non-dilutive funding from Bpifrance and bank financing.

Edonia's Edo product is made using a patented cooking process, resulting in a high-protein grain with a texture similar to ground meat. The company plans to expand B2B foodservice sales in Europe, Japan, and the US, with the new facility to be located in France in cooperation with an unnamed partner. Co-founder and CEO Hugo Valentin emphasized that the funding will enable the company to scale up production and deliver on its mission to provide a nutritious, environmentally-friendly, and cost-effective protein source.