EvodiaBio has raised €7m from foreign and Danish investment funds, including EIFO and The March Group. The new capital will be used for commercialisation and expansion.
The company has developed a new sustainable method to produce natural aroma. It can improve the taste of non-alcoholic beer while reducing the use of natural resources and CO2 emissions.
With extra capital, the company aims to become a global leader in sustainable aroma development for the food industry and beyond.
“We are incredibly proud to have achieved this milestone. This funding round is an important step towards our vision of revolutionizing the food industry with sustainable and innovative solutions. With support from our investors and our strong team, we are ready to take EvodiaBio to new heights and make a significant impact on the global stage,” said Camilla Fenneberg, CEO of EvodiaBio.
Natural and sustainable aromas through precision fermentation
Hops are one of the key ingredients that give beer its taste, but like many of nature’s other resources, the aromatic plant is threatened by climate change. Production is declining, and quality is deteriorating. EvodiaBio has developed a technology using yeast and precision fermentation to produce sustainable aromas that create the taste of hops.
High interest from breweries
The company is experiencing high interest from breweries, and the possibilities extend beyond non-alcoholic products. In the long term, EvodiaBio aims to improve the taste of various types of beverages and other food products.
“I am pleased that we have now completed an oversubscribed up-round enabling us to continue our journey to make non-alcoholic beer taste great and reinvent the aroma industry by providing new sustainable solutions. A big thanks go out to our existing and new investors for their confidence in EvodiaBio and belief in our journey ahead.” said chairman of the board Jarne Elleholm.
EvodiaBio, founded three years ago, is supported by investors including Nordic Foodtech VC, the German flavor house Symrise, PINC – the venture arm of Paulig, Thia Ventures VC, Newtree Impact, Ananke Ventures Limited, EIFO, and The March Group.
EvodiaBio received early-stage financial support of €2m from the Danish BioInnovation Institute, founded by the Novo Nordisk Foundation.
Jim Cornall is editor of Future Food Today and publisher at Ayr Coastal Media. He is an award-winning writer, editor, photographer, broadcaster, designer and author. Contact Jim here.
