Biotech Company secures multi-million investment to revolutionize the Market for sustainable aroma with a groundbreaking new technology
- 07/06/2024
The Danish startup EvodiaBio has raised an investment of 7 million euros from both foreign and Danish investment funds, including EIFO and The March Group. The new capital will be used for both commercialization and expansion.
It is a new groundbreaking and sustainable method to produce natural aroma that form the cornerstone of EvodiaBio’s technology. It can improve the taste of non-alcoholic beer while reducing the use of natural resources and CO2 emissions.
With extra capital backing, 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,”
— says Camilla Fenneberg, CEO of EvodiaBio.
Natural and sustainable aromas through Precision Fermentation
Hops are one of the key ingredients that give beer its great 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.
These aromas are initially launched for the beer industry, where they can improve the taste of non-alcoholic beer and partially replace aromatic hops, which are currently threatened by climate change.
High interest from breweries
The company is experiencing high interest from breweries, and the possibilities extend beyond non-alcoholic products. With fresh capital, commercialization and expansion can be accelerated, and in the long term, EvodiaBio aims to improve the taste of various types of beverages and other food products.
Behind the ambitious Danish startup stands a strong board with prominent profiles such as Flemming Besenbacher, former Chairman of Carlsberg, Andreas Fibig, former CEO of IFF, and Anne Cabotin, former SVP at Symrise.
“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,”
— says Chairman of the Board Jarne Elleholm.
EvodiaBio, founded just three years ago, is supported by a strong international syndicate of investors consisting of 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 2 million euros from the Danish BioInnovation Institute, founded by the Novo Nordisk Foundation.
The state investment fund sees great potential in companies working towards green transition.
“We are pleased to support the continued development of the Danish biosolutions ecosystem, which stands strong internationally. It is crucial that we contribute with risk-tolerant capital so that advanced research from universities can be commercialized and support the green transition, which EvodiaBio can pave the way for. We see great potential in their innovative product, which the strong team behind the company can take far, and we are pleased with the support from international investors,”
— says Johan Bitsch Nielsen, Investment Manager, Green Transition, EIFO.
You can read the full article here on Børsen: Dansk biotekfirma rejser millioner til alkoholfri øl (borsen.dk)