Denmark-based start-up EvodiaBio has raised €7 million from foreign and Danish investment funds including EIFO and The March Group.
EvodiaBio applies precision fermentation technology to produce natural and sustainable aromas for the F&B industry. The company will utilise the capital to accelerate its commercialisation and expansion.
The firm’s technology can improve the taste of non-alcoholic beer while reducing the use of natural resources and CO2 emissions.
The hop plant, one of the key ingredients that give beer its taste, is threatened by climate change – production is declining and quality is deteriorating. EvodiaBio’s technology uses yeast and precision fermentation to produce sustainable aromas that create the taste of hops.
Camilla Fenneberg, CEO of EvodiaBio, said: “This funding round is an important step towards our vision of revolutionising 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.”
The start-up says it has already experienced high interest from breweries, with the possibility to extend its solutions beyond non-alcoholic products. In the long term, EvodiaBio aims to improve the taste of various types of beverages and other food products.
EvodiaBio is supported by various international investors, including Nordic Foodtech VC, Symrise, PINC – the venture arm of Paulig, Thia Ventures VC, Newtree Impact, Ananke Ventures Limited, EIFO and The March Group.
Johan Bitsch Nielsen, investment manager, green transition at EIFO, added: “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 commercialised and support the green transition, which EvodiaBio can pave the way for. We see great potential in its innovative product, which the strong team behind the company can take far, and we are pleased with the support from international investors.”
