EvodiaBio, a Danish biotech startup has secured €7 million from both foreign and Danish investment funds, including the Export & Investment Fund of Denmark (EIFO) that backed NIL Technology and Cellugy and The March Group.
Previously, the biotech startup received early-stage financial support of €2 million from the Danish BioInnovation Institute, founded by the Novo Nordisk Foundation.
How will EvodiaBio use the funding?
With extra capital backing, the company aims to become a global leader in sustainable aroma development for the food industry and beyond. It plans for both commercialisation and expansion.
“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,” said Johan Bitsch Nielsen, Investment Manager, Green Transition, EIFO.
Sustainable alternative to hops
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.
The team behind EvodiaBio
EvodiaBio was established in 2021 during research at the University of Copenhagen. Its founders – Simon Dusséaux, Victor Forman, Sotirios Kampranis, and Jarne Elleholm aim to create a sustainable future where everyone can enjoy great taste and smell without depleting natural resources.
The company has come up with a sustainable method to produce a natural aroma that is touted to improve the taste of non-alcoholic beer while reducing the use of natural resources and CO2 emissions.
The company is experiencing high interest from breweries, and the possibilities extend beyond non-alcoholic products. In addition to non-alcoholic beer, vodiaBio 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.
“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,” added Camilla Fenneberg, CEO of EvodiaBio.
What do we think about EvodiaBio?
The €7 million funding shows that EvodiaBio aims to become a global leader in sustainable aroma development for the food industry. By using yeast and precision fermentation, the company is poised to revolutionise the beer industry with sustainable alternatives to hops, improving the taste of non-alcoholic beer and other beverages while reducing environmental impact. The strong backing from both Danish and international investors underscores the potential of their innovative products to support the green transition.
