07 June 2024

Biotechnology company obtains million investment to revolutionise the market for sustainable aromas with a new ground-breaking technology

image Photo: Fra venstre øverst: Camilla Kloss Fenneberg, CEO, Nicolás Drocchi, Head of Production, Simon Dusséaux, CSO & co-founder, Victor Forman, CTO & co-Founder, Sotirios Kampranis, Bestyrelsesmedlem & co-founder. Fra venstre nederst: Jarne Elleholm, bestyrelsesformand og co-founder, Sten Larsen, CFO

The Danish startup, EvodiaBio, raises an investment of DKK 50 million from the Export and Investment Fund of Denmark (EIFO) and others. The fresh capital will be spent on both commercialisation and expansion.

A new ground-breaking and sustainable method for production of natural aromas is the cornerstone of EvodiaBios’ technology. It can enhance the taste of non-alcoholic beer while reducing the use of natural resources and CO2 emissions.

Backed by additional capital, the company is determined to become a global leader within sustainable aroma development for the food industry.

”We are extremely proud of having reached this milestone. This funding round is an essential step towards our vision of revolutionising the food industry with sustainable and innovative solutions. With the support of our investors and the strong team that we have established, we are ready to bring EvodiaBio to new heights and leave a significant footprint on the global stage”, says Camilla Fenneberg, CEO of EvodiaBio.

Natural and sustainable aromas through precision fermentation

Hop is one of the ingredients contributing to the great taste of beer, however, but as many other resources from nature, this aromatic plant is endangered due to climate changes. The production is declining, and the quality is decreasing.

By using yeast and precision fermentation, EvodiaBio has developed a technology which can produce sustainable aromas to create the taste of hop.

These aromas will be introduced to the brewery industry at first to help to improve the taste of non-alcoholic beers and to partially replace aroma hop which is currently endangered due to climate changes.

Breweries showing great interest

The breweries are showing great interest in the company and the possibilities extend beyond non-alcoholic products. Fresh capital injection can help to boost commercialisation and expansion, and eventually, EvodiaBio will improve the aromas of several types of beverages and other food stuff.

The Danish startup with the high ambitions is backed by a strong board consisting
of strong profiles such as Flemming Besenbacher, former Chairman of Carlsberg,
Andreas Fibig, former CEO of International Flavors & Fragrances (IFF) and
Anne Cabotin, former Senior Vice President Consumer of Symrise AG.

”I'm delighted that we have concluded an oversubscribed funding round as it allows us to continue our journey towards improving the taste of non-alcoholic beer and to reinvent the aroma industry by providing new, sustainable solutions. I would like to thank our existing and new investors for believing in EvodiaBio and for showing trust in our future journey”, says Jarne Elleholm, Chairman of the Board.

EvodiaBio is backed by a strong international syndicate of investors. Symrise,

Nordic FoodTech VC, PINC, Thia Ventures VC, Newtree Impact, The March Group, Ananke Ventures Limited and the Export and Investment Fund of Denmark (EIFO).

Companies working with green transition are regarded as having great potential by the state fund.

”We are delighted to support the further development of the Danish bio solution environment which holds a strong international position. It is essential that we contribute with venture capital to allow the commercialisation of advanced university research and help EvadiaBio pave the way for green transition. We see great potential in their innovative product which we believe that the strong team in EvodiaBio can carry far. We also appreciate the backing of the international investors,” says Johan Bitsch Nielsen, Investment Manager, Green Transition, EIFO.