The Danish aroma company, EvodiaBio, secured 6.4 million dollars in a recent capital raise. Their goal is to become a global industry leader in sustainable aroma production for the food and beverage industry.
EvodiaBio recently introduced a ground-breaking technology platform that uses precision fermentation to produce sustainable aromas for the food and beverage industry. Now, the ambitious company has secured 45 million Danish kroner in additional funding, equaling approximately USD 6.4 million.
EvodiaBio, founded just one-and-a-half-years ago, received 14 million kroner in financial support from the BioInnovation Institute, a Danish accelerator funded by the Novo Nordisk Foundation. The remaining 31 million kroner stem from several international industry players, including the German flavour house Symrise that steps in as strategic investor, and Nordic Foodtech VC is lead investor.
Jarne Elleholm, co-founder and chairman of EvodiaBio, sees the capital raise as a crucial step in reaching the company’s soaring ambitions. “Our vision is to create a sustainable, global company within the development, production, and commercialisation of natural aromatic substances and this funding is our opportunity to realise this vision. The funding was made possible by a strong support from the BioInnovation Institute and by the great progress we have made during our only one-and-a-half-year lifetime”, says Jarne Elleholm.
Non-alcoholic beer is the first segment that EvodiaBio will address, says Jarne Elleholm, as getting the taste of the beer right has been a major challenge for the brewing industry. The company’s newly developed aroma blend, called Yops, can improve the taste of non-alcoholic beer, and serves as a sustainable alternative to cultivated aroma hops. In the long term, the bio-industrial company will develop aromas for other beverages, perfume, and a range of other segments.
EvodiaBio’s monoterpenoid aromas are produced using yeast cells that secrete the individual aroma components and are then combined to mimic the aroma profiles of different hops. The result is a natural, pure, and sustainable product. The technology has been developed after years of research by the scientific co-founders, Prof. Sotirios Kampranis, Dr. Simon Dusséaux and Dr. Victor Forman. EvodiaBio’s approach surpasses all other methods and enables, for the first time, a cost-effective and sustainable biotechnological production of the volatile aroma molecules from hops. Using EvodiaBio’s solution, the brewer avoids depleting limited plant resources, while water and CO2 emissions are reduced by more than 90 percent.
Next step in EvodiaBio’s far-reaching plans is the establishment of the company’s own offices, laboratories, and pilot-production in Denmark. They are now preparing for the launch of Yops in 2023, where they also expect an increase in staff.