Danish company EvodiaBio has raised $6.4 million in its latest capital raise, in a bid to become a leader in sustainable aroma production in the food and beverage industry.
Founded last year, EvodiaBio received 14 million kroner in financial support from the Danish BioInnovation Institute, an accelerator funded by the Novo Nordisk Foundation. The remaining 31 million kroner come from players such as Symrise – a strategic investor in the company – and Nordic Foodtech venture capital.
The company recently released its latest technology platform, which uses precision fermentation to provide sustainable aromas for the industry.
Jarne Elleholm, co-founder and chairman of EvodiaBio, said: “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”.
He continued: “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”.
Elleholm says non-alcoholic beer will be the first segment the company will address. EvodiaBio has developed an aroma blend, called Yops, that is said to improve taste and serves as an alternative to cultivated aroma hops. The company will also develop aromas for other beverages and perfumes, among others.
Nick Russell, SVP business incubation Group at Symrise, said: “We are very enthusiastic about this collaboration and ready to support the company on this exciting journey”.
He added: “We share with EvodiaBio the same vision for a greener future and believe that the precision fermentation technology developed by the team will greatly contribute to a more sustainable flavour and fragrance industry, starting with non-alcoholic beer applications and with the potential to go much further”.
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