EvodiaBio, a Danish startup pioneering sustainable aroma development, has successfully secured a €7 million investment from foreign and Danish investment funds, including EIFO and The March Group. The infusion of capital will fuel the company’s commercialization efforts and facilitate expansion, as confirmed by the company.
In a recent press release, EvodiaBio outlined its ambition to emerge as a global leader in sustainable aroma development for various industries, including the food sector. Established three years ago, the startup has introduced Yops, a product leveraging fermented yeast to replicate the flavor of hops.
One of EvodiaBio’s key innovations is an aroma-enhancer tailored for the beer industry. This product is purported to elevate the taste of non-alcoholic beer by partially substituting aromatic hops while also mitigating undesirable odors inherent in the alcohol-free beer production process.
Jarne Elleholm, Chairman of the board, expressed confidence in the investment’s ability to propel the company’s mission of enhancing the taste of non-alcoholic beer and revolutionizing the aroma industry.
The board also boasts Flemming Besenbacher, former chairman of Carlsberg, among its esteemed members. Notable international investors in EvodiaBio include Nordic Foodtech VC, German flavor house Symrise, PINC (the venture arm of Paulig), Thia Ventures VC, Newtree Impact, Ananke Ventures Limited, EIFO, and The March Group.
This significant funding round follows an earlier investment of €2 million from the Danish BioInnovation Institute, established by the Novo Nordisk Foundation.
As the beer industry undergoes transformations in hop procurement, EvodiaBio’s advancements mark a shift towards innovation in enhancing beer aroma. Brian Tennis, co-owner of Hop Alliance, acknowledged changes in sales dynamics, emphasizing increased demand and the need for adaptability among farmers in response to evolving market trends.
