Symrise acquires minority stake in Danish biotech startup, EvodiaBio
Start-up

Symrise acquires minority stake in Danish biotech startup, EvodiaBio

Bio-industrial startup raises 45 million Danish kroner for ambitious growth strategy

  • By ICN Bureau | January 23, 2023
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 $6.4 million.
 
For its recent capital increase, Danish biotech company EvodiaBio was looking for strategic investors. Symrise joined the group of international contributors to support the fast-growing start-up.
 
EvodiaBio has developed a ground-breaking technology platform that uses precision fermentation to produce sustainable taste for the food and beverage industry, with the potential to go beyond this market. Symrise looks forward to the future collaboration.
 
EvodiaBio, founded just one-and-a-half-years ago, also received financial support from the BioInnovation Institute, a Danish accelerator funded by the Novo Nordisk Foundation.
 
Jarne Elleholm, co-founder and chairman of EvodiaBio, sees the capital raise as a crucial step in reaching the company’s soaring ambitions and said, "Our vision is to create a sustainable, global company within the development, production, and commercialization of natural aromatic substances and this funding is our opportunity to realize 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.
 
"We are very enthusiastic about this collaboration and ready to support the company on this exciting journey. 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 flavor and fragrance industry, starting with non-alcoholic beer applications and with the potential to go much further," says Nick Russell, SVP Business Incubation Group at Symrise.

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