Danish startup EvodiaBio has secured €7 million from investors to develop ‘Yops’ — a yeast alternative to hops designed to improve the taste and smell of alcohol-free beer.
EvodiaBio has raised an investment of €7m from both foreign and Danish investment funds, including EIFO and The March Group. The new capital will be used for both commercialisation and expansion, the company has said.
In a press release announcing the news, EvodiaBio said it “aims to become a global leader in sustainable aroma development for the food industry and beyond”. The Danish startup, which launched three years ago, has developed a product, called Yops, using fermented yeast to recreate the taste of hops.
EvodiaBio has launched the aroma-enhancer for the beer industry, claiming the product can improve the taste of non-alcoholic beer by partially replacing aromatic hops. It also claims the product can mask undesirable smells caused by the alcohol-free beer-making process.
Chairman of the board Jarne Elleholm said the investment would enable the company “to continue our journey to make non-alcoholic beer taste great and reinvent the aroma industry”.
Flemming Besenbacher, former chairman of Carlsberg, is also a member of the board. The company’s list of international investors include Nordic Foodtech VC, the German flavor house Symrise, PINC – the venture arm of Paulig, Thia Ventures VC, Newtree Impact, Ananke Ventures Limited, EIFO, and The March Group.
Its latest round of investment follows an early-stage financial support of €2m from the Danish BioInnovation Institute, founded by the Novo Nordisk Foundation.
Brewers are changing the way they buy hops, and farmers are having to be agile in order to adapt to a changing industry. Hop Alliance co-owner Brian Tennis revealed last week via PorchDrinking, that his business is “busier than it has ever been” and admitted that Hop Alliance is up 9-10% over last year’s sales, but said that the way that sales are happening now has adapted. Read more here.