Evolva

Evolva is a Switzerland-based company that provides natural flavor and fragrance ingredients through precision fermentation. The company has been listed on the SIX Swiss Exchange since 2009. The company offers customized services in various industries, specializing in science and technology-based contract development and manufacturing for a range of products. Evolva’s products are available in Europe, Asia, and North America.

The company's products include the following: 

• Nootkatone: Derived from grapefruit peel and Alaskan yellow cedar bark, primarily used in fruit-flavored products, with high purity levels of 85% to 98% achieved through natural precision fermentation. 

• Valencene: Found in orange peel and other plants, used in foods, beverages, and fragrances. 

• Vanillin: A natural ingredient used in various food and beverage products, including ice cream, cakes, coffee, and tea. 

• Veri-te Resveratrol: A fermented ingredient found naturally in grapes, peanuts, cranberries, and berries used to make dietary supplements. 

• L-Arabinose: A natural sugar blocker for foods and beverages, sustainably produced by fermentation at greater than 99% purity and without the use of hydrochloric acid.

The company has received approval for its Veri-te Resveratrol as a dietary supplement ingredient in countries including Thailand (September 2023) and Taiwan (July 2023).

In November 2023, Evolva signed a Share Purchase Agreement (SPA) with Danstar Ferment AG, a Swiss subsidiary of Lallemand Inc., a developer of microorganisms for natural fermentation, to acquire 100% of the shares of Evolva AG, including all business operations, for CHF 20 million (~USD 30 million).

Key customers and partnerships

• In March 2018, the company partnered with Cargill to produce EverSweet, a zero-calorie sweetener made from Reb M and Reb D, two compounds found in the stevia leaf. Evolva receives royalties based on sales volume. 

• In March 2020, the company partnered with International Flavors and Fragrances (IFF), a global leader in taste, scent, and nutrition for consumer products, to enhance the development and commercialization of vanillin. 

• In May 2022, Evolva signed a distribution agreement with Tovani Benzaquen Ingredients to jointly develop the Brazilian business for Veri-teTM resveratrol. 

• In May 2023, Evolva entered a multi-year agreement with a prominent Contract Manufacturing Organization (CMO) partner to secure the Vanillin business with a global Flavors and Fragrances (F&F) customer, worth approximately CHF 35 million (~USD 39 million), until 2026. 

• In September 2023, Evolva partnered with LEHVOSS UK , a leading European distributor, to distribute Veri-teTM Resveratrol in over a dozen European countries for dietary supplement use. Sales from this partnership were projected to reach approximately CHF 1.5 million (~USD 1.7 million) by the end of 2025.

Funding and financials

In May 2022, Evolva raised CHF 6.3 million (~USD 7.1 million) from a private placement to strengthen its capital base and to advance the growth initiatives to improve commercial performance. In October 2022, Evolva received a grant of USD 540,000 from the US Centers for Disease Control and Prevention (CDC) for the development of NootkaSHIELD. In June 2023, Evolva extended its financing agreement with Nice & Green, securing CHF 12 million (~USD 13 million) in convertible financing lines to support the company until the end of 2023.

The company generated CHF 15.5 million (~USD 17 million) in revenue in FY2022. The operating loss was CHF 21.4 million (~USD 24 million) for the same period.