FODY Food Co. Inc. has raised $2.25 million in Series A funding led by Avrio Capital.
Aki Georgacacos, Managing Director and co-founder at Avrio, will join seed investor Jonathan Ross Goodman, founder and CEO of publicly traded Knight Therapeutics Inc. (TSX: GUD), on FODY Food board of directors.
Montreal based FODY Food Co. is a leader in manufacturing, developing and commercializing of low FODMAP foods for people suffering from irritable bowel syndrome (IBS).
The new funding will help FODY accelerate its USA and Canadian distribution presence both online and in retail, and develop new products so craved by the 15% of Americans with some form of IBS.
Steven J. Singer, the co-founder of gluten free success story Glutino Inc. and founder and CEO of FODY, sees lots of similarities between the two companies. “The greatest part of Glutino was helping millions of people living with Celiac Disease manage a gluten-free diet and ultimately feel better,” said Singer. “The Low FODMAP diet, which involves eliminating certain foods such as garlic and honey, is medically proven to reduce the triggering of uncomfortable symptoms associated with IBS. For over 45 million North Americans living with IBS, eating is a constant source of stress. We are thrilled to offer a wide portfolio of great tasting, certified low FODMAP foods to touch people’s lives in a delicious way”.
Avrio’s FODY investment is well aligned to its investment portfolio in agriculture, food, and food technology sectors. “Embracing the low FODMAP diet by the 15% of our population with IBS is at its infancy. As North American market leader, FODY is well positioned to help millions of people,” commented Georgacacos.
photo credit: FODY Food