FODY Food Co. Signs Deal to Help IBS Sufferers
December 14, 2017
$2.25M Raised In Round Led by Avrio
MONTREAL, QUEBEC–(Marketwired – Dec. 14, 2017) – FODY Food Co. (“FODY”), North America’s leader in manufacturing, developing and commercializing of low FODMAP foods for the millions of people suffering from irritable bowel syndrome (“IBS”), today announced that it has raised $2.25 million in a Series A financing round led by Avrio Capital (“Avrio”), Canada’s premiere food-specific private equity investor. Aki Georgacacos, Managing Director and co-founder at Avrio, will join Jonathan Ross Goodman, co-founder and former CEO of publicly traded Paladin Labs Inc., and founder and CEO of publicly traded Knight Therapeutics Inc. (TSX:GUD) as lead investor and Board member.
This cash injection will help Montreal-based 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. (“Glutino”) 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,” said Georgacacos.
About FODY Food Co:
FODY Food Co. (www.fodyfoods.com) is a low FODMAP food company aimed at helping IBS sufferers feel better. With offerings in a variety of categories, the company is committed to creating a one-stop shop for low FODMAP dieters.
About Avrio Capital Inc.
The Avrio group of entities was established in 2002 to identify and invest in innovative food and agriculture companies that provide solutions to global challenges in the areas of health, wellness and sustainability. As the global pioneer in agriculture and food technology investing, the team has been an active investor in the space for almost 15 years, having completed over fifty investments since its inception. Avrio is a highly engaged investor, working closely alongside of their portfolio companies to provide the support and resources needed to transform emerging companies into global leaders.
FODY Food Co.
Steven J. Singer
Founder and CEO