Montreal – An investment deal between FODY Food Co. and private equity firm Avrio will boost FODY’s distribution and development of new products for those suffering from irritable bowel syndrome.
The company, a manufacturer of low FODMAP foods for customers suffering from IBS, announced in a news release it has raised $2.25 million in a financing round led by Avrio Capital, a food-specific private equity investor.
According to the release, the cash injection will help Montreal-based FODY speed up its Canadian and U.S. distribution online and in retail, and develop new products for those with various forms of IBS.
“The greatest part of Glutino was helping millions of people living with Celiac Disease manage a gluten-free diet and ultimately feel better,” said Steven J. Singer, the co-founder of Glutino and founder and chief executive officer of FODY. “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.”
Avrio’s FODY investment is well aligned to its investment portfolio in agriculture, food, and food technology sectors, the release said.
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