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Price per share
Equity offered
Legal warning: The acquisition of this financial instrument is associated with considerable risks and may lead to the partial or complete loss of the invested assets. Investors should therefore take note of the risk information in the information sheet pursuant to section 4(1)(1) AltFG, which is published on this website and made available for download. This financial instrument is not a savings product and the investment is not protected by any collateral.

Manuel Zeller, CEO und Gründer

„The demand for sugar-free sweets is increasing every year. NEOH is currently the only brand that offers sugar-free products that actually have little to no effect on blood sugar and taste like their sweetened counterparts. Sustainably produced in Austria with high-quality ingredients, NEOH products aim to become the world market leader for sugar-free sweets. For this we want to develop five more products with the help of the crowd.

Become part of this journey towards healthier and conscious snacking with good conscience!“ 

Manuel Zeller, founder and CEO of NEOH Invest AG

Top reasons for an investment

Several years of innovative lead in sugar substitutes

Competent management team with many years of management experience

Strong strategic partners as major investors

Note: The investment is in preferred shares of NEOH Invest AG, which currently holds a 5.57% stake in Alpha Republic GmbH and will use the capital to acquire up to 2.77% additional shares in Alpha Republic GmbH at a company valuation of EUR 36,987,317.77.

Investment information

Equity offering
Invested so far:
Equity offered:
13.34 – 33.87 %
Price per share :
min investment 5 shares
Number of existing shares:
Thereof preferred shares:
Fully diluted shares:
Pre-money valuation:
Offered units:
Offered in:
Invesdor GmbH

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Short profile

The future of snacking does not need sugar. Alpha Republic GmbH delivers this promise under the brand name "NEOH". The innovative food tech company develops and sells confectionery without the addition of industrial sugar or other ingredients that are harmful to health. With this, the company wants to revolutionize the confectionery market, which is estimated to have annual sales of more than $ 800 billion per year, because excessive sugar consumption has become one of the biggest health problems worldwide, which is why many experts are already calling sugar the new tobacco. National regulations, such as sugar taxes in the UK, France or some states in the USA and increasing consumer awareness are making sugar-free confectionery - after vegan food - the new megatrend in the food industry. The offer is still manageable, but consumer interest is increasing rapidly. With its innovative edge and a "revolutionary" sugar substitute formula, according to food tech investor Heinrich Prokop, NEOH is perfectly positioned to become one of the leading global brands in this dynamic growth market.

With the new type of sugar substitute, which is to be marketed under the brand name ENSO, sugar can be replaced in almost all foods. The lives of millions of people can be improved without them having to forego taste satisfaction. NEOH currently focuses on chocolate products and has six different products. The special thing about the products is that, thanks to a sugar substitute formula developed in-house, they have almost no effect on blood sugar levels, are alkaline and prebiotic and thus free snacking from its bad reputation, while there are no negative effects on taste or sweetening. In addition, the products are characterized by the fact that they have a high fiber content and do not contain any palm oil, preservatives or flavor enhancers.

Distribution takes place in the form of own brands via the company's online shop and large trading partners such as REWE, Kaufland, Spar and Amazon. In addition, the products are manufactured as “white label” products for third parties. New food areas such as baked goods or confectionery are opened up through partnerships in conjunction with the development of new products.

The company supplies B2B partners in over 20 countries. The core markets include Austria, Germany and the USA. In coming years, the core markets will be further penetrated and the UK market developed.

Company data

Company: NEOH Invest AG
Management board: Manuel Zeller
Address: Thaliastraße 32/1/22
1160 Vienna
Commercial register court: Commercial court Vienna
Company register number: FN 539776 p
Year of founding: 2016
Industry: Food-Tech, confectionary without suger
Number of employees: 18
Locations: 3

Products: Zero Sugar added – 100 % taste



The Chocolate Crunch is characterized by its chocolaty taste paired with crispy protein crisps. Due to its high protein content of around 6g, it is also a valuable snack after each workout or to satisfy a small hunger in between.

The Raspberry Crunch was launched together with the Chocolate Crunch in November 2017 and is the fruity alternative to its chocolate counterpart. Freeze-dried raspberries provide fruity sweetness and a refreshingly sour note in the crunchy bar.

The exotic Coconut Crunch was launched in the summer of 2019. With its coconut aroma, it spreads a Caribbean feeling and was also the first NEOH product to be listed on the candy shelf of a food retailer.

The Hazelnut Crunch is the current top seller from NEOH. It was launched in September 2021 and consists of a cocoa cream with hazelnut slivers, which is covered in two airy but crunchy wafers.

The Chocolate Bites were launched together with the Hazelnut Crunch Waffle in fall 2021. They are the first NEOH product in the snack-friendly bites-size format. A sachet contains a dozen small waffle bags filled with a delicate hazelnut cream.

The latest product from NEOH is the vegan Caramel Nuts bar. It was launched in October 2021 and consists of crunchy almonds and hazelnuts combined with coconut flakes and a sugar-free caramel layer, coated in dark vegan chocolate.

The NEOH sugar replacement formula ENSO

After 12 years of intensive research, innovative testing and development methods, and ongoing further development, NEOH has developed a sugar replacement formula that has hardly any effect on blood sugar. And that without compromising on taste or sweetness.

The NEOH sugar substitute can be used in almost all confectionery, from chocolate bars and waffles to chocolate, chocolate bonbons, cookies and much more. NEOH will therefore continuously expand the product portfolio. 

At NEOH, sugar was not simply replaced, but also supplemented with dietary fiber and many probiotics in a perfect ratio based on our own research. The result is a homogeneous sugar substitute that tastes very good, sweetens like sugar, has no effect on blood sugar and is well tolerated. The main differentiation to conventional chocolate products at a glance:

  • Excellent taste

  • No added sugar

  • No effect on the blood sugar curve

  • 40% fewer calories than traditional confectionery

  • 5x more fiber than conventional confectionery

Experts such as FMCG (Fast Moving Consumer Goods) investor Heinrich Prokop (founder and managing partner at Clever Clover) estimate that NEOH has an innovation lead of around 5 years.

NEOH Zuckerersatzformel

Hardly any effect on blood sugar

"Sugar-free" is the mega trend in the confectionery industry. More and more brands are entering the market with the message “no added sugar” or “sugar-free”. In almost all cases, either the taste is neglected or the product promise is only superficially correct. Because many products use dried fruit or honey instead of industrial sugar, which has a similar effect on the organism as conventional household sugar (comparison of the glycemic index). Sweeteners such as maltitol also reappear as sugars in the blood at a high percentage. However, for inexperienced users with diabetes, this is a very problematic issue. That is why it cannot and must not only be about removing refined sugar from confectionery. It is crucial that everything that appears in the blood as sugar and thus influences insulin production in the body is replaced.

NEOH is one of the very few products on the market that not only has no added sugar, but also has virtually no effect on the blood sugar curve. And NEOH is the only brand that also achieves first-class taste experiences for the general public.

Sustainable products without problematic ingredients

But NEOH is not only convincing in terms of taste and when looking at the blood sugar curve. For NEOH, quality and sustainability are top priorities when it comes to the manufacture of the products. That is why all ingredients come from Europe and the USA, and all ingredients that are not up for consideration from the point of view of the NEOH management team have been left out.

  • Palm oil, because it is suspected of being carcinogenic and cultivation is often at the expense of rainforest areas that are illegally burned for new plantations 

  • Preservatives still used in some confectionery and which pose serious health concerns

  • Sweeteners such as maltitol, which then really cause the blood sugar level to rise again

  • Sweeteners such as stevia, which are suspected of having negative effects on the gut microbiome and thus on the immune system

  • Stabilizers of concern – 18 of the 51 authorized in the EU are classified as of concern.

NEOH products are also characterized by the following advantages:

  • NEOH uses many plant fibers that have a prebiotic effect on the microbiome and thus promote intestinal health and the immune system.
  • Compared to sweets with added sugar, NEOH is alkaline and thus promotes a healthy acid balance, while sugar massively overacidifies the body and thus promotes inflammation.
  • NEOH's sugar substitute mixture can replace sugar 1:1 in any production process without affecting taste, consistency or smell.

Company history

Founder Manuel Zeller loves sweets and on a good day could eat up to 7 chocolate bars a day. The fact that the consumption of so many sugar products is not conducive to a balanced and healthy diet was completely clear to the founder, who studied sports and nutrition science and is a passionate soccer player. It was only through his parents' diabetes and the associated health problems that Manuel really became aware that sugar does not just have its sweet side. From then on, he was driven to find a solution to the problem and to invent a new type of snack that does not contain sugar or harmful ingredients. Chocolate that you can snack on without a guilty conscience and that can be part of a balanced diet was one such product. This was the vision that drove Manuel Zeller to bring NEOH to life and to enable all those who want to do without sugar for health reasons or out of pure nutritional awareness to snack with lots of pleasure and without any regrets.


Business model

Based on the development of sugar-free products, Alpha Republic GmbH focuses on three strategic business areas: the marketing and sale of products under the own brand NEOH, and the production of products as a white label solution for third parties. In the future, further food segments are to be developed through partnerships with innovative products based on the ENSO sugar substitute. The first pilot projects have already been successfully implemented. The company also protects itself against imitators through a two-stage production process, so that the research lead that has been achieved is maintained.

B2C marketing and sales of the own brand NEOH

The main focus is on the premium chocolate brand NEOH from Alpha Republic GmbH. The sugar-free NEOH product portfolio currently consists of 4 bars and 2 wafer products and is to be steadily expanded in the future with a focus on chocolate products. It is sold both via its own online shop and via Amazon, where NEOH is almost consistently a bestseller in the various product categories (protein bars, fruit bars and nut bars) in the German-speaking regions. However, the majority of sales are made offline via food retailers such as REWE, Spar and MPreis in Austria or REWE, Kaufland, Bünting Gruppe and Edeka in Germany. Further offline POS are rounded off by gas station shops such as OMV and Shell as well as food vending machines. In the long term, NEOH is striving for a full listing in brick-and-mortar retail in all markets in which the brand is active.

B2B production as a white label solution

In addition, sugar-free or reduced-sugar products are manufactured for third parties as white label products. Reference customers are majors such as Weight Watchers, Aldi USA and It Works. In total, the products are now delivered to 4 continents and over a dozen countries.

Product development with strong partners

The raw material is currently used primarily for the manufacture of the company's own products. A first project for third parties was successful at the beginning of February 2022 with the NEOH Cream Cake, which was developed together with REWE Austria and is available in all Billa Plus branches. Another project will be realized with the food supplement specialist Biogena in the course of the year. This development gives NEOH easy market access.

In 2023, the developed sugar substitute raw material is to be marketed on a large scale in the B2B sector.

Protection of the ENSO sugar substitute formula through a two-stage production process

The sugar replacement formula is currently protected under a strict non-disclosure agreement. However, the current producer only makes part of the ENSO sugar substitute formula. The second part is produced separately, individually adapted to the respective product and then combined with the base mixture created at the respective production site. In the future, a separate subsidiary for the B2B marketing of the ENSO sugar substitute raw material is to be set up. In the course of this, a separate production facility for ENSO is to be set up, which is to be operated under the legal ownership of Alpha Republic GmbH.



Manuel Zeller, CEO und Gründer

Manuel Zeller

Founder and CEO

Manuel is Founder and CEO at NEOH. NEOH created his vision of healthier snacking in the first place. Before he committed himself 100% to the fight against sugar, he gained many years of experience at top management level at Deutsche Telekom and is very familiar with the field of digital marketing. With his motivating, innovative and strategic way of working, he and his team want to turn their vision into reality and become the most innovative FoodTech in the world.


Alexander Gänsdorfer

Alexander Gänsdorfer

Co-founder and CGO

Alexander is co-founder and chief growth officer at NEOH. As a former senior manager for new business development and brand manager, he has the necessary expertise to develop NEOH and make it one of the leading confectionery brands in the world.


Patrick Kolomaznik

Patrick Kolomaznik

Co-founder and CFO

Patrick is CFO and co-founder of NEOH. He is the finance expert in the NEOH team. He acquired his knowledge in this area as Vice President for Infrastructure and as Technical Director of well-known companies.


Adel Hafizovic

Adel Hafizovic

Co-founder and CSO

Adel is CSO and co-founder of NEOH. As a former corporate account manager in key account sales Expert in opening up new markets and acquiring sales partners, he is also responsible for Customer Care.

Company structure

NEOH Invest AG (issuer) is the issuing company of NARG and has no operational business activities. It was founded as an SPV (Special Purpose Vehicle) as part of the first share issue to give private investors the opportunity to acquire shares in NARG, an operating company of the NEOH Group. The issuer currently holds 5.57% of the share capital in NARG.


The issuer was founded on September 15, 2020 in the course of the first share issue and is the issuing company of the NEOH Group, which will use the issue proceeds from this share issue to carry out a capital increase in the operating company, Alpha Republic GmbH, (hereinafter referred to as "NARG"). The issuer will use the funds from this capital increase to acquire a maximum of 2.77% additional shares in NARG over and above the issuer's existing stake of 5.47%.

In addition to issuing shares, the business activities of the issuer focus on exercising the function of a holding company, in particular the acquisition, ownership and management of all types of investments. The issuer intends to hold up to 20% of the shares in the coming years up to 2024 to acquire the NARG.

The economic function of the issuer is therefore the raising of equity for NARG for the further expansion of investors and existing shareholders of the issuer and the associated creation of the opportunity for private investors in particular to participate in the economic development of NARG.

Investors who have acquired shares in the issuer should be informed about the issuer's stake in NARG, in addition to possible future dividend income, and above all about a possible increase in the value of NARG, in the event of a possible EXIT, for example in the course of a listing of the shares on a stock exchange or a (partial) sale of company shares in or "assets" of the NARG.

Alpha Republic GmbH (NARG)

NARG is the operating company of the NEOH Group. The company was founded in 2016 and currently employs 18 people at its main location in Vienna, Austria, and in Seattle, Washington, in the USA. The company achieved sales of around €6 million in the 2021 financial year and plans (estimated) sales of around €10 million for 2022.

Essentially, the business activities of NARG are made up as follows:

1.) Further development of the legally owned sugar substitute mixture

2.) Product development and marketing of the products under the legally owned brand NEOH.

3.) White Label Business (sales under a different brand)

4.) B2B marketing of the sugar substitute mixture

Distribution of company shares

Distribution of company shares of NEOH Invest AG (NIAG)

In NEOH Invest AG, the company shares from 2 previous financing rounds are distributed among a total of 453 private investors.

The issuer's share capital is EUR 84,220 and represents 84,220 shares. Of these, 70,000 shares are held by the founders of NIAG (69,999 shares by Manuel Zeller and 1 share by Patrick Kolomaznik) and 14,220 shares subscribed by private investors in the course of two capital increases carried out in NIAG (as part of two financing rounds via Invesdor). In the course of the current round of financing via Invesdor, the share capital will be increased against cash contributions from a total of up to EUR 7,284 to up to EUR 91,504 by issuing a total of up to 7,284 new shares.

In the course of the current round of financing via Invesdor, the share capital will be increased against cash contributions from a total of up to EUR 7,284 to up to EUR 91,504 by issuing a total of up to 7,284 new shares.

Distribution of company shares of NARG

  • The founders currently hold a majority of around 55% of the shares. Manuel Zeller, founder and CEO of Alpha Republic GmbH, holds the majority of the company shares of Alpha Republic GmbH with 40%.
  • In the Invest KGs, a little over 40 investors are grouped together, which can primarily be assigned to the Family & Friends segment.
  • Under "Investors" you can find some strategic investors who are invested directly in the GmbH as institutional investors. This includes industry experts like Dr. Albert Schmidtbauer (CEO and owner of the Biogena Group) and Heinrich Prokopp (CEO of Gutscher Mühle Traismauer GmbH), consulting agencies such as Demner, Merlicek and Bergmann or warda as well as testimonials and brand ambassadors such as professional tennis player Dominic Thiem or DFB footballer Jonathan Tah.
  • Private investors acquired through Invesdor's crowd investing rounds are pooled in NEOH Invest AG (NIAG). NIAG has no operational business activities and is therefore a pure financing vehicle for Alpha Republic GmbH (NARG). NIAG currently holds 5.57% of the shares in NARG. In the medium term, NIAG is to take a stake of up to 20% in NARG on the basis of capital increases through the issue of shares.

Use of funds


Product range expansion

With up to 500,000 euros:
Expansion of the product range by five more products


Recruitment of new staff and promotional activities

With up to 1,050,000 euros:
Hiring of new employees and advertising Up measures: to EUR 1.05 million investment: Hiring of new sales employees and expansion of advertising measures to increase awareness of the new products


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Exit scenarios

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Information on the issue terms

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In this update section you will find, among other things, answers to investor questions that reach us. The answers shown originate from the respective entrepreneur and are therefore marked accordingly. 

Invesdor does not undertake any separate verification of the information received after the start of the financing phase.

Do you have questions for the company? Then send them to us directly to

Want to try NEOH products before you invest?

Take advantage of the 40% discount on your order at The voucher can be used on from May 5th, 2022 to May 31st 2022.

It can be validated in the shopping cart or during the check-out.

Voucher code: NEOHINVEST

UPDATE from May 10th 2022: Investor FAQ

1. Can the shares be traded?

NEOH Invest AG: "The shares of NEOH Invest AG can be sold at any time. The share register is available at Invesdor. If investors cannot find a buyer, we can support them in the sales process. In order to do so, investors should write an email to and we bring the seller and potential buyer together. Most of the time there are requests we can't serve therefore they are being collected in a waiting list. However, we cannot give a general guarantee that there will always be an interested buyer."

UPDATE from 06.05.2022: Investor FAQ

1. Where can I find an overview of how the share has performed in recent years? What dividend has it achieved?

NEOH Invest AG: "The share price was issued for the first time in 2020 with 100.00 Euro. In 2021, as part of the second equity round, the share was offered at 108.05 Euro via the Invesdor platform. The company is strongly focused on growth, which should be reflected in the share price via an increase in value. Dividends are not planned for the next 3 years."

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