Berlin, 10 September, 2024 — German food fermentation startup Formo has secured $61 million in Series B funding to scale its operations. The round includes existing investors, such as Foodlabs, EQT Ventures, Lowercarbon Capital, Happiness Capital, Elevat3 Capital, M Ventures and Grazia Capital, and welcomes new investors, such as Sazaby League, Seven Ventures, Woodline Partners, Indiposa Investments, The Nature Conservancy as well as the REWE Group, Europe's second largest retailer.
Formo is setting new standards in dairy alternatives with the launch of the world’s first Koji Protein-based cheese alternative. Frischhain a pioneering product that is now available at over 2000 REWE, BILLA and METRO stores across Germany and Austria. Camembritz, a creamy white mold cheese and Frischhain Tomato will follow in a few weeks.
Sustainable Cheese Innovation with Koji Protein
The global cheese market, valued at over $240 billion, presents a significant opportunity for disruption. Compared to conventional cream cheese, the environmental impact of Formo´s products speaks for itself: Frischhain production generates 65% fewer emissions, uses 83% less land, and requires 96% less water. Formo’s mission is to create products that bring joy to people while being gentle on the planet.
Koji has been used in Japanese cuisine for centuries to make miso, sake, and soy sauce, and it’s the key to our innovation. Koji Protein resembles whey protein, making it the perfect foundation for our cheese alternatives
Formo is pioneering Micro Fermentation, a process in which naturally occurring cultures are fermented in a nutrient-rich bath to create Koji Protein. Traditional cheesemakers replace cow’s milk with plant-based fats and Koji Protein, applying time-honored fermentation methods to craft these products. Formo's cheese alternatives are free from lactose, hormones, gluten, preservatives, and additives—yet they’re rich in creaminess and flavor.
Funding Sets the Course for Growth and Profitability
With the new funding, the company aims to achieve key milestones, including international expansion, diversifying the product range, driving revenue growth and pushing for net profitability. Formo is also advancing its technology platform to accelerate the commercialization of animal-free casein products, which will expand the portfolio to include hard cheeses, opening further opportunities in the market.
Executive and Investor Insights
Everything is coming together – the launch of our first products, the positive results of our environmental analyses, and the successful funding round. This is the result of five years of intensive research and product development, as well as the work of an incredibly passionate team. Game on.
Formo is one of those rare companies with the potential to transform a trillion-dollar industry for the better. Next to very tasty products, Formo shows structural technological and cost advantages that will allow them to scale worldwide. This is the climate transformation the world needs.
We have been following Formo's journey since its inception in 2019, and this investment aligns perfectly with our commitment to sustainable and high-quality products. Formo's strong team and impressive scalability promise to revolutionize the dairy industry. We look forward to supporting the company's expansion with our expertise in food product launches and anticipate a strong market response to these delicious, sustainable alternatives.
Few European companies are raising such large rounds within climate tech. A key success factor was proving commercial traction, which is a rarity for this type of company at this point in its lifetime. With many investments in food tech, the go-to-market is so far in the future. The cool thing about Formo is that the future is here - today.
About Formo
Formo is an innovative European fermentation startup that’s redefining the future of cheese. Founded in 2019 with locations in Berlin and Frankfurt, Formo develops animal-free alternatives that combine taste and sustainability. Using state-of-the-art fermentation technology, Formo creates cheese alternatives that taste great and contribute positively to the environment.
For more information, visit: www.eatformo.com
Press Contact:
Christian Poppe
Director of External Affairs
christian@formo.bio
Phone: +49 172 1356930
