German producer of animal-free cheese products, Formo, has raised $61 million in a Series B funding round.
The funding round included existing investors Foodlabs, EQT Ventures, Lowercarbon Capital, Happiness Capital, Elevat3 Capital and Grazia Capital. Formo also welcomed new investors Sazaby League, Seven Ventures, Woodline Partners, The Nature Conservancy as well as Europe's second-largest retailer, Rewe Group.
Formo will use the funding to achieve key milestones, including international expansion, diversifying the product range, driving revenue growth and achieving net profitability by 2027.
Formo is also advancing its technology platform to accelerate the commercialisation of animal-free casein products, which will expand the portfolio to include hard cheeses, opening further opportunities in the market.
Formo has also launched the ‘world's first’ koji protein-based cheese alternatives, Frischhain and Camembritz. The two new products are available to purchase now at more than 2000 Rewe, Billa and Metro stores across Germany and Austria.
Compared to conventional cream cheese, the environmental impact of Formo’s products are significantly lower. Frischhain production generates 65% fewer emissions, uses 83% less land and requires 96% less water.
Sandra Wilde, VP of food at Formo, said: "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.”
Raffael Wohlgensinger, co-founder and CEO of Formo, commented: "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."
Jim Mellon, Agronomics' executive chair and co-founder, added: "This financing is an impressive achievement by Formo in what remains a challenging macroeconomic and funding environment. Since our first investment, the team has successfully achieved its R&D and commercial milestones which is allowing them to lead the charge in the global transition towards animal-free proteins.”
Formo uses micro fermentation, where naturally occurring cultures are fermented in a nutrient-rich bath to create koji protein. Traditional cheesemakers can replace cow's milk with plant-based fats and koji protein, using fermentation methods to craft these products.
Formo's cheese alternatives are free from lactose, hormones, gluten, preservatives and additives, while being rich and creamy.
#Formo #Germany #dairy #cheese #milk #fermentation
