Formo Secures €35M From European Investment Bank to Scale Animal-Free Cheese & Eggs
German food tech company Formo, which specialises in fermentation processes for the production of animal-free cheese alternatives, has secured a €35 million venture debt loan from the European Investment Bank (EIB). The loan is guaranteed by the European Union’s InvestEU program and will enable Formo to further develop and scale its fermentation processes for the production of dairy and egg alternatives. The agreement comes after Formo raised $61 million (€59.43 million) in a Series B funding round in September 2024, and takes the company’s total financing to €135 million. Formo uses two technologies to develop its products — microfermentation and precision fermentation. The former, which involves using microorganisms such as koji fungus to produce taste-neutral proteins, is said to be ideal for the production of …