Formo, a German producer of fermented cheese alternatives, has raised $61 million in a Series B funding round.
The round saw participation from existing investors such as Foodlabs, EQT Ventures, Lowercarbon Capital, Happiness Capital, Elevat3 Capital, and Grazia Capital. New investors, including Sazaby League, Seven Ventures, Woodline Partners, The Nature Conservancy, and REWE Group, also took part.
Formo will use the funding to achieve several objectives, including expanding internationally, diversifying its product range, driving revenue growth, and achieving net profitability by 2027. The company is also working to accelerate the commercialisation of animal-free casein, which will enable the production of hard cheeses.
Product launches
Additionally, Formo has announced that two of its cheese alternatives — Frischhain and Camembritz — are now available at over 2000 REWE, BILLA, and METRO stores in Germany and Austria. The products provide sustainable alternatives to cream cheese and camembert; Formo claims that Frischain generates 65% fewer emissions, uses 83% less land, and requires 96% less water than regular cream cheese.
Both cheese alternatives are made using koji, a fungus traditionally used in Japanese cuisine to make miso, sake, and soy sauce. According to Formo, koji protein closely resembles whey protein, making it ideal for the production of cheese alternatives.
Koji protein is produced using Formo’s microfermentation process, which involves fermenting naturally occurring cultures in a nutrient-rich bath. Traditional cheesemakers can then replace milk with koji protein and plant-based fats, producing animal-free cheeses that do not contain lactose, hormones, gluten, preservatives, or additives.
“Everything is coming together – the launch of our first products, the positive results of our environmental analyses, and the successful funding round,” said Raffael Wohlgensinger, co-founder and CEO of Formo. “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.”
