Formo Raises $61M, Launches Fermented Cheese Alternatives at 2,000+ Stores
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 …