Funding Round attributes
German fermentation startup, Formo, have raised $61 million in a Series B funding round. The round included existing investors such as Foodlabs, EQT Ventures, and Lowercarbon Capital, along with new participants such as Sazaby League, Seven Ventures, and Europe’s second-largest retailer, REWE Group. They plan to use the funding for international expansion, product diversification, as well as advancing their technology platform to further their revenue growth and profitability by 2027.
The company is known for their Koji Protein-based cheese substitutes and are available in over 2,000 stores across Germany and Austria. The products, made using Micro Fermentation, offer significant environmental benefits over conventional cheese. They use Koji Protein, a traditional ingredient in Japanese cuisine which Dr. Sandra Wilde, Vice President of Food at Formo called “the key to our innovation,". The Series B funding positions the company for further growth in the sustainable dairy alternative market.
Agronomics, a key investor in Formo, has invested $4.8 million in total since 2019, and holds a 4.5% stake in the company. Jim Mellon, Executive Chair of Agronomics, called Formo’s success in securing the funding "an impressive achievement... in a challenging macroeconomic and funding environment."
Raffael Wohlgensinger, Co-Founder and CEO of Formo stated "Everything is coming together – the launch of our first products, the positive results of our environmental analyses, and the successful funding round,".
