Formo raised a Series B Round for 61,000,000 USD in September, 2024.
Formo, a Berlin-based biotech startup, has raised $61 million in a Series B funding round to further its mission of developing animal-free dairy products. The funding round was led by FoodLabs, EQT Ventures, Lowercarbon Capital, Happiness Capital, Elevat3 Capital, M Ventures and Grazia Capital. New investors included Sazaby League, SevenVentures, Woodline Partners, Indiposa Investments, The Nature Conservancy and REWE Group. The company uses precision fermentation to create dairy proteins without the need for cows, offering a sustainable and ethical alternative to traditional dairy products. The newly raised capital will enable Formo to scale up production, expand its product range, and accelerate its commercialization efforts. With growing demand for sustainable food options, Formo is poised to disrupt the dairy industry with its innovative approach.
The company’s CEO expressed enthusiasm about the funding, emphasizing its importance in helping the company meet its ambitious goals. Formo’s products aim to appeal to consumers who seek environmentally friendly and cruelty-free options without compromising on taste or quality. By harnessing biotechnology, Formo seeks to reduce the environmental footprint of dairy production, addressing key challenges such as greenhouse gas emissions, land use, and water consumption associated with traditional dairy farming.
The $61 million Series B round will also support Formo’s research and development initiatives, allowing the company to improve its fermentation technology and explore new product possibilities. The company’s innovative approach has already garnered significant attention, positioning it as a leader in the emerging field of alternative proteins.
In conclusion, Formo’s successful funding round represents a significant step toward its goal of revolutionizing the dairy industry. With its precision fermentation technology, the company is well-positioned to offer a sustainable, ethical, and scalable solution to the global dairy market. This funding will enable Formo to expand its operations, continue innovating, and meet the growing demand for eco-friendly food alternatives.
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,".
Formo, a Berlin-based biotech startup, has raised $61 million in a Series B funding round to further its mission of developing animal-free dairy products. The funding round was led by FoodLabs, EQT Ventures, Lowercarbon Capital, Happiness Capital, Elevat3 Capital, M Ventures and Grazia Capital. New investors included Sazaby League, SevenVentures, Woodline Partners, Indiposa Investments, The Nature Conservancy and REWE Group. The company uses precision fermentation to create dairy proteins without the need for cows, offering a sustainable and ethical alternative to traditional dairy products. The newly raised capital will enable Formo to scale up production, expand its product range, and accelerate its commercialization efforts. With growing demand for sustainable food options, Formo is poised to disrupt the dairy industry with its innovative approach.
The company’s CEO expressed enthusiasm about the funding, emphasizing its importance in helping the company meet its ambitious goals. Formo’s products aim to appeal to consumers who seek environmentally friendly and cruelty-free options without compromising on taste or quality. By harnessing biotechnology, Formo seeks to reduce the environmental footprint of dairy production, addressing key challenges such as greenhouse gas emissions, land use, and water consumption associated with traditional dairy farming.
The $61 million Series B round will also support Formo’s research and development initiatives, allowing the company to improve its fermentation technology and explore new product possibilities. The company’s innovative approach has already garnered significant attention, positioning it as a leader in the emerging field of alternative proteins.
In conclusion, Formo’s successful funding round represents a significant step toward its goal of revolutionizing the dairy industry. With its precision fermentation technology, the company is well-positioned to offer a sustainable, ethical, and scalable solution to the global dairy market. This funding will enable Formo to expand its operations, continue innovating, and meet the growing demand for eco-friendly food alternatives.