Berlin-based fermentation startup Formo has achieved a significant milestone with a $61 million Series B funding round, marking a pivotal moment in the evolution of animal-free cheese. This latest funding boost underscores Formo's rapid growth and its ambition to redefine the cheese industry with innovative, sustainable alternatives.

Groundbreaking Product Launch

Formo has launched a new range of cheese alternatives featuring koji protein, a naturally occurring fungus traditionally used in Japanese cuisine. The company's products, including Frischhain—a cream cheese alternative—and Camembritz—a Camembert-like offering—are now available in over 2,000 REWE, BILLA, and Metro stores across Germany and Austria. These cheeses are crafted using koji protein, which mimics the functional properties of whey protein, providing a unique and nutritious base for plant-based cheese.

Investor Support and Technological Advances

The $61 million Series B round saw participation from both existing and new investors. Notable contributors include FoodLabs, EQT Ventures, Lowercarbon Capital, and newcomers such as Sazaby League and REWE Group. The substantial investment reflects confidence in Formo's technological advancements and commercial potential. Sandra Malmber, Partner at EQT Ventures, highlighted the rarity of such significant funding in the climate tech sector, attributing the success to Formo's demonstrated commercial traction.

Sustainable Innovation

Formo's cheese alternatives are produced using koji protein via a biomass fermentation process, which is less environmentally taxing compared to traditional dairy production. According to Formo, their Frischhain cream cheese generates 65% fewer emissions, uses 83% less land, and consumes 96% less water than conventional cream cheese. This sustainability is complemented by the company's commitment to eco-friendly practices, including recyclable packaging and partnerships with traditional cheesemakers to ensure high-quality production.

Future Plans and Market Expansion

Looking ahead, Formo plans to expand its product portfolio and scale up production capacity. The company is focused on increasing its cheese production to meet growing demand and aims to introduce additional products, such as a blue cheese alternative and a feta-like variant, by the end of 2024. Furthermore, Formo is preparing to launch its precision fermentation-based cheeses, featuring bioidentical casein proteins, in the U.S. market by late 2025.

Formo's $61 million Series B funding round marks a significant achievement in the alternative cheese space, positioning the startup as a leader in sustainable food innovation. By leveraging koji protein and advancing precision fermentation technologies, Formo is poised to make a substantial impact on the global cheese market. With its commitment to environmental sustainability and product innovation, Formo is set to challenge traditional dairy paradigms and reshape the future of cheese consumption.