Formo, a German startup specializing in animal-free cheese alternatives, has secured $61 million in a Series B funding round, bringing its total raised to $115.3 million. The funding round was backed by existing investors like Foodlabs, EQT Ventures, Lowercarbon Capital, and new players such as Sazaby League, Seven Ventures, and The Nature Conservancy.
Formo uses Aspergillus Oryzae, a fungus traditionally found in Japanese cuisine, to create cheese alternatives that mimic the texture and taste of whey protein. The company’s two flagship products, Frischhain and Camembritz, are already available in over 2,000 stores across Germany and Austria, including REWE, BILLA, and METRO.
The company claims its Frischhain cheese alternative reduces emissions by 65%, uses 83% less land, and requires 96% less water compared to traditional dairy cream cheese.
CEO Raffael Wohlgensinger shared his excitement, stating, “This marks the culmination of five years of hard work in research and development.” Formo plans to use the funds to expand internationally, diversify its product offerings, and target profitability by 2027.
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