Formo to raise $50 million in a round led by EQT Ventures

Formo, a Berlin, Germany-basd precision fermentation company, announced the completion of a $50 million capital funding round.

The money was raised from investors led by EQT Ventures, with Elevat3 Capital and Lowercarbon Capital as co-leads and joined by Lionheart Ventures, Happiness Capital, and Albert Wenger. Additionally, existing investors Agronomics, CPT Capital, Good Seed Ventures, Grazia Equity, and M Ventures.

Proceeds will be used to construct a pilot plant, fast-track its commercial-scale production, and grow the molecular biology and food science team. With the resulting increase in R&D capacity, Formo plans to expand its product portfolio to represent a wide variety of European dairy specialties such as mozzarella and ricotta, with techniques designed in collaboration with artisan cheesemakers.

Formo, founded in 2018 by Britta Winterberg and CEO Raffael Wohlgensinger, domesticates microorganisms instead of cows, using precision fermentation to create nature-identical dairy products. The products have the same taste, texture, and functional properties as animal-derived cheeses, but come at a substantially lower cost for the environment, human health, and animal welfare. 

Formo previously raised $4.7 million at the end of 2019.