Formo raises $61M Series B for plant-based cheese

German animal-free cheese company Formo has raised $61 million in a Series B funding round, bringing its total funding to $115.3 million.

Formo’s cheese alternatives are made using naturally occurring Aspergillus Oryzae (koji), a fungus traditionally used in Japanese cuisine to make miso, sake, and soy sauce. Koji protein resembles whey protein, making it ideal for producing cheese alternatives.

The round saw participation from existing investors such as Foodlabs, EQT Ventures, Lowercarbon Capital, Happiness Capital, Elevat3 Capital, and Grazia Capital as well as new investors Sazaby League, Seven Ventures, Woodline Partners, The Nature Conservancy, and REWE Group.

Additionally, Formo has announced that two of its cheese alternatives — Frischhain and Camembritz — are now available at over 2000 REWE, BILLA, and METRO stores in Germany and Austria. 

According to Formo, its Frischain generates 65 per cent fewer emissions, uses 83 per cent less land, and requires  96 per cent less water than regular cream cheese.

“Everything is coming together – the launch of our first products, the positive results of our environmental analyses, and the successful funding round,” said Raffael Wohlgensinger, co-founder and CEO of Formo.

“This is the result of five years of intensive research and product development, as well as the work of an incredibly passionate team. Game on.”

Formo will use the funding expand internationally, diversify its product range, drive revenue growth, and achieve net profitability by 2027.