Formo Raises $61 Million for Koji-Based Cheese Alternatives
Formo's products have names that allude to Berlin districts. Here “Camembritz”, with reference to the district of “Britz” in the south of Berlin. - © Formo
Berlin-based food tech startup Formo has made a significant leap in the plant-based cheese market by launching cheese alternatives featuring koji protein. The company has also secured a $61 million Series B funding round, as reported by AgFunderNews.
Formo's innovative cheese alternatives are now available in over 2,000 REWE, BILLA, and Metro stores across Germany and Austria. The company uses Aspergillus Oryzae, commonly known as koji, in a biomass fermentation process to create their dairy-free cheeses.
Christian Poppe, Formo's head of global public affairs and general manager for APAC, explained that koji offers a unique profile for plant-based cheese products. Its neutral flavor and high functionality make it ideal for creating cheese alternatives that closely match the texture and taste of traditional cheese.
The $61 million funding round was backed by both existing and new investors, including EQT Ventures, Lowercarbon Capital, and REWE Group, Europe's second-largest retailer. Sandra Malmber, Partner at EQT Ventures, noted that Formo's ability to prove commercial traction at this stage is rare for companies in the climate tech sector.
While Formo is currently focused on koji-based cheeses, the company remains committed to developing hard cheeses featuring animal-free casein proteins through precision fermentation. These products are expected to debut in 2025.
Formo's success in launching koji-based cheeses and securing significant funding demonstrates the growing interest in innovative, sustainable food technologies. As the company expands its production capacity and product range, it aims to become a major player in the future of cheese production.
