23rd September 2021 Content supplied by: Formo
Formo Raised $50m to Bring Animal-Free Dairy to Europe Through Precision Fermentation
Formo, a precision fermentation company focused on dairy, raised $50m in Series A funding. It is – the company claims - the largest ever European Series A food-tech deal.
The funds will allow the start up to hire more talent, accelerate R&D, scale up production, and organise the first public tastings of their products.
“While it’s tempting to consider this truckload of fresh cash as a win in itself,” the company said announcing the round, “it’s more important to reflect on what this money fundamentally represents: it’s trust in our rockstar team and the values we cherish, it’s recognition of our technological pacesetting, and fundamentally, belief that people everywhere are ready to make decisions every day that take us towards a better, more sustainable planet.”
The Berlin-based company, which was formerly known as LegenDairy Foods, rebranded as Formo in April this year. The name comes from Latin and means ‘I mold,’ or ‘I form.’ As the company explains, it was chosen because “the historical origin of the word is closely connected to the tradition of the ancient Romans improving cheese through new technology.”
“We started with the LegenDairy Foods brand to establish ourselves in the precision fermentation space,” said Raffael Wohlgensinger, Formo founder and CEO when the rebranding was announced. “With the best talent on board and our first validated prototypes, it is the right time for us to launch a new consumer brand that communicates our vision and values: changing the food system through delicious animal-free products.”
Formo uses genetic engineering to instruct microorganisms to produce dairy proteins. After these cells have multiplied, milk proteins are harvested and combined with plant-based fats and carbohydrates.
The rest of the process is in the hands of Formo's cheesemakers, who use those ingredients as building blocks for animal-free cheeses with the same taste and texture as those from animal milk.
In the long term, Formo’s ambition is to use precision fermentation to replace 10% of dairy products in Europe by 2030.
To learn more about Formo, visit their website formo.bio or get in touch with them using the button below.
Date Published: 23rd September 2021
Source article link: View