Formo, a Berlin-based foodtech, has secured a fundraise of US$ 50 million in a Series A funding round held yesterday, on September 13 2021. Elevat3 Capital, EQT Ventures and Lowercarbon Capital co-led the financing round with the participation of existing investors Agronomics, CPT Capital, Good Seed Ventures, Grazia Equity, and M Ventures participated in the round and Lionheart Ventures, Happiness Capital, and Albert Wenger.
What the Founders have to say
Co-Founder and CEO of Formo, Raffael Wohlgensinger, stated, “We are thrilled to join forces with additional top-tier investors such as EQT, Lowercarbon Capital, and Elevat3 Capital and to solidify our relationships with our existing shareholders further. Our excellent investor setup paired with our team of interdisciplinary experts makes us uniquely positioned to define the new gold standard of cheese. We aspire to lead the paradigm shift towards a more sustainable and equitable food system for this planet with our technology. To achieve our goal of a zero-carbon economy, we need to invest at least as much attention and resources into making our food system radically more sustainable as we are investing into clean energy.”
Co-Founder, and CSO of Formo, Dr Britta Winterberg, says, “For over two years, we have been searching for a way to overcome the challenges of our broken food system on a molecular level. Today, we are beyond excited to see our vision of a kinder, greener future come to life through our delicious cheeses as we prepare for our first product demonstration event in collaboration with Michelin-starred chef Ricky Saward.”
What the Investors have to say
Investor at EQT Ventures, Gregory Bernstein, said, “When we choose to partner with the boldest and most ambitious founders, we always start with purpose. In Formo, theirs was clear: harness molecular processes to pioneer a radical transformation in our food systems. To achieve such a vision, Raffa, Britta, and the Formo team are demonstrating that the convergence of disciplines – from frontier technology to brand development – is critical. Our purpose at EQT is to support them in building this into a global winner, and we are thrilled to join Formo in their journey toward better planetary health.”
Founding Partner of Elevat3 Capital, Christian Angermayer, said, “The true cost of dairy on human health, planetary health, and animal welfare is devastating, yet governments across the world still subsidize this industry. Formo’s exceptional team has successfully demonstrated how biotechnology can be applied to create not just equally but even better-performing products that will be price-competitive in no time. This is just the beginning of the dairy revolution!”
Director of Agronomics, Jim Mellon, said, “We’re delighted to be giving further support to Formo, the European leader in precision fermentation. Their progress demonstrates our contention that the conventional dairy industry will soon be upended by novel technologies helping to reduce climate change and to improve human and animal health.”
About Formo
Founded by Dr Britta Winterberg and Raffael Wohlgensinger in 2018, Formo is a cell-ag company developing animal-free dairy products using nature-identical milk proteins from precision fermentation. For more information, visit https://formo.bio/.
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