German food-tech start-up Formo has secured a €35 million loan from the European Investment Bank (EIB) to accelerate the production of its animal-free cheese products. Formo, founded in 2019, uses micro-fermentation and precision fermentation technologies to create its products, including alt-dairy and egg-based products. The loan will enable Formo to further develop and scale its fermentation processes. Formo is currently undergoing regulatory approval for its products in the US and Europe. The company has already launched its micro-fermentation product line, with several flavors of its Frischhain product available in Germany and Austria. Raffael Wohlgensinger, founder of Formo, stated that the EIB’s support is a strong signal for European innovation and confirms the company’s strategy. The EIB loan is part of the InvestEU program, expected to unlock €372 billion in additional investment in new technologies by 2027. This follows Formo’s successful €61 million Series B funding round in September 2024, bringing the company’s total funding to over €135 million.
Euro-Investment Bank (EIB) injects €35 million into Formo, enabling the company to scale up its innovative animal-free cheese production.
