Formo, a Berlin-based startup, has received a €35 million venture debt loan from the European Investment Bank to scale its fermentation technologies. The company uses microbiology to express dairy proteins like casein via precision fermentation. However, they are using different technology in their first range of cheeses, where they grow natural occurring Aspergillus Oryzae (koji) to make cheese alternatives like Frischhain and Camembritz.
The company produces triple-digit tons of cheese alternatives monthly and plans to triple capacity in the next year. While koji does not offer the same stretchability and meltability performance as traditional casein or whey proteins, Formo plans to launch own consumer products with casein proteins this year.
Formo focuses on partnerships that leverage existing facilities rather than building its own manufacturing setup. On the regulatory front, the company is working on securing self-GRAS status for its casein proteins and plans to add harder cheese features like traditional cheese within its brand range in the near future. The cash injection follows a $61 million series B round and brings total funding to $139 million.