# Formo Bio

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/formo-bio

- Industry: Biotechnology
- Headquarters: Berlin, Germany
- Website: www.eatformo.com
- Total disclosed funding: $116M
- Latest round: Series B (Jun 4, 2024)
- Investors on record: 21

## About

Based in Germany, Formo Bio GmbH specializes in innovative animal-free cheese alternatives produced through micro fermentation technology, catering to the evolving consumer demand for sustainable food choices.Formo Bio GmbH, founded in 2019 and headquartered in Berlin, Germany, focuses on creating animal-free cheese products. The company has undergone a strategic pivot towards developing sustainable dairy alternatives and has raised a total of EUR 61.00 mn across multiple funding rounds, with the latest round being a VENTURE DEBT round of EUR 35.00 mn on January 21, 2025. The founders include Eddy Yeh, Felipe Eing, Hsu Wei-Pin, and Raffael Wohlgensinger, with Raffael Wohlgensinger also serving as CEO alongside Nikolay Angelov. Formo has successfully completed 6 deals in its funding history.Formo specializes in producing animal-free cheese alternatives through innovative micro fermentation technology. Their core product offerings include a diverse range of cheese alternatives, such as cream cheese substitutes and other varieties, designed to meet the growing demand for sustainable food choices. These products cater to individual consumers seeking plant-based options as well as food service businesses looking to incorporate sustainable dairy substitutes. Formo markets its products primarily in European countries, focusing on regions with high demand for plant-based food.In 2023, Formo reported no revenue, while also incurring an EBITDA loss of EUR 13,826,510.60. The company generates revenue through direct sales to consumers and partnerships with retailers and food service providers, supplying its flagship animal-free cheese alternatives to grocery stores, restaurants, and catering businesses. This business model allows Formo to reach a wide client base while promoting sustainability in the food industry.In January 2025, Formo Bio GmbH raised EUR 35.00 mn in VENTURE DEBT funding from the Future Food Fund in Japan. This investment will support the expansion of their animal-free product offerings across Europe, with plans to introduce new products designed for various dietary preferences. The funding will also facilitate the promotion of environmentally friendly food production techniques, aiming to strengthen their market presence and develop additional sustainable food alternatives.

## Funding rounds

- Series B, Jun 4, 2024, $61M — EQT, M Ventures, Grazia Equity, The Nature Conservancy, SevenVentures, REWE Group, Foodlabs, Happiness Capital, Lowercarbon Capital, Elevat3 Capital, SAZABY LEAGUE,Ltd, Woodline Partners, Indiposa Investments
- Series A, Sep 3, 2021, $50M — EQT, Grazia Equity, Aperion Management, M Ventures, Happiness Capital, Eutopia, CPT Capital, Lowercarbon Capital, Good Seed Ventures, Agronomics Limited, Lionheart Ventures, Elevat3 Capital
- Seed, Dec 19, 2019, $4.7M — Grazia Equity, Merck KGaA, Atlantic Food Labs, CPT Capital, Agronomics Limited, Good Seed Ventures

## Investors

- Grazia Equity (https://capitalatlas.ai/funds/grazia-equity) — Seed, Series A, Series B
- Merck KGaA — Seed
- Atlantic Food Labs — Seed
- CPT Capital — Seed, Series A
- Agronomics Limited (https://capitalatlas.ai/funds/agronomics-limited) — Seed, Series A
- Good Seed Ventures (https://capitalatlas.ai/funds/good-seed-ventures) — Seed, Series A
- EQT (https://capitalatlas.ai/funds/eqt) — Series A, Series B
- Aperion Management (https://capitalatlas.ai/funds/aperion-management) — Series A
- M Ventures (https://capitalatlas.ai/funds/m-ventures) — Series A, Series B
- Happiness Capital (https://capitalatlas.ai/funds/happiness-capital) — Series A, Series B
- Eutopia (https://capitalatlas.ai/funds/eutopia) — Series A
- Lowercarbon Capital (https://capitalatlas.ai/funds/lowercarbon-capital) — Series A, Series B
- Lionheart Ventures (https://capitalatlas.ai/funds/lionheart-ventures) — Series A
- Elevat3 Capital (https://capitalatlas.ai/funds/elevat3-capital) — Series A, Series B
- The Nature Conservancy — Series B
- SevenVentures (https://capitalatlas.ai/funds/sevenventures) — Series B
- REWE Group — Series B
- Foodlabs (https://capitalatlas.ai/funds/foodlabs) — Series B
- SAZABY LEAGUE,Ltd — Series B
- Woodline Partners — Series B
- Indiposa Investments — Series B