BAKU, Azerbaijan, January 14. The European Investment Bank (EIB) has provided a 35 million euro loan to Berlin-based food tech company Formo to help advance its fermentation technologies for dairy and egg alternatives, Trend reports.
The quasi-equity loan will enable Formo to scale up its production of plant-based products using innovative fermentation processes.
Founded in 2019, Formo focuses on using micro-fermentation and precision fermentation to produce dairy-free cheese and bioidentical milk proteins, such as casein. These technologies rely on naturally occurring micro-organisms like Koji mushrooms to create proteins without modifying the organisms. The company’s approach enables the production of cheese with good melting properties, and Formo is currently working to get its products approved for sale in the US and its European market.
In September 2024, Formo launched its first line of products—micro-fermented cheeses—available in METRO and REWE supermarkets in Germany and Austria. The company is also scaling up production of other cheese alternatives and an egg substitute for use in baked goods.
EIB Vice-President Nicola Beer emphasized the importance of supporting innovation for sustainable consumption. "This loan helps meet the growing demand for plant-based protein alternatives and supports a European startup with ambitious goals," she said.
Formo’s founder, Raffael Wohlgensinger, expressed confidence in the company’s future. "This financing strengthens our strategy and shows that European innovation can scale successfully. We believe fermentation processes will play a key role in strengthening the European food system," he said.
The EIB loan is backed by the InvestEU program, which aims to boost investment in new technologies across Europe. Formo’s total funding, including a recent $61 million Series B round, now exceeds 135 million euros, positioning the company for future growth.