Formo

Dairy production has remained largely stagnant for hundreds of years; largely animal agriculture based, until recently with insurmountable environmental costs, and has failed to innovate. However, the tides are changing, as increasing concern for sustainability, animal welfare, and food security is pushing an alternative protein wave. Leading this transformation is Formo, co-founders and CEO Raffael Wohlgensinger, who is developing a new class of dairy not made with cows that still tastes, feels, and has the same nutrition as traditional dairy.

Formo is a pioneer of precision fermentation, an innovative biotechnology that enables scientists to culture microorganisms to produce real dairy proteins, like casein and whey, that are the same as those in cow's milk. The firm uses precision fermentation to produce animal-free cheeses with everything people love about dairy products while also eradicating the ecological and ethical concerns. Branding itself as for the conscious consumer, the company is especially resonating with Gen Z and Millennial consumers that are hungry for more sustainable, animal-free options that do not forego pleasure and enjoyment. When Formo creates these proteins, it also uses some plant-based fats and sugars to produce mozzarella, ricotta, and cream cheese-based dairy products. It ultimately creates, for human consumption, the same dairy experience that conventional cheese produces, all at the same time NOT using an animal. They produce dairy proteins with less land, water, and even fewer greenhouse gas emissions, which also aligns with its mission towards a more sustainable food system. Besides the science, the firm’s consumer-first approach has been establishing their transparently educational branding and storytelling both to help the consumer make informed decisions. Its products are already receiving strong judgement in blind taste tests, with some of them being considered undistinguishable from animal products. In this regard, Formo is not only producing food but a movement towards conscious consumption. The firm also aspires to offer a complete range of dairy goods and products that narrow catered to culinary and nutritional needs, expecting to ultimately be a full-stack dairy platform. Future dairy offerings may be yogurts, milks, and specialty cheeses, enabling them to extend their impact and reach diversity. Within its multi-faceted innovative approach, Formo is investigating bioidentical flavor and aroma ingredients.

The firm has progressed rapidly. As of mid-2025, they have between 130 and 135 total employees compared to just 35 in 2023. Formo's team consists of R&D, production, regulatory, and commercial teams. The firm has a pilot-scale fermentation facility at its HQ in Berlin, as well as production capacity in North Germany (commercial activities have also expanded beyond Germany across Europe). Their products are on shelves in over 2,500 supermarkets in Germany operated by REWE, with additional announcements in Austria, as well as plans for Switzerland and the Czech Republic. Formo also has ambitions to expand to North America and Asia to meet demand for sustainable dairy alternatives, as it continues to grow. In terms of financing, the company has raised gross receipts on the order of $150-152 million: $50 million Series A financing in 2021, led by EQT Ventures, $61 million Series B financing in 2024, led by REWE Group, The Nature Conservancy, FoodLabs and Seven Ventures, and €35 million (~$36 Million) in venture debt financing from the European Investment Bank in early 2025; notable investors also include Lowercarbon Capital, Elevat3 Capital, Happiness Capital, Grazia Equity, and M Ventures. While Formo has not confirmed accurate revenue figures, its retail presence and their scaling capacity are indicative of greater sales traction.  The firm intends to be net profitable by 2027. Analysts have reported that, while they are not a publicly traded company, their most recent valuation is estimated in the $300-500 million range, and they ranked highly among food technology startups in Europe. Formo has yet to turn a profit; however, this is indicative of high-growth companies that are making a large investment in R&D, production facilities and processes, and expanding into new global markets. Formo's effort is on creating the conditions for future profit through scale, availability and product variety. The company has exercised strong financial discipline that successfully balances capital funding and debt against the appropriate timing contingent upon regulatory and expansion milestones.  

The company follows a premium price model, where the goal is to have the animal-free cheeses perceived as high-quality dairy alternatives that can also be sustained. The method of precision fermentation dictates the production cost will be higher than traditional methods, but the company believes they can establish price equality by demonstrating the nutritional, environmental, and taste advantages of their animal-free products. Revenues are primarily from partnerships with retailers such as REWE, that enable Formo to grow their distribution capacity in a gross margin control position. With continued innovation in production efficiencies and increased popularity from shoppers, Formo believes unit costs will decrease, increasing availability while still building a premium brand.

In terms of competition, the firm is in an exciting but highly competitive space of precision fermentation innovators as one of the most exciting next-generation dairy innovators. Competitors include Perfect Day (U.S.) with over $360 Million raised and produces whey protein for dairy alternatives; Remilk (Israel) is building the world’s largest fermentation-based dairy dairy facility in Denmark;  and New Culture (U.S.) - focuses on animal-free mozzarella cheese produce using fermented casein. There are also other innovators such as Imagindairy, Those Vegan Cowboys, and Real Vegan Cheese that are exploring the same space. Formo differentiates itself by focusing on European-style artisan cheese, becoming a 'Direct to Consumer' brand, and successfully partnering with retailers and culinary institutions. Its emphasis on culinary artistry, clarity of branding, and scientific transparency have allowed the firm to secure a specific and premium space in the food-tech dairy-alternative industry recognizing how quickly it is evolving. 

Equipped with state-of-the-art technology, an accelerating team, plenty of committed resources, and vision based on sustainability and tastes, Formo is more than just re-inventing cheese, it is pioneering the transformation of what dairy can be with science, ethics, and innovation.

Click here to access Formo's website.