SevenVentures acquires stake in Formo

Media-for-equity deal to support Formo, the pioneer of animal-free cheese based on koji. New products exclusively at REWE and METRO.

Unterföhring, September 10, 2024 - SevenVentures, the investment arm of ProSiebenSat.1, is investing in Formo, an innovative food startup from Berlin that is developing the world's first animal-free cheese based on koji proteins. The investment is part of a media-for-equity deal and a Series B financing round of 61 million US dollars. Formo not only receives capital, but also a long-term media partnership to increase brand awareness on ProSiebenSat.1 channels.

Formo: a world first in the chiller cabinet

Formo launches a real world first: cheese alternatives made from koji proteins that set new standards in taste and sustainability. The vegan cream cheese "Frischhain" is now available exclusively at REWE and METRO in Germany and at BILLA in Austria. Other varieties such as "Camembritz" will follow in the coming weeks. The cheese alternatives are free from lactose, hormones, gluten, preservatives and additives and are produced in collaboration with traditional cheese manufacturers.

We are convinced that Formo's vegan and sustainable cheese products will establish themselves in retail as an alternative to conventional cheese.

Florian Hirschberger, CEO SevenVentures

Financing round and strategic partnership

The Series B round was supported by investors such as Foodlabs, EQT Ventures, Grazia Capital and REWE Group. SevenVentures invests via a media-for-equity model, giving Formo access to extensive advertising on ProSiebenSat.1 channels. Formo's commercials will be broadcast in the DACH region from the first quarter of 2025. SevenVentures is thus promoting the expansion of Formo's market position and supporting the company in opening up further distribution channels.

We are delighted to have SevenVentures on board in our financing round. The long-term TV advertising partnership is a decisive factor in gaining the trust of consumers and driving our growth in the DACH region.

Raffael Wohlgensinger, founder and CEO of Formo

Sustainable cheese alternatives with a significant environmental impact

Formo's cheese alternatives not only offer a variety of flavors, but also have a significantly more positive environmental footprint. The production of "Frischhain" fresh cheese causes 65% fewer emissions, requires 83% less land and uses 96% less water than conventional cheese. Formo is therefore making an important contribution to more sustainable food production.