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Lab-grown cheese startup to compete with vegan cheese market
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A rebranded German startup that aims to create plant-based cheese has raised $50 million in Series A funding.
Formo, which was formerly known as LegenDairy Foods, announced it recently closed its Series A financing round with the eight-figure amount on Monday, Sept. 13.
In a press release, the company stated EQT Ventures – a Swedish venture capital firm – led the record investment in European FoodTech, according to figures it sourced from Crunchbase.
The company also noted it raised significant funding from Lowercarbon Capital, which was co-founded by American venture capitalist Christopher Sacca, and Elevat3 Capital, the venture capital arm of German entrepreneur Christian Angermayer and his Apeiron Investment Group.
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Formo will use the Series A funding to develop dairy-free versions of popular European cheeses, including mozzarella and ricotta, according to its company announcement.