German food tech company Formo has secured a €35 million venture debt loan from the European Investment Bank (EIB) to further develop and scale its fermentation processes for the production of animal-free cheese and egg alternatives. This loan, guaranteed by the European Union’s InvestEU program, comes after Formo raised a total of €135 million in funding, including a recent Series B funding round.

Formo uses microfermentation and precision fermentation technologies to produce animal-free cheese alternatives and bioidentical milk proteins. The company's products, such as the cream cheese alternative Frischain, are aimed at consumers concerned about sustainability, animal welfare, and health. Formo is working to scale up its cheese alternatives and develop an egg alternative for a wider consumer base, with hopes of making their products the first choice for all consumers.

The EIB's loan to Formo is a strong signal for Europe, supporting the company's innovative strength and ability to scale new technologies in the food industry. Formo aims to showcase the potential of fermentation processes in improving the resilience of the European food system and successfully commercializing their products on a larger scale.