Precision fermentation · Frankfurt, Germany (registered in Berlin)

Formo

Animal-free dairy: Koji protein and precision-fermented casein · formo.bio ↗

Makes animal-free dairy proteins. It first sold Koji-protein cheeses in German and Austrian supermarkets and now supplies precision-fermented casein to food companies, starting in the US.

Stage

Early commercial (step 5 of 6)

Sold more than 300,000 units of Koji-protein cheese in 3,500+ REWE and Billa stores before ending its Frischhain brand in 2025 to focus on B2B ingredients. The FDA issued a 'no questions' letter for its Enhanced Casein in Oct 2026 (cheese alternatives up to 25%). It supplies US food and nutrition companies through its subsidiary Formo Foods Inc. and commercial partners.^{[1] [2] [3] [4] [5]}

Revenue

Early revenue

Had retail sales, though no figures were published. Revenue now comes from B2B ingredient sales, starting in the US after the Oct 2026 FDA letter. No figures are disclosed.^{[1] [2] [5]}

Next A second GRAS notice for broader food and nutrition uses.

Agronomics' holding

Fair value: £9.46m 30 Jun 2026
Portfolio weight: 7% 30 Jun 2026
Stake: 4.5% 30 Jun 2026
Invested: £3.78m since Dec 2019
Multiple: 2.50× +£5.68m
Per year: +19.4% all holdings
Last round: Series B 10 Sep 2024 · 2.2 years ago

At the Sept 2024 Series B price Agronomics reported a 2.5x multiple on its investment.

Sources^{[6] [7]}

Investments

What Agronomics put in, at the sterling cost it carries
Date	Cost	Round
18 Dec 2019	£0.85m	€1m Seed (co-led)^{[8] [9]}
13 Sep 2021	£2.67m	€3.15m Series A^{[10] [9]}
Dec 2022	£0.25m	€0.25m; the date was not announced (year to June 2023)^{[11] [6]}

Approvals & markets

Approved

USA (FDA) · 28 Oct 2026^{[1] [3] [4] [5]}

GRAS 'no questions' letter for Enhanced Casein in cheese alternatives (up to 25%)

HQ: Germany
Selling in: United States^{[1] [5]}

Timeline

28 Oct 2026Regulatory

FDA 'no questions' letter for precision-fermented casein^{[1] [3] [4] [5]}

The first for a precision-fermented casein. The notice (GRN 1312), filed jointly with Those Vegan Cowboys in Dec 2025, covers Enhanced Casein in cheese alternatives at up to 25%.
21 Jan 2025Funding

€35m European Investment Bank loan^[13]

To scale Koji-protein cheese manufacturing and develop new products.
2025Commercial

Retail brand Frischhain wound down; pivot to B2B^[2]

It had sold more than 300,000 units of microbial cream cheese in REWE and Billa stores.
10 Sep 2024Funding

US$61m Series B; retail launch^{[11] [14]}

REWE Group joined as an investor. Frischhain and Camembritz launched in German and Austrian retail.

Sources

Portfolio Update Agronomics Limited (RNS) · 11 Nov 2026
Exclusive: Formo Cleared to Sell Cow-Free Casein in US, Expects FDA Letter This Year Green Queen
Those Vegan Cowboys get FDA letter for animal-free casein FoodNavigator · 28 Oct 2026
Formo, Those Vegan Cowboys Get 'No Questions' Letter From FDA On Fermentation-Derived Casein Cheese Reporter · 30 Oct 2026
Formo secures FDA 'no questions' letter for precision-fermented casein Protein Production Technology · Oct 2026
Q2 2026 Investor Report (portfolio at 30 June 2026) Agronomics Limited · 21 Aug 2026
Annual Report 2025: year to 30 June 2025 Agronomics Limited · 30 Dec 2025
Investment in LegenDairy Foods GmbH Agronomics Limited (RNS) · 18 Dec 2019
Annual Report 2022: year to 30 June 2022 Agronomics Limited · 20 Dec 2022
Subscription in Formo’s US $50 million Fundraise Agronomics Limited (RNS) · 13 Sep 2021
Formo closes a US$61m Series B round Agronomics Limited (RNS) · 10 Sep 2024
Imprint Formo
Formo secures a €35m loan from the European Investment Bank Agronomics Limited (RNS) · 21 Jan 2025
Formo raises $61m Series B, launches cheese alternatives featuring koji AgFunderNews · 10 Sep 2024