Participated · Series B · Sep 2024

Formo is a Berlin-based fermentation startup that makes animal-free cheeses using Koji protein as the primary ingredient. Its production uses micro fermentation—harvesting Koji proteins without genetic modification—allowing it to avoid novel-food regulatory hurdles and sell products immediately. The company launched two SKUs (Frishchain cream-style spread €2.89 and Camembritz Brie-style €3.99) in more than 2,000 REWE, BILLA and METRO stores in Germany and Austria and currently produces about 100 tons per month. Formo plans to scale production to 1,000 tons per month by early 2025 and expand to other European markets and beyond. Future plans include moving into precision fermentation and gene editing to produce milk proteins such as casein to enable meltable hard cheeses; feta-style and blue cheeses are also in the pipeline. The company highlights sustainability benefits (claims of 65% fewer emissions, 83% less land use, and 96% less water versus dairy cream cheese) and says early reception has been strong with a view to reach net profitability relatively soon. Formo is Europe’s first cellular agriculture company developing animal-free dairy products using nature-identical milk proteins produced via precision fermentation. Founded in 2019 and based in Berlin, the startup domesticates microorganisms instead of cows to create cheeses that match the taste, texture, and functional properties of animal-derived products. The company highlights that microorganisms can be up to 20 times more efficient than cows at converting feed into food, which it says supports environmental and cost advantages. Formo plans to use its recent funding to build a pilot plant, fast-track commercial-scale production, and expand its molecular biology and food science teams. With increased R&D capacity, the company intends to broaden its product portfolio to include European dairy specialties such as mozzarella and ricotta, developing techniques in collaboration with artisan cheesemakers. Formo positions its technology as a way to reduce the environmental, human health, and animal welfare costs of traditional dairy production.

Participated · Series A · Aug 2021

Olsam is a London-based roll-up that acquires consumer and B2B merchants selling on Amazon via the FBA fulfillment program. It targets typical consumer categories (home & garden, sporting, baby and children, beauty) while also building out sales on Amazon’s B2B portal for office supplies, furniture, electronics, automotive parts and more. The company plans to use new capital to fuel M&A, continue building its technology platform, and hire additional talent to scale acquired businesses. Founders Sam and Ollie Horbye bring prior experience building and selling marketplace businesses; Sam previously helped build Amazon’s Business Marketplace in the UK. Olsam launched in October 2020 and is positioning itself to capitalize on fast Amazon Marketplace growth—sellers generated roughly $300 billion in sales last year with that figure growing ~50% annually. The firm views B2B as a fast-growing, underlooked segment and a key differentiation for its roll-up strategy.