Merck (d.b.a. EMD Millipore in the U.S. and Canada) is a German chemical and pharmaceutical company. Merck, also known as “German Merck” and “Merck Darmstadt”, was founded in Darmstadt, Germany, in 1668, making it the world's oldest operating chemical and pharmaceutical company. The company was privately owned until going public in 1995. However, the Merck family still controls a majority (≈70%) of the company's shares. Following World War I, Merck lost possession of its foreign sites, including the Merck & Co. subsidiary in the United States. Merck & Co., which operates as Merck Sharp and Dohme (MSD) outside the U.S. and Canada, is now an independent company. Merck KGaA operates mainly in Europe, Africa, Asia, Oceania and Latin America. Since Merck & Co. holds the rights to the Merck name in the U.S. and Canada, the company operated under the umbrella brand EMD Chemicals in North America, and since 2010 as EMD Millipore (after the acquisition of Millipore Corporation), formed from the initials of Emanuel Merck, Darmstadt. Founded in 1668 in Darmstadt, Merck KGaA of Darmstadt, Germany, is the world's oldest pharmaceutical and chemical company. The success of the export business to the United States led in 1887 to the establishment of an office in New York, which gave rise to their subsidiary [Merck & Co.](http://www.crunchbase.com/organization/merck-co-inc) four years later. Owing to World War I, Merck & Co. was expropriated in 1917. The two companies have been separate every since.  Merck KGaA Subsidiaries: - [Merck Consumer Healthcare](http://www.crunchbase.com/organization/merck-consumer-healthcare) - [Merck Performance Materials](http://www.crunchbase.com/organization/merck-performance-materials)

Merck

Port Erin Biopharma Investments Limited (LSE: PEBI), incorporated on 3 May 2011 under the law of the Isle of Man for the purposes of investing in the Biotechnology and Biopharmaceutical sector.  The Company's strategy is to create value for Shareholders through investing in companies that have the potential to generate substantial revenues through the development of biopharmaceutical drugs.  The Company's Non-Executive Chairman is Jim Mellon, who has had a successful career in the fund management industry.  The Company intends to co-invest wherever possible alongside Mr Mellon in investments that he has identified.

Agronomics

Grazia Equity is a venture Capital firm investing in innovative, technology driven startups with high potential. Based in Stuttgart (Germany), Grazia has been supporting a large number of mostly young companies, often from their foundation to the Initial Public Offering or eventual sale. In contrast to other venture capital firms, they predominantly work with their own capital that they invest as entrepreneurs.

Grazia Equity

CPT Capital is an investment firm that invests in visionary founders. Their mission is to drive the food and materials technology revolution by replacing animals in the supply chain.

CPT Capital

Good Seed is a venture capital firm dedicated to enabling the production of safe and nutritious food for a growing population. We leverage our capital and industry specific knowledge to accelerate the transition to a sustainable food system. Creating value-adding partnerships that support groundbreaking food entrepreneurs is what we thrive for. Our ambition is to foster the development and commercialisation of industry transforming food solutions so that everyone has access to delicious and healthy food.

Good Seed Ventures

FoodLabs is a venture studio and investor for startups with solutions to feed ten billion people by 2050 in a sustainable and healthy way. Founded in 2016, the Berlin-based investor is one of Europe's leading venture firms for food & ag. It has supported over 20 mission-driven teams to launch their ideas and put great concepts into practice. The portfolio covers the entire value chain - from agtech, alternative protein sources, water supply, food security, vertical farming, to food waste and carbon reduction.

FoodLabs

Magnetic is a mission-driven investment that funds enduring technology companies in critical industries. It focuses on energy and climate, security and industrials, and financial services.

Magnetic Capital

Lowercarbon Capital funds research and invests in technologies to reduce CO2 in the atmosphere. The world has ignored the scientists, inventors, and entrepreneurs who are pursuing solutions to lower emissions, remove carbon, actively cool the planet, and save human, animal, and plant life.

Lowercarbon Capital

Elevat3 Capital is the venture capital arm of serial entrepreneur and investor Christian Angermayer and his family office Apeiron Investment Group. With a focus on German-speaking countries, we partner with companies that meet our three-level criteria, then elevate them by providing more than just capital. We use our exceptional network, spanning industry, politics, arts, science and technology, to give our portfolio companies access to high-profile leads and advisors, enabling them to grow rapidly and achieve amazing results.

Elevat3 Capital

Merck Ventures is the strategic, corporate venture capital arm of Merck. Its mandate is to invest in innovative technologies and products with the potential to significantly impact Merck‘s core business areas. From its headquarters in Amsterdam and offices in the US and Israel we invest globally in transformational ideas driven by great entrepreneurs. Merck Ventures takes an active role in its portfolio companies and teams up with entrepreneurs and co-investors to translate innovation towards commercial success. Merck Ventures has a significant focus on early-stage investing and company creation including the creation of spin-offs to leverage Merck‘s science and technology base.

M Ventures

Happiness Capital is a venture capital firm that invests in startups that aim to improve the world’s happiness. The firm helps entrepreneurs to co-create a happier world as a global community. Its investment portfolio covers seed to growth-stage companies in the US, Europe, Israel, China, and Hong Kong, with the focus on the future of food, health, education, and work. Happiness Capital was founded in 2017 and is headquartered in Hong Kong.

Happiness Capital

Lionheart Ventures is a global, seed-stage venture capital firm focused on mitigating civilizational risk. We do this by supporting the wise development of transformative technologies. Our main areas of investment focus are transformative artificial intelligence and frontier mental health technologies. Leading academics estimate a 1-in-6 chance of human extinction by the year 2100, largely driven by risks from emerging technologies. And now, with the exponential growth of AI, predictions are getting worse. Our startups are part of the solution. We invest in exceptional, ethical founders who are developing transformative technologies that have the potential to impact humanity on a meaningful scale, while generating attractive returns for our LPs.

Lionheart Ventures

EQT is a private equity firm that invests in companies and regions where there is an industrial approach.

EQT Group

SevenVentures is a leading TV media investor. As the investment arm of the ProSiebenSat.1 Group, they are the ideal partner for B2C growth companies, especially in the consumer goods, retail and service sectors that have the potential to achieve sustainable success through the use of TV advertising. Cases such as Zalando, AboutYou, flaconi and in the current portfolio Grover, refurbed, KoRo and TiNDLE illustrate how companies can benefit from their media power and become strong brands in their respective market segment within a short period of time. The combination of media power and operational know-how make SevenVentures the premier partner for growth through target-group-related and far-reaching TV and digital campaigns.

SevenVentures

Nature Conservancy works toward achieving its goal of conserving lands and waters through the dedicated efforts of their diverse staff, including more than 600 scientists, located in all 50 U.S. states and more than 35 countries, with the help of many partners, from individuals and governments to local nonprofits and corporations by using a non-confrontational, collaborative approach.

The Nature Conservancy

Rewe Group was founded in 1927 as a purchasing cooperative by independent merchants. Even today, the members of their cooperative, the independent merchants, are an important part of their trading and tourism company.

Rewe Group

EQT Ventures is a European VC fund with just over €2.3 billion in total capital raised. EQT Ventures I launched in May 2016, with commitments totaling €566 million and a simple mission - to be the kind of VC the team would have liked to have had on their own startup journeys. Recognizing that building and growing a company takes more than just capital, the EQT Ventures team provides founders with support and advice throughout different stages of growth. EQT Ventures doesn't focus on particular markets or industries, but on bold and ambitious founders who have the grit and determination to build global success stories. EQT Ventures II launched in November 2019, with commitments totaling €660 million. EQT Ventures III launched in 2022, with commitments totaling €1.1 billion, making it the biggest European Venture Capital fund committed to early-stage tech startups. The EQT Ventures team is based across six offices in London, Stockholm, Berlin, Paris, Amsterdam, Paris, and San Francisco, taking a locals-with-locals approach and supporting founders on the ground. Motherbrain, EQT Ventures'  in-house-developed artificial intelligence (AI) platform, ensures the team has a data-driven approach and has driven more than $100 million in portfolio company investments.

EQT Ventures

Woodline Partners is a private equity firm that focuses on the healthcare and technology sectors. The firm was founded in 2018 and is based in San Francisco, California, United States.

Woodline Partners

Sazaby League is an online store that sells clothing, apparel goods, beauty accessories, household goods, food and restaurant products.

Sazaby League

Indiposa Investments is an Investment Firm.

Indiposa Investments

Formo

Formo is Europe’s first cellular agriculture company developing animal-free dairy products using real, nature-identical milk proteins derived from precision fermentation.

Formo (formerly known as Legendairy Foods), is a startup developing dairy-free cheese combining microbially fermented milk proteins, such as casein and whey, with plant-based fats to produce dairy-free cheese. The microorganisms used by the startup for fermentation are encoded with milk DNA sequences and are grown in a fermenter before the plant protein is ready to be harvested.&nbsp;

A booming food and beverage segment with a history as rich and varied as its present-day product offerings

Plant-based Dairy & Egg

Formo Bio–SEVERAL: investment, 202409 financing round Series B $61m from existing + new investors

Formo (formerly known as Legendairy Foods) is a startup developing dairy-free cheese combining microbially fermented milk proteins, such as casein and whey, with plant-based fats to produce dairy-free cheese. The microorganisms used by the startup for fermentation are encoded with milk DNA sequences and are grown in a fermenter before the plant protein is ready to be harvested. Formo has already produced a prototype of mozzarella and ricotta cheese.Key customers and partnershipsIn February 2022, Formo formed a <a href="https://sp-edge.com/updates/8338">strategic partnership </a>with leading industrial biotechnology company BRAIN Biotech to accelerate the development of animal-free milk proteins. The strategic cooperation strives to optimize microorganisms in order to increase new and sustainable protein production for commercial usage through precision fermentation.In <a href="https://sp-edge.com/updates/27727">March 2024</a>, the company formed a strategic R&amp;D alliance with Belgian precision fermentation startup Those Vegan Cowboys. This collaboration aimed to advance the production of animal-free casein to replace cows in cheese production and expedite the regulatory approval process for precision-fermented products in Europe.Funding and financialsIn its latest funding round in September 2021, the startup raised EUR 42 million (USD 50 million) in a series A funding round led by EQT Ventures with participation from Elevat3 Capital, Lowercarbon Capital, LionHeart Ventures, Happiness Capital, and Albert Wenger. The company intends to use the funds to build its first pilot plant to accelerate commercial-scale production, grow its R&amp;D team, and develop new products such as mozzarella and ricotta.

Formo (formerly known as Legendairy Foods), is a startup developing dairy-free cheese combining microbially fermented milk proteins, such as casein and whey, with plant-based fats to produce dairy-free cheese. The microorganisms used by the startup for fermentation are encoded with milk DNA sequences and are grown in a fermenter before the plant protein is ready to be harvested.&nbsp;In September 2024, the company commercially rolled out its Frischhain and Camembritz cheese products in over 2,000 stores in Germany. These are made using koji, a fungus traditionally used in Japanese cuisine, and claim to emit fewer emissions and use less land and water than conventional cheese. Key customers and partnershipsIn February 2022, Formo formed a <a href="https://sp-edge.com/updates/8338">strategic partnership </a>with leading industrial biotechnology company BRAIN Biotech to accelerate the development of animal-free milk proteins. The strategic cooperation strives to optimize microorganisms in order to increase new and sustainable protein production for commercial usage through precision fermentation.In <a href="https://sp-edge.com/updates/27727">March 2024</a>, the company formed a strategic R&amp;D alliance with Belgian precision fermentation startup Those Vegan Cowboys. This collaboration aimed to advance the production of animal-free casein to replace cows in cheese production and expedite the regulatory approval process for precision-fermented products in Europe.

Eat JUST (Hampton Creek before 2018) is a food technology company that specializes in egg and meat alternatives. It has large-scale facilities in Germany and North America and in <a href="https://sp-edge.com/updates/9243">March 2022</a>, the company announced the groundbreaking of its new manufacturing facility in Singapore. It is the largest of its kind in the country post-completion and was slated to be completed in two years at a cost of USD 120 million.Launched in 2018, the company’s plant-based egg, JUST Egg, is made from mung beans and legumes. It offers an egg alternative for sweet and savory applications, including omelets, scrambled eggs, pancakes, and baked goods. In January 2020, the company announced a new folded plant-based egg, along with an upgrade to its original liquid plant-based egg. In <a href="https://sp-edge.com/updates/9599">April 2022</a>, the company received exclusive regulatory approval from the European Commission for its mung bean protein, a key ingredient in its JUST Egg product. In <a href="https://sp-edge.com/updates/30018">June 2024</a>, JUST Egg debuted the latest addition to its plant-based egg lineup, JUST Egg v5, featuring an improved formulation, taste, and texture.As of February 2024, JUST Egg had sold the equivalent of 500 million eggs and was available at food service outlets, online markets, and major retailers like Whole Foods, Sprouts, Walmart, Target, and Kroger.Key customers and partnershipsIn <a href="https://sp-edge.com/updates/10634">May 2022</a>, tennis pro Serena Williams and renowned actor Jake Gyllenhaal partnered with the company to appear in its national ad campaign “Really Good Eggs” to promote JUST Egg. In <a href="https://sp-edge.com/updates/13770">October 2022</a>, the company partnered with MingsBings to launch four new vegan breakfast items featuring JUST Egg. Also, during the same month, JUST Egg <a href="https://sp-edge.com/updates/13795">partnered</a> with Starbucks for a limited trial of new vegan menu items. In <a href="https://sp-edge.com/updates/20178">July 2023</a>, the company partnered with Alpha Foods as a part of its brand portfolio renovation. Following this, JUST Egg <a href="https://sp-edge.com/updates/21095">partnered</a> with Korean alternative meat company UNLIMEAT to develop Korean-style vegan products.Funding and financialsIn <a href="https://sp-edge.com/updates/12427">August 2022</a>, the company bagged a USD 25 million investment along with a strategic partnership from Alibaba-Group-backed private equity firm, C2 Capital Partners. Together, the companies are set to work towards expanding Eat Just’s footprint in the Chinese market. Later, in <a href="https://sp-edge.com/updates/21471">September 2023</a>, the company raised an undisclosed amount in new funding led by VegInvest/Ahimsa Foundation. The funding was to be deployed towards improving the quality and profitability of Eat JUST's products.

Eat JUST

Zero Egg is an Israel-based developer of egg alternatives in powder form using plant-based ingredients such as soy, potatoes, peas, and chickpeas. The startup initially launched two main products, the EGG Basic, a replacement for scrambled eggs and omelets, and BAKE Basic, an egg replacement for baking. In <a href="https://sp-edge.com/updates/13217">September 2022 </a>, the company launched “Zero Egg Scoopable Scramble”, a ready-to-eat frozen plant-based scrambled egg product claimed to be the world’s first of its kind.The company initially only sold to foodservice customers and food manufacturers in 2 lb. bags of around 86 to 130 equivalent eggs. In October 2020, Zero Egg entered the US B2B market following a successful launch in the Netherlands and Israel. As of March 2024, the company’s products can also be purchased online in Patty and Liquid form.In 2021, the company announced that its product is co-manufactured in Cookeville, Tennessee, and would be distributed by Gordon Food Service in the US in 2021.Key customers and partnershipsIn <a href="https://sp-edge.com/updates/18573">May 2023 </a>, Zero Egg partnered with NYC’s Plantega to become the latter’s exclusive plant-based egg supplier. Plantega, based on a deli-in-store concept, featured Zero Egg’s new Egg Patty in its bodega-style breakfast sandwiches, available via all its outlets and food delivery platforms. The following month, the company <a href="https://sp-edge.com/updates/19335">partnered with The Friendly Toast </a>, a US restaurant chain, to launch the Vegan Zero Egg Breakfast Sandwich at all of its ten locations.Funding and financialsIn November 2020, the company raised USD 5 million in a Series A funding round led by Powerplant Ventures. The funding was earmarked for new product launches and expanding the company’s US footprint.

Zero Egg

Impossible Foods, a producer of plant-based meat products, demonstrated a prototype of its plant-based milk product in October 2020. The product has been under development by a five-member research and development (R&amp;D) team since 2015. The startup developed the milk alternative using plant-based ingredients, including a special de-flavored and deodorized soy protein. Impossible Foods claims its product tastes like cow’s milk and functions (froth, cook) like cow’s milk. Unlike soy or nut-based milk, the Impossible Foods milk alternative can be mixed with hot beverages without any precipitation.Funding and financialsIn its latest funding round in November 2021, the startup raised USD 500 million in a venture funding round led by Mirae Asset Global Investments, with participation from returning investors. The latest funding is expected to fuel continued retail expansion, growth across its supply chain, product portfolio, technology platforms, and international expansion of its plant based meat products. The company plans to use the USD 700 million funding it raised in its 2020 Series F and Series G funding rounds to double its research and development team, with a focus on launching plant-based milk, steak, bacon, and fish.

Impossible Foods

Perfect Day produces animal-free dairy products using fermentation techniques. The startup uses microflora (microorganisms such as bacteria, yeast, or in this case, fungi) to create the protein blocks of milk-casein and whey via fermentation, which is later combined with fat and water to produce genetically identical substitutes to animal milk. Perfect Day has developed the microflora to produce milk proteins with a similar genetic blueprint corresponding to casein and whey. The startup launched its first product in 2019, a limited line of animal-free ice cream. Perfect Day has also developed animal-free substitutes for cream cheese, feta, and cheese spreads, in addition to milk. Since its first funding round in December 2019, Perfect Day reported a doubling of production capacity while significantly reducing costs. In <a href="https://sp-edge.com/updates/14938">November 2022</a>, the company launched its Very Dairy animal-free milk in Singapore which is claimed to be the first precision fermented milk to enter the Asian market. Following this, Perfect Day <a href="https://sp-edge.com/updates/14989">acquired India’s Sterling Biotech Limited </a>at a value of 638 crore rupees (~USD 78 million). In <a href="https://sp-edge.com/updates/32960">August 2024</a>, 50% of Perfect Day’s stake in Sterling Biotech was acquired by Indian pharmaceutical company Zydus Lifesciences.In <a href="https://sp-edge.com/updates/20068">July 2023</a>, Perfect Day exited its consumer-facing business, The Urgent Company (TUC), due to investor pressure and to shift its focus towards R&amp;D innovation, B2B partnerships, and its nth Bio precision fermentation consulting business. 15% of the workforce at TUC was laid off as a part of this move.Key customers and partnershipsThe company entered into partnerships with Tomorrow Farms in <a href="https://sp-edge.com/updates/10605">May 2022 </a>and Strive Nutrition in <a href="https://sp-edge.com/updates/10862">June 2022 </a>to supply fermented animal-free whey protein for the production of alternative milk. In <a href="https://sp-edge.com/updates/11970">July 2022</a>, the company partnered with sports nutrition brand, Myprotein to launch a precision fermented Whey protein powder. The company partnered with global food and beverage leader, Nestle in <a href="https://sp-edge.com/updates/12953">September 2022 </a>to develop and trial an unnamed alternative milk beverage. Further, during the same month, the company unveiled its <a href="https://sp-edge.com/updates/13187">enterprise biology business, “nth Bio”</a>, offering precision fermentation expertise and technology to companies worldwide and announced Onego Bio as its first partner in this new venture.In <a href="https://sp-edge.com/updates/26920">February 2024</a>, Perfect Day partnered with Unilever-owned ice cream company Breyers, to supply precision-fermented whey protein for developing a lactose-free ice cream product.Funding and financialsIn its latest funding round in <a href="https://sp-edge.com/updates/25248">January 2024</a>, Perfect Day raised up to USD 90 million in pre-Series E funding led by its internal investors. The funding was earmarked for supporting Perfect Day's shift toward manufacturing on a larger scale and paving the path for the commercial release of its fermented whey protein product.

Perfect Day

Califia Farms uses almonds to produce a range of plant-based alternatives such as milk, cold-brew coffee, creamers, half-and-half, butter, and yogurt. In February 2019, the US-based startup launched Übermilk, a milk alternative made with oat milk, pea protein, sunflower oil and seeds, flaxseed oils, and other vitamins and minerals. Übermilk contains the same amount of calories, more protein (8 g), and less sugar (2 g) than a serving of cow’s milk.In <a href="https://sp-edge.com/updates/14325">November 2022</a>, Califia Farms added plant-based whipping cream to its portfolio with the launch of Heavy Whip. In <a href="https://sp-edge.com/updates/15601">January 2023</a>, the company added USDA-certified Organic Oatmilk and Almondmilk–made with only purified water, sea salt, and oats/almonds–to its alternative dairy products. Further, in <a href="https://sp-edge.com/updates/26576">February 2024</a>, the company launched Califia Farms Complete, a plant-based milk claimed to be nutritionally comparable to dairy. It followed this up by launching ‘<a href="https://sp-edge.com/updates/31054">Complete Kids</a>’, a kid-friendly version of its Complete plant-based milk.In <a href="https://sp-edge.com/updates/31925">July 2024</a>, Califia Farms acquired Uproot Inc., a company developing plant milk dispenser systems for foodservice, for an undisclosed sum. With this acquisition, the company aimed to expand its "Away From Home" portfolio and offer plant milk in a convenient dispensing solution at hundreds of colleges, universities, and other dining locations.Califia Farms products are available in the US at Whole Foods, Kroger, Sprouts, and Target outlets.Funding and financialsIn January 2020, Califia Farms raised USD 225 million in Series D funding led by the Qatar Investment Authority to expand its production capacity, R&amp;D efforts, and geographical footprint.

Califia Farms

Producers of plant-based milk alternatives using ingredients such as almonds, cashews, soy, oats, coconuts, peas, etc.

Producers of plant-based cheese alternatives using ingredients such as coconuts, almonds, cashews, soy, hazelnuts, etc. Startups use their proprietary plant-based cultures for the fermentation process

Producers of plant-based butter alternatives using ingredients such as almonds, avocados, olive oil, etc.

Producers of dairy-free ice cream using plant-based milk

Producers of dairy-free yogurt using plant-based milk and cultures

Producers of plant-based egg alternatives for general consumption (used in baking and cooking) using pulses such as mung beans, peas, soy, chickpeas, etc.

Producers of non-dairy (such as plant-based, microflora, cultured, etc.) protein bases that are supplied to dairy alternative manufacturers to produce milk, butter, cheese, ice cream, and yogurt alternatives

Provides sustainable solutions for dairy products and egg farming

ANALYST_QUICK_TAKE

<div>
 German company Formo, which produces fermented cheese alternatives, has raised USD 61 million in a Series B funding round. Existing investors such as Foodlabs, EQT Ventures, Lowercarbon Capital, Happiness Capital, Elevat3 Capital, and Grazia Capital participated in the round, in addition to new investors Sazaby League, Seven Ventures, Woodline Partners, The Nature Conservancy, and REWE Group.
 The financing will support international expansion, product diversification, revenue growth, and the goal of achieving net profitability by 2027. Formo also seeks to hasten the market introduction of animal-free casein for the production of hard cheese.
 Alongside the funding announcement, Formo revealed that its Frischhain and Camembritz cheese alternatives are now available in more than 2,000 REWE, BILLA, and METRO stores in Germany and Austria. Formo utilises the fungus koji, a component traditionally used in Japanese cuisine, to craft sustainable cheese substitutes that allegedly produce fewer emissions and require less land and water than dairy cheese.
 
</div> Analyst QuickTake: 
 This funding round brings the total funds raised by Formo to ~USD 115 million, making it one of the highest-funded alternative cheese producers. Moreover, launching its products in 2,000+ stores in its commercial debut highlights the potential of its products and could lead to further investments.

Formo

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