TIDMANIC
Agronomics Limited
21 April 2021
21(st) April 2021
Agronomics Limited
("Agronomics" or the "Company")
Investee Company Update: Cultivated Cheese Company LegenDairy
Foods Rebrands as FORMO
Agronomics, a leading listed company in alternative proteins
with a focus on cellular agriculture and cultivated meat, is
pleased to announce portfolio company LegenDairy Foods has
rebranded to Formo. Formo's registration name will remain
LegenDairy Foods GmbH.
Agronomics co-led Formo's EUR 4 million seed round in December
2019, alongside M Ventures, the corporate venture capital arm of
science and technology company Merck. Agronomics currently holds
6.4% equity interest in Formo on a fully diluted basis.
The full announcement is set out below with no material changes
or adjustments:
Cultivated Cheese Company LegenDairy Foods Rebrands as FORMO
-- Leader in European precision fermentation launches consumer-facing brand
-- Growing team of experienced scientists and business executives
-- New website live now
Berlin, April 21, 2021 - Cultivated dairy company Legendairy
Foods today announces its rebranding to Formo as a consumer-facing
brand, at the forefront of the future of cultivated dairy. Formo is
the leading European player in the precision fermentation space,
focusing on animal-free dairy products.
With the new brand, Formo will bring the future of food to life
through science, cheese, and conversation. Formo is the Latin word
for 'I mold, I form' and the historical origin of the word is
closely connected to the tradition of the ancient Romans improving
cheese through new technology. The new website of Formo, on which
the company also introduces its growing team of scientists and
business executives, can be found here.
Formo uses microorganisms instead of cows to produce their
animal-free milk proteins. Initially, selected microorganisms are
encoded with milk protein DNA sequences. These cells then grow in a
fermenter until enough protein has been produced to be harvested.
The milk proteins are then combined with plant-based fats and
carbohydrates to create the base for the cheesemaking process. In
the traditional way, fermentation, enzymes, or heat are then used
to coagulate the product into curd. From there, the Formo artisans
can cover the whole spectrum of cheeses. The product can be
packaged right away as fresh cheese, or ripened to create strong,
unique flavors.
"We started with LegenDairy Foods as a brand to establish
ourselves in the precision fermentation space. With the best talent
on board and our first validated prototypes, it is the right time
for us to launch a protectable consumer brand. Our new brand
communicates our vision and values: changing the food system
through delicious animal-free products", said Raffael
Wohlgensinger, Formo founder and CEO.
"Our team wants to make the best of European cheese culture
enjoyable to the whole world. We pioneer new ways of making the
hedonistic cheese products we all love, but with better, more
sustainable technology and a good conscience. Formo represents our
ambition to remix the heritage by combining tradition with
breakthrough science.", said Dr. Britta Winterberg, Formo founder
and CSO.
Alongside the rebranding, the company is working towards
bringing the first products to the consumer. Later this year, Formo
is planning to host an exclusive product demonstration event in
collaboration with a Michelin star chef. In addition, the team is
going to release a consumer acceptance study on cultivated dairy
products in the near future.
"After 6 months of close collaboration with creative studio
forpeople in Amsterdam, we feel like we have nailed a name and
identity that is distinctive, memorable, and most importantly
adaptable", said Roman Plewka, Formo CFO. "We identify ourselves as
a purpose-driven company, and the Formo brand allows us to move
beyond traditional dairy in the future as well."
Forpeople Creative Director Patrick Niall says, "The concept at
the heart of the identity is the heritage of innovation and
evolution in cheesemaking. From the name Formo to the stamps and
symbols from artisanal craftsmen, the strategy was to identify a
language to celebrate the next evolution of deliciously high-tech
dairy."
About Formo
Formo is a food biotech company on a mission to bring the next
generation of sustainable, healthy, and equitable dairy products to
consumers. Formo, formerly known as LegenDairy Foods, is Europe's
first cellular agriculture company developing cultivated dairy
products - that is dairy which is based on real, animal-free milk
proteins produced using precision fermentation. The startup was
founded by Raffael Wohlgensinger and Dr. Britta Winterberg to
create a more sustainable and ethical food system where change is
not initiated through consumer sacrifice but rather through
hedonistic products that are deliciously high-tech.
For more information and interview requests, please contact:
press@formo.bio +49 176 66880458 High-Resolution images are
available in Formo's Press Kit.
About Agronomics
Agronomics is a leading listed company in alternative proteins
with a focus on cellular agriculture and cultivated meat. The
Company has established a portfolio of 16 companies at the Seed to
Series B stage in this rapidly advancing sector. It seeks to secure
a 5-10% initial ownership in technologies with defensible
intellectual property that offer new ways of producing food and
materials with a focus on products historically derived from
animals. These technologies are driving a major disruption in
agriculture, offering solutions to improve sustainability, as well
as addressing human health, animal welfare and environmental
damage. This disruption will decouple supply chains from the
environment and animals, as well as being fundamental to feeding
the world's expanding population. A full list of Agronomics'
portfolio companies is available at https://agronomics.im/ .
About the Cultivated Meat Sector
Funding in the cultivated meat sector is growing rapidly with c
US$ 170 million invested globally between 2016-2019 and over US$
270 million raised in 2020 alone. Additional financings are
anticipated as the capital requirements of these companies grows to
build out and scale up manufacturing facilities. Currently it is
estimated that there are 70 companies globally within the sector.
AT Kearney, a global consultancy, has predicted that Cultivated
Meat's market share of meat consumption will be 35% by 2040.
For further information please contact:
Agronomics Beaumont Cenkos Peterhouse Capital TB Cardew
Limited Cornish Limited Securities Plc Limited
The Company Nomad Joint Broker Joint Broker Public Relations
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Richard Reed Roland Cornish Giles Balleny Lucy Williams Ed Orlebar
Denham Eke James Biddle Nick Searle Charles Goodfellow Joe McGregor
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+44 (0) 20 7930 0777
+44 (0) 7738 724 630
+44 (0) 1624 639396 agronomics@tbcardew.co
info@agronomics.im +44 (0) 207 628 3396 +44 (0) 207 397 8900 +44 (0) 207 469 0936 m
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