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11 October 20212 minute read

DLA Piper advises EQT Ventures on Series A financing round in food biotech start-up Formo

DLA Piper has advised EQT Ventures on its investment in Berlin-based food biotech start-up Formo on a USD50 million Series A financing round. Additional investors include Elevat3 Capital, Lowercarbon Capital and Lionheart Ventures.

Formo develops the next generation of sustainable, healthy, and equitable dairy products supporting a more sustainable and ethical food system. Formo, formerly known as LegenDairy Foods, is Europe's leading cellular agriculture company developing cultivated dairy products, which are based on real, animal-free milk proteins produced using precision fermentation. The funding will be used to boost R&D capacity and fast-track commercialization ahead of Formo’s market launch.

EQT Ventures is the venture capital fund of EQT, a purpose-driven global investment organization. The fund invests globally in fast-growing, innovative and technology-driven companies across all sectors, with a focus on Europe and the US.

The DLA Piper team was led by partner Andreas Füchsel (Private Equity/M&A) and further comprised partner Dr Burkhard Führmeyer (IPT), counsel Kaja Herrmann (Employment, all Frankfurt), senior associate Dominik Wegener (Corporate, Hamburg) as well as associates Philipp Meyer (Private Equity/M&A), Dr. Denise Peter (Employment, both Frankfurt) and David Sanchio Schele (Data Protection, Hamburg).