Volare Raises $8M as Finland's 5,000-Tonne Insect Protein Factory Opens

Helsinki-based Volare has raised €7.1 million (about $8 million) in new funding from new and existing investors, including Maki.vc, with the round routed through Springvest, ArcticStartup reports.

The raise comes as the company opens Volare 01, its first industrial-scale insect protein factory, in Pori, Finland.

Inside Volare 01

Housed in a former newspaper printing plant, Volare 01 can produce up to 5,000 tonnes of insect protein and 2,000 tonnes of insect oil per year. The facility is fully electric and runs with four employees per shift. According to the company, the €15 million capex project was completed on budget and on schedule.

The plant is a 1,000-fold scale-up from Volare's demonstration plant, which ran four years of commercial operations.

How It Works

Founded in 2021, Volare uses black soldier fly larvae to convert food-industry side streams into insect protein and oil through an automated process developed through research at VTT Technical Research Centre of Finland. Its products target aquafeed, pet food and poultry feed, and the company says its insect protein meal has over 90% digestibility.

Customers Already Lined Up

Volare has offtake agreements with aquafeed producer Skretting and a global chemical company, and says a significant share of capacity is already sold. Past applications include dog treats with Alvar Pet, cat food from Dagsmark (VAFO Group), rainbow trout feed with Alltech Fennoaqua and organic poultry feed.

What's Next

The funding will help ramp up production at Volare 01 and meet existing offtake commitments. Volare also plans a second industrial-scale factory with roughly five times Volare 01's protein capacity, and aims to replicate its production model across Europe and other markets.

"Volare 01 proves that our technology and production model work at industrial scale," said Jarna Hyvönen, CEO and co-founder. She added: "Europe needs significantly more locally produced protein, and we have built a model that can deliver it efficiently."

Source

ArcticStartup — "Finnish startup raises €7.1 million and plans second factory after opening 5,000-tonne insect protein plant"