Volare raises €26 million to scale circular insect protein production in Finland.
Finnish biotech company Volare has raised €26 million to support the construction of what it says will be the world’s most energy-efficient protein production facility. The new plant, located in Pori, Finland, will use insect-based technology to convert food industry byproducts into high-value protein and oil for use in aquafeed, poultry feed, and pet food.
The funding round combines equity, mezzanine, senior loans, and public funding from investors including Maki.vc, Firstminute Capital, Springvest, the Finnish Climate Fund, Finnvera, and Norion Bank. Total funding raised by the company now stands at approximately €27 million.
Volare 01, the new facility, is expected to produce protein equivalent to 200 million Baltic herrings annually and initially employ over 40 people. The modular, brownfield design aims to halve energy use and minimise environmental impact. The plant will run on renewable electricity and feature closed-loop water systems and advanced heat recovery.
CEO Jarna Hyvönen described the project as “the most efficient way to produce protein,” with emissions up to eight times lower than conventional soy protein. Volare’s proprietary, zero-waste process uses black soldier fly larvae to process side streams from the food industry.
The company has signed offtake agreements with Skretting and is piloting insect-fed rainbow trout with Alltech Fennoaqua and partners. Volare plans to replicate its model across Northern Europe, targeting ten plants by 2030.