Volare, a Helsinki-based technology company, has raised €7.1 million in funding through Springvest. The financing comes from both new and existing investors, including Maki.vc. This funding will help support Volare's plans to establish a second industrial-scale factory, which is essential for expanding its production capabilities across Europe and beyond.
The company specializes in converting food-industry side streams into insect protein and oil using an automated process that employs black soldier fly larvae. Volare's facility in Pori is already producing up to 5,000 tonnes of insect protein and 2,000 tonnes of insect oil annually. A significant portion of this production capacity has been sold, including an offtake agreement with aquafeed producer Skretting.
With the new funding, Volare is poised to replicate its successful production model, ultimately increasing its capacity to produce alternative proteins locally. This expansion is crucial for meeting the growing market demand for sustainable protein sources.