Finnish biotech company Volare has closed a €26 million funding round. The company plans to use the funds to build an energy-efficient facility to produce its high protein feed made using black soldier flies that convert food industry byproducts into insect protein, oil, and fertilizer.
Volare said its process is scalable and circular, creating insect-based protein for aquafeed, pet food, and poultry feed. The company said their protein offers a scalable alternative to environmentally intensive ingredients such as fishmeal, meat, and soy. The company has offtake agreements with Skretting, a global aquafeed leader, and is piloting insect-fed rainbow trout in Finland via a 150,000 kg collaboration with Alltech Fennoaqua, Kalankasvatus Vääräniemi, and Kalavapriikki.
The company said it is using a brownfield location for the product plant and will use various technologies to achieve a 30% reduction in processing energy use and aims to cut hygienization energy use by 50%. The approach reduces waste, supports regional agriculture, and strengthens the resilience and self-sufficiency of Europe’s food system.
The round includes a mix of equity, mezzanine and senior loans, and public funding, with support from Maki.vc, Firstminute Capital, Springvest, The Finnish Climate Fund (to be merged with Finnish Industry Investment), Finnvera, Norion Bank, South Ostrobothnia ELY Centre and Business Finland.
The Volare 01 plant will produce protein equivalent to the yield of 200 million Baltic herrings annually – approximately 18% of Finland’s total commercial fish catch in protein terms. Designed for scalability, the facility will serve as a platform for future expansion across Finland and Northern Europe.
The company is also making several leadership changes. Co-founder Jarna Hyvönen, formerly Chief Commercial Officer, has been appointed Chief Executive Officer as of June 2025. Co-founder Tuure Parviainen, who has led Volare as CEO since its founding, will transition to the role of Chief Science Officer. In this new position, Parviainen will focus on advancing the company’s core technology and overseeing the development of its new industrial facility.
“Volare was founded on the vision that protein can – and must – be produced in a radically more efficient and sustainable way,” Parviainen said. “Now, we’re entering a new phase: scaling up to full industrial production. Our new facility will bring our proprietary, zero-waste, fossil-free process to life at scale, transforming food industry byproducts into high-quality protein and strengthening Europe’s food resilience.”
