Finnish DeepTech Volare raised €7.1M (~$7.7M) in fresh follow-on funding from Springvest with backing from new and existing investors including Maki.vc, announced alongside the inauguration of its first industrial-scale facility Volare 01 in Pori, Finland.
The 10,000-sqm plant - built inside a former newspaper printing hall on schedule and on its €15M budget and representing a 1000x scale-up from its demonstration plant validated over 4 years - targets 5,000 tonnes of insect protein and 2,000 tonnes of insect oil annually using Black soldier fly larvae fed on food-industry side streams, operates with just 4 people per shift, generates no process wastewater, runs on non-fossil energy, and claims 4-10x lower capex, 50% fewer employees and 30% less processing energy vs competitors with >90% digestibility; a significant share of capacity is already sold via offtake agreements with Skretting and a leading global chemical company, with commercial use since 2022 in Alvar Pet dog treats, Dagsmark cat food, and Alltech Fennoaqua rainbow trout feed.
The funding will finance a second factory and broader expansion across and beyond current markets.