Finnish insect protein producer Volare has secured €7.1 million to fund its second production facility. The capital was raised through the investment platform Springvest, involving both new and existing backers, including Maki.vc. The company is valued at approximately €74.4 million post-money, with shares priced at €2.80.
This latest round follows a €26 million funding package announced in May 2025, which included equity, loans, and public grants. Volare, founded in 2021 by Tuure Parviainen and Matti Tähtinen, currently operates a 10,000-square-meter plant in Pori, built for €15 million. The facility utilizes automated systems to convert food industry waste into protein meal, insect oil, and fertilizer.
The company plans to start construction on its next plant in 2027, aiming for five times the protein capacity of its current site. This future facility will likely be located outside Finland, near partners that supply raw material side streams. Volare is currently negotiating potential locations with various global food, beverage, and agricultural corporations.
Volare targets production costs of around €1,000 per tonne at scale. The company’s investor materials suggest a potential exit between 2027 and 2030, which could involve a public listing, a sale to an industrial buyer, or a private equity acquisition. The current leadership, led by CEO Jarna Hyvönen, plans to use the upcoming 2027 sales data to validate the business model.
