Volare, a biotech firm based in Pori, Finland, has secured €26 million in funding to launch what it aims to be the most efficient insect protein production plant globally. Named Volare 01, the new facility will help scale up the company’s proprietary technology and move it into full industrial production.

The funding round combines equity, public funds, mezzanine and senior loans, with backing from investors including Maki.vc, Firstminute Capital, Springvest, The Finnish Climate Fund, Finnvera, Norion Bank, and other financial bodies.

Volare’s Co-founder and Chief Science Officer Tuure Parviainen said, “Volare was founded on the vision that protein can – and must – be produced in a radically more efficient and sustainable way. 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.”

Established in 2021, Volare has developed a science-driven approach to converting food industry side streams into insect-derived protein, oil, and fertiliser. These products are marketed as sustainable replacements for environmentally damaging alternatives and are already being used in aquafeed, poultry, and pet food.

Construction of the Volare 01 facility is expected to begin in 2025. Once operational, the site will become central to Volare’s efforts to reduce waste and push for a more circular and sustainable food system across Europe.

The European Commission estimates the EU is currently just 34% self-sufficient in protein concentrates, leaving it reliant on imports. This dependence increases vulnerability to geopolitical shocks, price volatility, and supply chain issues.

Volare is looking to tackle this gap with a decentralised, scalable production model. Its process involves transforming food production byproducts into insect-based protein using the black soldier fly (Hermetia illucens), described by the company as “nature’s most efficient bioreactor”. These flies are able to convert food industry waste into valuable materials, a process that often replaces conventional disposal methods like incineration.

The company’s technology is designed to operate at high efficiency with low environmental impact. By using a brownfield site for Volare 01, the firm says it can achieve a more cost-effective setup than typical greenfield alternatives. Integrated technologies are also expected to reduce overall energy use by 30% and cut hygienisation energy use by 50%, potentially lowering operational costs to levels not yet seen in the insect tech industry.

CEO Jarna Hyvönen said, “This is the most efficient way to produce protein, combining low-value raw materials, nature’s own bioreactor, and proprietary ultra-efficient technology – a combination that’s hard to beat. The result is a process with emissions significantly lower than conventional alternatives, up to 4–8 times lower than soy. This investment marks a major step toward full-scale operations and reinforces Volare’s position at the forefront of the global protein transition.”

Volare’s new plant will produce the protein equivalent of 200 million Baltic herrings annually, roughly 18% of Finland’s total commercial fish catch in protein terms. It’s also designed with future expansion in mind, serving as a launchpad for similar facilities across Finland and Northern Europe.

To ensure demand for its output, Volare has secured an offtake agreement with Skretting, a global aquafeed leader. Additionally, the firm is currently piloting insect-fed rainbow trout in Finland through a 150,000 kg trial in partnership with Alltech Fennoaqua, Kalankasvatus Vääräniemi, and Kalavapriikki.

Hyvönen, previously Chief Commercial Officer, will step into the role of CEO as of June 2025 as part of the company’s leadership transition. Parviainen, who has served as CEO since Volare’s launch, will take on the role of Chief Science Officer, focusing on the development of core technologies and the construction of the new facility.