PORI and HELSINKI, FINLAND — Finnish biotechnology company Volare announced May 27 that it has closed a €26 million ($29 million USD) funding round to help build its new insect protein facility: Volare 01. According to the company, the facility is set to be the most efficient protein production plant in the world, serving the aquafeed, animal feed and pet food markets. 

Founded in 2021, Volare specializes in transforming side streams from the food industry into sustainable protein, oil and fertilizers on an industrial scale all to amplify a circular food system in Europe. According to European Commission, the European Union is currently 34% self-sufficient in protein concentrates. This makes the region increasingly vulnerable to supply chain disruptions, geopolitical tensions and price fluctuations, according to Volare. Through its local production model, Volare aims to help change this.

Volare uses black soldier fly (BSF) to produce ingredients that serve as a replacement to unsustainable alternatives like fishmeal, meat and soy. The company uses BSF to naturally convert food industry byproducts that would otherwise go to waste into premium insect ingredients, making the food system more circular. It will use the new Volare 01 facility to scale this process with the aim to reduce waste, support regional agriculture, and enhance the resiliency and self-sufficiency of Europe’s food system.

Volare’s insect-based protein is currently used in Alvar’s pet treats.

| Source: Volare

The BSF protein is palatable, gut-friendly and ideal for sensitive pets who are allergic to traditional protein sources, according to Volare. In fact, the company’s insect products are already in use by Dagsmark and Alvar Pet. 

“Volare was founded on the vision that protein can — and must — be produced in a radically more efficient and sustainable way,” said Tuure Parviainen, co-founder and chief science officer at Volare. “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.”

The facility will be a brownfield project, providing Volare with a more capital-efficient setup compared to a greenfield project, according to the company. Funding from Maki.vc, Firstminute Capital, Springvest, The Finnish Climate Fund (to be merged with Finnish Industry Investment), Finnvera, Norion Bank, and other financial institutions will support the project. 

Volare 01 will produce insect protein equivalent to the annual yield from 200 million Baltic herrings, which represents about 18% of Finland’s total commercial fish catch. The facility will include technologies to help the company achieve a 30% reduction in processing energy use and will reduce hygienization energy use by 50%, all of which will enable an operational expenditure performance unseen in the insect technology industry, according to Volare. 

Volare transforms black soldier fly into sustainable protein alternatives. 

| Source: Volare

The facility will also be designed to be scalable, helping the company rapidly expand into the future. 

“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,” said Jarna Hyvönen, co-founder and chief executive officer of Volare. “The result is a process with emissions significantly lower than conventional alternatives, up to four to eight 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.”

In addition to the facility and funding announcement, Volare has realigned its leadership to support its expansion. Parviainen has transitioned from chief executive officer to chief science officer with a focus on advancing Volare’s core technology and overseeing the development of the new facility, and Hyvönen will transition from chief commercial officer to chief executive officer effective June 2025. 

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