Can flies feed the world? This Finnish BioTech startup thinks so—and just raised €26 million to prove it

Pori-based BioTech company Volare today announced the closing of a €26 million funding round to build Volare 01 – a facility aiming to become the most efficient protein production plant in the world, and to advance its technology.

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, and other financial institutions.

Tuure Parviainen, Chief Science Officer and Co-founder of Volare, 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.”

Founded in 2021, Volare is a Finnish science-based company developing and deploying technology to turn food industry side streams into sustainable insect protein, oil and fertilisers on an industrial scale. Volare’s products reportedly replace unsustainable alternatives and make the food system circular.

The new facility, set to begin construction in 2025, will serve as a cornerstone in scaling Volare’s proprietary insect protein technology. This milestone looks to strengthen protein self-sufficiency and accelerates the shift toward sustainable, circular food production in Europe.

The European Union is currently just 34% self-sufficient in protein concentrates (containing more than 30% protein), according to the European Commission, leaving the region heavily dependent on imports. This reliance makes the food system increasingly vulnerable to supply chain disruptions, geopolitical tensions, and price fluctuations.

Volare’s scalable, local production model aims to address this challenge by converting food industry byproducts into circular, insect-based protein. The approach reportedly reduces waste, supports regional agriculture, and strengthens the resilience and self-sufficiency of Europe’s food system.

At the core of Volare’s approach is the black soldier fly (Hermetia illucens), “nature’s most efficient bioreactor“. These insects naturally convert food industry byproducts into high-value resources. While such byproducts are often incinerated – wasting their potential – Volare upcycles them into insect protein, oil, and fertiliser through its proprietary zero-waste, fossil-free process.

Leveraging a brownfield location, Volare claims to offers a more capital-efficient setup than greenfield builds. Several key technologies integrated into the process achieve a 30% reduction in processing energy use and aims to cut hygienisation energy use by 50%, enabling operational expenditure (OPEX) performance unseen in the insect technology sector.

Volare’s sustainable ingredients have already gained traction in aquafeed, pet food, and poultry feed, offering a scalable, proven alternative to environmentally intensive ingredients such as fishmeal, meat, and soy.

Jarna Hyvönen, CEO of Volare, added: “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.”

An offtake agreement with Skretting, a global aquafeed leader, ensures long-term demand from the upcoming facility. In parallel, Volare is piloting insect-fed rainbow trout in Finland via a 150,000 kg collaboration with Alltech Fennoaqua, Kalankasvatus Vääräniemi, and Kalavapriikki.

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.

Additionally, Co-founder Jarna Hyvönen, formerly Chief Commercial Officer, has been appointed Chief Executive Officer as of June 2025, bringing a track record in commercial strategy to lead the company into its next stage of growth. 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.

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