Volare Raises €7.1M ($7.7M) Funding to Build a Second Insect Protein Plant in Europe

Volare, the Finnish insect protein producer turning food-industry waste into high-grade protein, has raised €7.1 million ($7.7 million) in new funding through the Finnish investment platform Springvest, with participation from new and existing investors including Maki.vc . The round brings Volare’s total disclosed funding to approximately €33 million, following a €26 million package in May 2025 that included equity, mezzanine, loans, and public funding from backers including the Finnish Climate Fund and Finnvera .

The funding comes as Volare prepares to build its second industrial-scale insect protein plant, expected to have roughly five times the protein capacity of its first facility. Construction is targeted for 2027, likely outside Finland and close to partners producing the food-industry side streams the larvae consume .

Volare Funding Overview By CREDX Media

Startup Name	Volare
Founders	Tuure Parviainen (Chief Science Officer), Matti Tähtinen (CTO), Jarna Hyvönen (CEO)
Founded	2021
HQ	Pori, Finland
Round	Venture Funding
Amount Raised	€7.1M ($7.7M)
Valuation	~€63.8M pre-money / €74.4M post-money (Springvest share price €2.80)
Category	Insect Protein, Alternative Proteins, Circular Economy
Lead Investor	Springvest (platform), Maki.vc
Key Investors	Maki.vc, Firstminute Capital, Finnish Climate Fund, Finnvera
Total Funding Raised	~€33M
First Plant	Volare 01, Pori (€15M CAPEX, 5,000 tonnes protein/year)
Employees	~50 (plant designed for 4 per shift)
Key Customers	Skretting, Alvar Pet, VAFO Group, Alltech Fennoaqua

💡 Use of Funds

• Second Plant Preparation: Funding the planning and early development of a facility with roughly 5x the protein capacity of Volare 01 .
• Production Ramp-Up: Supporting the commercial ramp of the Pori factory, which was completed on schedule and within its €15 million budget .
• Geographic Expansion: Replicating Volare’s model across Europe, close to partners producing food-industry side streams .

Startup Overview: Volare

What Volare Is Building in Simple Words

Volare has built an industrial-scale insect protein factory that uses black soldier fly larvae to convert food-industry side streams into protein meal, insect oil, and fertiliser raw material. The company’s first plant, Volare 01, is a 10,000 m² facility in Pori, Finland—repurposed from a former newspaper printing plant—designed to produce up to 5,000 tonnes of insect protein and 2,000 tonnes of insect oil per year .

• Black Soldier Fly Bioconversion: Larvae consume food-industry waste and are processed into protein meal (over 90% digestible), oil, and fertiliser .
• Proven Commercial Product: Volare’s protein has been commercially available since 2022 in dog treats with Alvar Pet, cat food with Dagsmark (VAFO Group), and rainbow trout feed with Alltech Fennoaqua .
• Lean Capital Model: Volare says it spends 4 to 10 times less capital, employs around 50% fewer people, and uses 30% less energy in end-product processing than other insect producers .
• Offtake Secured: A significant share of Volare 01’s capacity is already sold, with agreements in place with aquafeed giant Skretting and an unnamed global chemical company .
• Electrified Process: Volare designed its production to run entirely on electricity rather than natural gas, and uses a dry-processing method that cuts energy use by about 30% .

Why Volare Matters

1. The Insect Protein Sector Is Battered—Volare Is Still Standing France’s Ÿnsect raised over $600 million before entering judicial liquidation in December 2025. Denmark’s ENORM went bankrupt, and Germany’s FarmInsect entered insolvency in 2026 . Volare’s ability to complete a €15 million factory on schedule and secure offtake agreements marks a rare step from pilot to industrial scale in a field littered with casualties.
2. Price Is the Open Question Insect meal is estimated at $3,800–$6,000 per tonne, versus $1,815 for fishmeal and $541 for soy . Volare’s investor memorandum targets production costs of around €1,000/tonne at scale, but whether the company can hit that number and compete on price remains unproven .
3. Europe Needs Local Protein As CEO Jarna Hyvönen framed it: “Europe needs significantly more locally produced protein, and we have built a model that can deliver it efficiently and competitively” . The company’s plants are designed to sit close to food-industry side streams, reducing supply chain vulnerability.
4. The Next Plant Is the Real Test Volare 01 proves the engineering works. The second plant—five times larger, likely outside Finland—will test whether Volare’s model can be replicated efficiently across Europe .

Founder Background: The VTT Spinout That Scaled

Volare was founded in 2021 by Tuure Parviainen and Matti Tähtinen, building on years of research at VTT Technical Research Centre of Finland . Parviainen served as CEO until June 2025, when Jarna Hyvönen—who had joined as COO—took over as CEO, with Parviainen becoming Chief Science Officer .

Hyvönen brings experience in leading circular economy business operations. Her framing of Volare’s edge: “Volare 01 proves that our technology and production model work at industrial scale. We delivered the factory on schedule and on budget, demonstrating our ability to build production capacity cost-effectively” .

Founder Intelligence: What Founders Can Learn from Volare

• Survive the sector shakeout by proving unit economics: While competitors burned through hundreds of millions, Volare focused on building a lean, efficient plant that could operate on a €15 million budget. In capital-intensive hardware, discipline beats ambition.
• Secure offtake before scaling: Volare had agreements with Skretting and a global chemical company before completing its first plant. Demand visibility de-risks construction and attracts investors .
• Repurpose infrastructure, don’t always build new: Volare 01 was built inside a former newspaper printing plant. Reusing existing facilities reduced construction requirements and capital costs .
• Electrify your process: Volare designed all processes around electricity rather than natural gas. This is a bet on where industrial energy is heading—and a differentiator for sustainability-focused investors .

Investor Intelligence: Why This Round Gets Premium Capital

Springvest arranged the round, setting the share price at €2.80 and valuing Volare at approximately €63.8 million pre-money and €74.4 million post-money on a fully diluted basis . The round includes an option programme for Springvest .

Maki.vc participated as a key existing investor, continuing its support from the earlier €26 million package . The investor materials indicate a potential exit between 2027 and 2030 via a listing, private equity sale, or sale to an industrial buyer .

The investor composition signals conviction: Springvest’s platform brings Finnish retail and growth investors, Maki.vc provides early-stage venture expertise, and the earlier public funding from the Finnish Climate Fund and Finnvera validates the climate and industrial policy angle.

The Road Ahead for Volare

Expansion Targets

With €7.1 million in new capital, Volare will:

• Prepare for a second plant with roughly 5x the protein capacity of Volare 01, targeting construction start in 2027 .
• Ramp up Volare 01 to its 5,000-tonne capacity, serving Skretting and other offtake partners .
• Explore sites outside Finland, in discussions with several global food, beverage, and agricultural companies about potential locations .
• Replicate the model across Europe, bringing local protein production closer to side-stream sources .

Competitive Response

Expect:

• Other insect protein survivors to focus on offtake and unit economics rather than expansion.
• Traditional feed ingredient suppliers to watch insect protein’s price curve closely.
• Volare’s moat: proven industrial-scale operations + offtake agreements + lean capital model + electrified, dry-processing technology.

Conclusion

Volare’s €7.1 million funding validates the thesis that insect protein can be built at industrial scale—if you survive the sector’s brutal shakeout. The company’s completed €15 million factory, secured offtake with Skretting, and lean operating model position it as one of the few European insect producers still standing after a wave of insolvencies.

Market tailwinds favor Volare: Europe’s need for locally produced protein, the gap between fishmeal supply and demand growth, and the willingness of feed buyers to secure supply from proven producers. The second plant will be the real test—whether Volare’s model can be replicated across Europe at a cost that competes with soy and fishmeal.

For deep analysis of alternative protein funding, industrial biotech innovation, and companies reshaping the food system, explore CREDX Media for comprehensive coverage of startup funding trends, valuation intelligence, and founder playbooks.

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Frequently Asked Questions

1. What is Volare’s total funding and latest round size?
Volare has raised approximately €33 million total. Its latest €7.1 million round was arranged through Springvest in October 2026, following a €26 million package in May 2025 .

2. How much did Volare raise in its latest round and who led the investment?
Volare raised €7.1 million through Springvest, with participation from new and existing investors including Maki.vc .

3. What is the valuation of Volare?
Springvest set the share price at €2.80, valuing Volare at approximately €63.8 million pre-money and €74.4 million post-money on a fully diluted basis .

4. Who are the major investors in Volare?
Major investors include Maki.vc, Firstminute Capital, Springvest, the Finnish Climate Fund, Finnvera, and Norion Bank .

5. Who are Volare’s founders?
Volare was founded in 2021 by Tuure Parviainen (now Chief Science Officer) and Matti Tähtinen (CTO), building on research at VTT Technical Research Centre of Finland. Jarna Hyvönen became CEO in June 2025 .

6. What is Volare’s business model?
Volare produces and sells insect protein meal, insect oil, and fertiliser raw material from black soldier fly larvae, targeting aquafeed, pet food, and industrial applications .

7. How does Volare’s production process work?
Black soldier fly larvae consume food-industry side streams. Volare then processes the larvae into protein meal (over 90% digestible), oil, and fertiliser. The process is designed to run entirely on electricity and uses dry-processing to reduce energy use .

8. What traction justifies Volare’s funding?
Volare completed its first €15 million factory on schedule and within budget, with capacity for 5,000 tonnes of protein and 2,000 tonnes of oil annually. A significant share of capacity is already sold, with offtake agreements including Skretting .

9. What are Volare’s plans for the €7.1 million funding?
Volare will prepare for a second plant with roughly 5x the capacity of Volare 01, targeting construction start in 2027, likely outside Finland near side-stream partners .

10. What is the insect protein sector’s biggest challenge?
Price. Insect meal costs $3,800–$6,000 per tonne versus $1,815 for fishmeal and $541 for soy. Volare targets ~€1,000/tonne at scale, but this remains unproven .

11. Who is the CEO of Volare?
Jarna Hyvönen serves as CEO, having taken over from co-founder Tuure Parviainen in June 2025. She previously served as COO .