Solar Foods has successfully closed its first funding round, raising €8 million from retail investors in Finland.
Solar Foods’ makes novel microbial protein, Solein, which is described as “the world’s most sustainable protein," as it is made from air. Solein is a microbial protein-rich powder that contains all essential amino acids and can be used to replace existing proteins in a variety of foods, such as in alt-dairy and meat, snacks, beverages, pasta, breads and spreads.
Solein is produced using a bioprocess where microbes are fed with carbon dioxide, hydrogen, oxygen and small amounts of nutrients. Solar Foods received regulatory approval to sell Solein in Singapore in September last year.
The round was led by Finnish investment organiser Springvest Oyj and was set to run until 10 November, but reached capacity almost two weeks ahead of schedule and was oversubscribed.
The private placement includes existing investors Happiness Capital, Lifeline Ventures, VTT Ventures and Fazer.
The capital raised will be used to boost production of Solein at Solar Foods’ commercial-scale production facility, Factory 01, as well as utilising new production organisms and commercialising Solein in food products.
Pasi Vainikka, CEO and co-founder of Solar Foods, said: “We are incredibly thankful for the trust and confidence the investor community has shown in Solar Foods. This funding is more than a financial boost: it’s a mark of confidence in the future of sustainable food solutions that Solar Foods represents. We are excited to channel these resources into our new factory and amplify our impact in the food industry.”
Operations are expected to begin in the first half of 2024.