Solar Foods, Finland’s sustainable foodtech startup, raises €8M funding round

Helsinki-based Solar Foods that specializes in sustainable food solutions, has secured €8 million in its debut funding round from retail investors in Finland through Springvest Oyj. The investment will help to accelerate its product expansion at their inaugural commercial-scale facility, Factory 01.

• Solar Foods was co-founded by Juha-Pekka Pitkänen and Pasi Vainikka in 2017, operations started in 2018. Solar Foods specializes in testing a technology that uses electricity to produce hydrogen which is combined with carbon dioxide, water, vitamins, and minerals to feed and grow microbial biomass that can be used as edible protein. Its main product is Solein, a protein created using elements from the air, water, nitrogen, and electricity.

• The startup will use the costs to facilitate the expansion of production at their inaugural commercial-scale facility, Factory 01, while also enabling research into new production organisms and the integration of Solein into various food products. Operations are expected to begin in the first half of 2024.

“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.”

says Pasi Vainikka, CEO and co-founder of Solar Foods.

• The current investment was co-led by Finnish retail investors through a Finland-based Investment service company Springvest. Recently, together with Voima Ventures, Nordic Foodtech VC, Earth VC, and Business Finland, it participated in €16.6 million funding round for Kuva Space.