Helsinki-based Solar Foods recently secured €8 million in its debut funding round from retail investors in Finland through Springvest Oyj, marking the largest funding on the platform to date. The company specializes in sustainable food solutions, notably pioneering Solein®, a protein source produced from air and electricity. The funds acquired will primarily 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. This substantial investment underscores the strong confidence of investors in Solar Foods’ vision and signifies a significant step towards advancing sustainable food technologies.
Registration was slated to run until November 10, but overwhelming demand from investors meant the funding round reached capacity almost two weeks ahead of schedule and was oversubscribed. The clear interest shown by investors will fuel the company’s future planning and next steps.
“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 capital raised will be allocated towards ramping up production at the Solar Foods´ inaugural commercial-scale production facility, Factory 01, as well as utilising new production organisms and commercialising Solein® in food products. Operations are expected to begin in the first half of 2024, marking a significant milestone for the company.
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Read the orginal article: https://arcticstartup.com/solar-foods-raises-8-8m-series-b/
