Fazer leads €15m series-A round for Solar Foods

Following the round, Fazer becomes the largest single shareholder in the company, with approximately a 15% ownership stake.

Venture capital firms Bridford Investments, Agronomics, Lifeline Ventures and CPT Capital also took part in the round.

The latest round is an addition to the €3.5m convertible loan raised from Fazer in late 2019, bringing the total series-A funding to €18.5m. 

The company will use the funding for a new factory, which is planned to be operational in late 2022.

Previous funding
Solar Foods in 2018 raised €2m in seed funding from VTT, Lifeline and Green Campus Innovations. 

Company
Founded in 2017 and based in Espoo, Solar Foods is a food technology company and the developer of a protein called Solein, made by using air and electricity as its primary raw materials. So far, Solar Foods has developed 20 different kinds of food products that use Solein. According to its LinkedIn page, the company has 13 staff. 

People
Solar Foods – Pasi Vainikka (CEO; co-founder).
Fazer Group –  Christoph Vitzthum (CEO). 
Lifeline Ventures – Juha Lindfors (partner).

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