# Solar Foods

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/solar-foods

- Industry: Food
- Headquarters: Vantaa, Finland
- Website: www.solarfoods.com
- Total disclosed funding: $38M
- Latest round: Series B (Apr 26, 2024)
- Investors on record: 9

## About

Based in Finland, Solar Foods Oyj is dedicated to producing innovative protein products through a unique fermentation process, addressing global protein demand while minimizing environmental impact.Solar Foods Oyj, founded in 2017 in Vantaa, Finland, specializes in sustainable protein production utilizing CO2, water, and renewable electricity. The company had 11 deals, with the most recent funding being a EUR 10 million GRANT from Business Finland on February 26, 2025, contributing to a total raised amount of EUR 8 million. The founder team includes Alaa Hamadto, Janne Mäkelä, Juha-Pekka Pitkänen, and Pasi Vainikka, with Alaa Hamadto serving as CEO.Solar Foods specializes in producing innovative protein products derived from a unique fermentation process that uses renewable energy and minimal natural resources. Their flagship offering is a sustainable protein created from CO2, water, and renewable electricity, designed to address the growing global demand for protein without the environmental burden associated with traditional agricultural methods. This protein serves a varied clientele, including food manufacturers, nutrition companies, and possibly direct consumers seeking sustainable dietary options. The company aims to penetrate international markets, focusing on regions with high protein consumption such as North America, Europe, and parts of Asia, where sustainability in food production is increasingly prioritized. By decoupling food production from land and water demands, Solar Foods is positioned to redefine protein sourcing for a more sustainable future.Revenue generation for Solar Foods is expected to stem from partnerships with food manufacturers and retailers who incorporate their sustainable protein into diverse products. The firm operates on a B2B model, supplying its protein to businesses that may utilize it in various food applications, including processed foods and supplements. The transactions involve bulk supply agreements where pricing is structured based on volume and long-term contracts, ensuring consistent supply with clients. As the company launches its first commercial-scale production facility in 2024, it is anticipated that sales will ramp up through established partnerships, enhancing market penetration and supporting growth in global food production efforts. The focus on innovative, sustainable product offerings underscores the company's commitment to leading the transformation of the food production landscape.In February 2025, Solar Foods Oyj received EUR 10 million in GRANT funding from returning investor Business Finland, which will support the development of factory 01 and the preparations for factory 02. The company plans to launch its first commercial-scale production facility in 2024 and aims to expand its market presence in regions with high protein consumption, including North America, Europe, and parts of Asia. This funding is pivotal for accelerating their growth strategy and enhancing their manufacturing capabilities.

## Funding rounds

- Series B, Apr 26, 2024, $8.6M — Springvest
- Series B, Nov 20, 2023, $9.6M — Lifeline Ventures, VTT Ventures, Springvest, Fazer Group, Happiness Capital
- Series A, Sep 1, 2020, $18M — Lifeline Ventures, Fazer Group, CPT Capital, Agronomics Limited, Bridford Investments Ltd.
- Seed, Mar 23, 2018, $2.5M — Lifeline Ventures, VTT Ventures, Green Campus Innovations

## Investors

- Lifeline Ventures (https://capitalatlas.ai/funds/lifeline-ventures) — Seed, Series A, Series B
- VTT Ventures — Seed, Series B
- Green Campus Innovations (https://capitalatlas.ai/funds/green-campus-innovations) — Seed
- Fazer Group — Series A, Series B
- CPT Capital — Series A
- Agronomics Limited (https://capitalatlas.ai/funds/agronomics-limited) — Series A
- Bridford Investments Ltd. (https://capitalatlas.ai/funds/bridford-investments-ltd) — Series A
- Springvest (https://capitalatlas.ai/funds/springvest) — Series B
- Happiness Capital (https://capitalatlas.ai/funds/happiness-capital) — Series B