Solar Foods announced raising €18.5M in a round led by Fazer Group with Bridford Investments Limited, Agronomics Limited, Lifeline Ventures and CPT Capital.

Finland United Kingdom Investments 01 September 2020
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Solar Foods, a Helsinki, Finland-based company producing an alternative single-cell protein, announced closing in series funding round, with access to total funds of €18.5M ($22M).

The money includes a €3.5M convertible loan secured in late 2019 and was provided by a range of investors led by Fazer Group with Bridford Investments Limited, Agronomics Limited, Lifeline Ventures and CPT Capital.

Solar Foods was founded in in 2017 by Juha-Pekka Pitkänen and Pasi Vainikka (CEO) based on a a research project of the VTT Technical Research Centre of Finland and the Lappeenranta University of Technology (LUT). The company is building a business around producing food by using air-captured CO2 in a complete and continuous mode, including the preparation of the actual final food products.

Solar Foods produces an entirely new kind of nutrient-rich protein, Solein, by using air and electricity as its primary raw materials. This process revolutionises food production, as the production of Solein is non-dependent on agriculture, climate, or the weather.

Prior to this round, in 2018, Solar Food raised EUR 2M ($2.5M) in seed capital investment.