Participated · Equity · May 2025

Volare converts food-industry byproducts into high-value insect protein, oil and fertiliser at industrial scale using the black soldier fly (Hermetia illucens) and a proprietary zero-waste, fossil-free process. Its ingredients are targeted at aquafeed, pet food and poultry feed, and the company has an offtake agreement with Skretting. Volare is piloting insect-fed rainbow trout via a 150,000 kg collaboration with Alltech Fennoaqua, Kalankasvatus Vääräniemi and Kalavapriikki. The company says integrated technologies deliver a 30% reduction in processing energy use and aim to cut hygienisation energy use by 50%, positioning the process as highly energy-efficient. Volare will begin building its first industrial plant, Volare 01, in Finland in 2025; the facility is expected to produce protein equivalent to 200 million Baltic herrings annually (about 18% of Finland’s commercial fish catch in protein terms). Volare is a spinoff from VTT that produces high-quality proteins and oils by growing black soldier flies on non-edible parts of grains and other food-production side streams. The company’s technological solution covers rearing the insects and processing them into industry-compatible end products, with a negligible environmental load compared with traditional alternatives. Volare already has a pilot plant up and running and is aiming to start construction of a commercial-scale production plant in 2023, with plans to build several plants in Europe each year. Management includes co-founders CEO Tuure Parviainen and CTO Matti Tähtinen and newly named COO Jarna Hyvönen. The company says one commercial plant can feed 4.75 million salmon per year; it currently employs six people and plans to grow to ten this year. Volare has raised €0.7M in funding from Maki.vc to support its planned rapid growth.

Participated · Series A · Dec 2024

Founded in 2019, Aisti develops and manufactures natural suspended ceiling tiles made from renewable wood fibre, using patented foam-forming technology to deliver noise-reducing products that are safe, recyclable and competitively priced. The tiles provide a sustainable alternative to mineral wool, eliminating the release of mineral fibres into indoor air and achieving global acoustics and indoor-climate certifications as well as fire-resistance class B-s1, d0. Aisti is building a large-scale production facility in Kitee that will double its previously planned capacity of 2.5 million m², with production slated to begin in the second half of 2026. The factory itself will feature an energy-efficient, clean-electricity-powered process. Future plans include intensified R&D to enhance acoustic and fire-resistant properties and an expanded commercial push across Europe with a focus on the Nordics. Financially, the company closed a €29 million Series A round in 2024, raised €1.6 million in 2022, and has now secured substantial venture debt from the European Investment Bank. Backers to date include Voima Ventures, Maki.vc, Finnvera and Valve Ventures.

Participated · Debt Financing · May 2024

Enifer spun out from the VTT Technical Research Centre of Finland in 2020 to commercialize Pekilo, a single-cell fungus mycoprotein originally developed by the paper industry in the 1960s–70s. Its core product is a dry powdered mycoprotein ingredient produced via fermentation on food-industry sidestreams (for example dairy waste like lactose) and processed to a neutral flavor for broad culinary use. The company intends to remain B2B, targeting uses from patties and cold cuts to yogurts, cheeses and pet food while also considering animal feed partnerships. Enifer is preparing novel-food applications, targeting EU clearance first and then Singapore and the U.S. The startup is building a fermenting and processing factory in Kirkkonummi that will produce 500 kg of protein per hour; it expects to start ramping operations in 2026 and says reaching full production capacity will take about three years. Its first factory has been fully funded through a mix of equity, loans and grants enabling the company to move toward commercial scale-up. Enifer develops PEKILO® mycoprotein ingredients produced through fungal fermentation; the product is a protein- and fiber-rich powder with neutral taste and color intended as a plant-protein substitute in foods. The company emphasizes recycling and reuse by converting industrial by-products and waste streams into feedstock for its fermentation process. Enifer plans to build a commercial-scale factory with roughly 3 million kilograms annual production capacity—equivalent to the protein from 30,000 cows—with at least 20× lower carbon emissions. The facility is projected to cost €30M, is being engineered with AFRY, will be located in the Uusimaa region with a site announcement expected in Q1 2024, and is expected to be completed by end of 2025 with production ramp-up in 2026. Enifer expects to file for regulatory approval of its food-grade ingredient in the first half of 2024. The company has ongoing partnerships with Skretting, Purina, and Valio, and previously raised an €11M Series A in spring 2023. eniferBio develops PEKILO, a fungus-derived mycoprotein produced through a specialized fermentation process that yields a protein-rich dried powder high in protein, healthy carbohydrates, fats and minerals. The product is positioned for multiple use cases including pet food and aquafeed and is already used in partnerships with companies such as Skretting, Purina and Valio. The company intends to use the new funding to scale up PEKILO production capacity. eniferBio is pursuing a next phase of developing consumer-fit products in collaboration with Valio. The company is led by CEO Simo Ellilä and is based in Espoo, Finland. Financially, the company completed a Series A raise to support its scaling plans.

Led · Equity · Jan 2024

Cactos develops smart energy storage systems using lithium iron phosphate batteries and upcycled Tesla batteries to provide backup power, local energy optimisation, and resilience. The company’s units are leased to clients to hedge against price volatility, level out demand peaks, and optimise on-site electricity production where applicable. All units owned by Cactos Fleet Finland LP are aggregated through the proprietary Cactos Spine software to create a large virtual battery that supports transmission system stability and balances generation and consumption. Cactos intends to use the funds to invest in smart energy storage units during an approximately 2.5-year investment period, with an expected operational period of about ten years. The fleet model generates revenue opportunities for both the company and its clients by enabling participation in demand response and grid services. The company was founded in 2021 and is led by founder and CEO Oskari Jaakkola. Cactos builds distributed energy storage systems using re-used Tesla EV battery modules converted into 100kWh units and operates a cloud-based control and optimisation service called Cactos Spine. The company provides an end-of-life solution for EV batteries while offering grid stability, peak shaving and optimisation to capture lower electricity prices. Today the company has operational units across Finland and has partnerships with large organisations including Oomi (an electricity retailer with over 400,000 customers) and Helsinki City Housing Company (Heka) with over 50,000 apartments. Less than a year after incorporation, Cactos’s current production is operating at maximum capacity; the company plans to more than double its factory size in early 2023 to enable nearly a tenfold increase in unit production. The business disassembles, inspects and tests EV battery modules at its factory in Muhos, Finland and converts them into its energy storage units. CEO Oskari Jaakkola leads the company as it pursues expanded production and international projects.

Participated · Series C · Mar 2023

Norsepower develops Rotor Sails™, wind-assisted propulsion systems that augment ship propulsion to reduce fuel consumption and emissions. Its fully mechanical auxiliary system operates with zero emissions and achieves average fuel savings of 5–25%, with some installations showing up to 50% depending on vessel and route. As of the article, Norsepower has 32 Rotor Sails™ installed across 18 vessels for operators including IINO Lines, Oldendorff, and Union Maritime. The company opened a dedicated rotor sail factory in Dafeng, China in 2023 and plans to scale production capacity to 100 units per year by 2027. Norsepower integrates physical wind propulsion with digital tools such as Norsepower Sentient Control™ and Norsepower Cloud to monitor and optimise thrust in real time. Since its founding in 2012 it has raised €70 million to date and is preparing a further €30 million raise to support increased manufacturing capacity, expanded commercial operations, and continued digital development. Norsepower develops mechanical Rotor Sails that provide auxiliary wind propulsion for large ships to improve fuel efficiency and cut emissions. The Norsepower Rotor Sail™ uses rotating cylinder-shaped rotors that require a minimal amount of the ship’s electric power to operate. The product has been in customer use for over eight years and has 250,000 operating hours of verified performance data. Installations and collaborations include customers such as Bore, Sea-Cargo, Scandlines, Vale, CLdN, Nippon Marine, and Socatra. Led by CEO Tuomas Riski, the company intends to scale production and expand the reach of its fuel-saving and emissions-reducing technology. Norsepower recently raised €28M in a Series C to support those plans. Norsepower is a Finland-based cleantech startup that develops software-operated wind propulsion systems (Rotor Sail) for large ships. Founded in November 2012, the company focuses on auxiliary wind propulsion to reduce maritime emissions. It has completed installations including the Rotor Sail onboard Viking Line’s M/S Viking Grace in April 2018 and has worked on projects with Maersk Tankers and Viking Line. Norsepower has raised more than €13 million to date prior to this round, with its most recent previous funding in 2016 from the European Commission and Finland’s Tekes. The company has just raised €3.6 million in a funding round led by Korkia. Proceeds will be used to drive expansion in Asia, invest in sales and marketing to raise market awareness, and to optimise and streamline manufacturing to improve cost efficiency. Norsepower develops the Rotor Sail Solution, a modernized Flettner rotor that uses the Magnus effect to harness wind power and cut fuel use for cargo vessels. The system can be retrofitted to existing ships or specified for newbuilds and is intended to allow main engines to be throttled back when conditions permit. The company recently installed a second rotor sail on Bore’s Ro‑Ro vessel MS Estraden as part of testing and piloting. Norsepower was established in November 2012 and is led by CEO Tuomas Riski. The firm has raised more than $6m to date, supporting development, testing and piloting of its technology. The recent financing will further support deployment and commercialization of the Rotor Sail Solution.