VTT spinout Solar Foods, developer of a method of creating protein from air, has increased a series A round led by strategic partner Fazer Group to $20.7m.
Solar Foods, a Finland-based protein powder developer spun out of VTT Technical Research Center of Finland and Lappeenranta University of Technology (LUT), has raised €18.5m ($20.7m) in a series A round.
Packaged food producer Fazer Group has led the €15m second tranche and now owns a 15% stake in the company.
CPT Capital, the venture capital arm of Jeremy Coller’s family office, as well as VC firm Lifeline Ventures, investment platform Agronomics and a vehicle called Bridford Investments also took part.
The additional capital was added to €3.5m in convertible note financing the company raised from Fazer, Lifeline Ventures, family office Holdix and its Turret affiliate in September 2019, at the same time as it signed a strategic partnership agreement with Fazer.
Solar Foods is the developer of Solein, a protein it creates by applying electricity to water and adding microbes along with ammonia it sources…
