Fazer continues to invest in the future of food – leads 15 MEUR Series A financing round in Solar Foods
Fazer sees food innovations as integral for a more sustainable future. Fazer is The Food Experience Company, and by investing in foodtech, Fazer strengthens its focus on the sustainable food solutions of the future. Among a range of foodtech initiatives, Fazer has invested in Solar Foods as the lead investor in the Series A financing round along with four other investors. The Series A financing round in Solar Foods is one of the most significant ones within the Nordic foodtech space to date.
Fazer Group continues to execute its growth strategy. As a part of this journey and with the ambition to become a forerunner in foodtech, Fazer leads the Series A financing round in the novel protein start-up Solar Foods. Fazer and Solar Foods entered into a strategic partnership in 2019. Solar Foods is a Finnish foodtech start-up, which has developed a novel protein ingredient, Solein®. With investments from Fazer and the four other partners, Bridford Investments Limited, Agronomics Limited, Lifeline Ventures and CPT Capital, Solar Food’s aim is to further develop the novel protein for broader consumer use as well as to build a demo scale production plant. Fazer will continue to support Solar Foods in the form of research, innovation and commercial development. After the financing round, Fazer is the largest single shareholder in the Finnish start-up, with an approximately 15% ownership stake.
Sustainability in food and nutrition is high on Fazer’s research agenda, and Fazer sees innovations and foodtech as key enablers in executing its strategy.
“Our strong heritage offers us the roots necessary to take on bold innovations. We know that we need to transform the global food system to be able to respond to the growing food demand in the future. By strategic partnerships and investments into foodtech, we can and will be part of creating a more sustainable future. The investment into Solar Foods and our strategic partnership with them will take us forward on this journey.” says Christoph Vitzthum, President and CEO of Fazer Group.
Active co-operation with focus on research and innovation
The strategic partnership started in September 2019 and is focused on R&D, innovation and commercial development. Fazer Group has made available applicable resources in these fields to support the Solar Foods team in taking the novel protein ingredient Solein® forward. Solein® is a carbon neutral protein, which can be produced completely independently from soil, negative land use impacts, weather and climate. The partnership with Solar Foods will support many of Fazer’s targets including the sustainability core goal of 50% less emissions by 2030.
Fazer believes in Solar Foods’ innovation and the novel protein ingredient’s transformative potential across food applications. Fazer is committed to supporting Solar Foods in scaling its business by sharing industry expertise and by an active R&D as well as commercial development co-operation.
“Fazer will continue to explore the ingredient and its functionality in different food applications. Our aim is to be the first to launch food products that contain this ingredient to the market. We look forward to continuing the co-operation.” says Jussi Loponen, Head of Fazer Lab, the research and innovation unit of Fazer Group.
“We are extremely delighted by this investment of Fazer, a leading food experience company, who shares our vision of a more sustainable future of food. The funds raised on this financing round enable us to successfully proceed with our planned production facility and to commercialise the Solein® protein and bring it on consumer plates.” says Pasi Vainikka, co-founder and CEO, Solar Foods.
Sustainable food for a more sustainable future
Sustainability is an integral part of Fazer’s strategy. Fazer sees food innovation as a solution to a more sustainable future. How we grow, produce and consume food has a significant impact on the environment, on society and on our well-being. Changes in the food system and consumption habits are key to abate climate change but changing the food system requires fearless research and innovation. To meet the growing food demand in the future, more fundamentally game changing innovations are needed. Fazer believes in open innovation and cross-disciplinary collaboration when creating sustainable and socially significant solutions.
Fazer’s recent concrete examples of investments into innovations include the LOFOTM enzyme and the ground-breaking xylitol factory, which is being built in Lahti and which will use state-of-the-art technology to produce xylitol from oat hulls.
Additional information:
Fazer’s media phone line is open Mon–Fri from 8:00 to 16:00, tel. +358 40 668 2998
About Solar Foods
Solar Foods produces protein using air and electricity. Solar Foods revolutionises food production with a method that is not dependent on agriculture, the weather, or the climate. The company was founded in Espoo, Finland, in 2017 by Dr Pasi Vainikka, Dr Juha-Pekka Pitkänen, Sami Holmström, Jari Tuovinen, Professor Jero Ahola and Janne Mäkelä as a spinoff from VTT Technical Research Centre of Finland and the LUT University. www.solarfoods.fi
Fazer Group
Fazer, The Food Experience Company, enables people to enjoy the best moments of their day. In 1891, the young Karl Fazer opened his first café with a mission to make food with a purpose – and a passion to create moments of joy for all the people around him. Shaping the next tastes, traditions and food experiences, Fazer is going Towards Perfect Days. Fazer wants people to experience the Northern Magic it creates and builds on its strong heritage, consumer first approach and innovations to create the sustainable food solutions of the future. The Group focuses on fast-moving consumer goods, operates in eight countries and exports to around 40 countries. In 2019, Fazer Group had net sales of 1.1 billion euros and almost 9,000 employees. Fazer’s operations comply with ethical principles that are based on the Group’s values and the UN Global Compact.
Northern Magic. Made Real.
