Jarna Hyvönen, Volare on Why Climate Hardware Needs a New Funding Playbook

In this episode of the European VC podcast, host Andrea explores the challenges and opportunities facing women-led climate tech startups in Europe, spotlighting Jarna Hyvönen, CEO and co-founder of Volare, a Finnish climate biotech company transforming food industry side streams into sustainable protein oils and fertilizers using black soldier fly technology. With a successful 26 million euro funding round secured through a complex, mixed capital stack—including equity, loans, mezzanine financing, and grants—Volare exemplifies the shift needed in climate hardware funding. The conversation delves into the realities of scaling hardware startups, emphasizing the importance of early CFO involvement, brownfield facility development to reduce capex and emissions, and strategic de-risking through off-the-shelf industrial processes. Jarna and Carmel discuss the systemic barriers women face in climate tech funding, debunking the 'pipeline problem' myth with data showing women are well-represented in accelerators and venture builders, but underfunded due to unconscious bias and lack of intentional inclusion in VC teams. The episode underscores the need for structural change, role models, and a reimagined investment playbook that values incremental innovation and economic viability alongside bold climate impact.