Swedish foodtech company Millow has raised €2 million in funding to expand production capacity and strengthen its commercial operations as it targets the Nordic foodservice market. The round was led by serial entrepreneur and angel investor Magnus Emilson, with participation from Jan Enhager, co-founder of Vitamin Well, the group behind NOCCO and Barebells, who will also join Millow as a strategic adviser to CEO Fredrik Öhrn. The round included two co-founders of Swedish technology companies, alongside strategic private investors from the Swedish food sector.
Founded in 2020, Millow develops mycelium-based protein ingredients for the B2B foodservice and retail markets. The company builds on more than 25 years of research into fermentation and fungi-based proteins and uses a patented solid-state fermentation process that combines Swedish oats with mycelium.
The resulting protein ingredient is made from two core ingredients without binders or additives. Unlike plant-based alternatives, Millow's product is fungi-based and is designed to work in the kitchen in formats already familiar to chefs.
Millow says its production process uses between three and four litres of water per kilogram of product. According to an independent assessment by Swedish research institute RISE, the product has a carbon footprint of 0.32 kg CO₂e per kilogram, approximately 98 per cent lower than Swedish beef.
Alongside the funding round, the European Patent Office confirmed that the nine-month opposition period for Millow's core patent ended with no oppositions filed. The patent covers the low-water production method underpinning the company's fermentation process.
The new capital will be used to increase production capacity and build out Millow's commercial team as the company expands in the Nordic foodservice market. Millow is currently in discussions with major foodservice operators and distributors across the region, with international interest also growing.
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