Millow, a Swedish foodtech company developing mycelium-based protein ingredients for foodservice, raised €2 million in funding to expand production and commercial operations across the Nordic market. Serial entrepreneur Magnus Emilson led the round, joined by Vitamin Well co-founder Jan Enhager, technology entrepreneurs and strategic investors from the Swedish food sector.
Scaling Mycelium-Based Protein
Millow uses patented solid-state fermentation to combine Swedish oats and mycelium into a clean-label protein containing no binders or additives. The production process requires 3–4 litres of water per kilogram, while an independent RISE assessment measured a carbon footprint of 0.32 kg CO₂e per kilogram.
“This round gives us the capacity and the commercial team to serve foodservice customers at the volumes they need,” says Fredrik Öhrn, CEO of Millow. “The job now is disciplined commercial execution, and what matters as much as the capital is who it comes from. Jan and Magnus bring experience and a network we would otherwise spend years building. I approach this phase with real humility: the team and the advisers around us matter every bit as much as the technology.”
Production and Commercial Expansion
The new capital will increase manufacturing capacity and support expansion of Millow’s commercial team. Nordic foodservice operators and distributors represent the initial market focus, with international interest also developing.
“With Vitamin Well we saw how fast a better product can move from niche to mainstream once the taste and the format are right,” says Jan Enhager, investor and strategic adviser. “Foodservice protein is at that point now. Millow gives kitchens a clean-label product that does not ask them to change how they cook, and in my experience that is what decides whether a category crosses over. It is why I am backing Millow with both capital and time.”
Patent Milestone
The European Patent Office confirmed the closure of the nine-month opposition period for Millow’s core European patent with no oppositions filed. The patent protects the low-water production method underlying Millow’s fermentation technology.