Swedish foodtech company Millow has successfully closed a €2 million funding round to scale its mycelium-based protein production. The investment was led by serial entrepreneur Magnus Emilson and includes Jan Enhager, co-founder of the successful Vitamin Well group. This financial boost coincides with the company's core European patent for its production method being officially secured without opposition.
Strategic Investment and Expertise
The funding round is distinguished by the strategic expertise of its participants, led by angel investor Magnus Emilson. He is joined by Jan Enhager, co-founder of Vitamin Well, who will also serve as a strategic adviser to Millow's CEO, Fredrik Öhrn. Their combined experience in hospitality, technology, and consumer goods provides Millow with a significant advantage beyond just capital.
Further strengthening the investor group are two unnamed co-founders of Swedish tech firms with combined exits exceeding $2 billion. CEO Fredrik Öhrn highlighted the importance of this backing, stating that the investors' experience and network are as crucial as the capital itself. This strategic support is expected to accelerate the company's commercial execution and market entry.
Innovative and Sustainable Technology
Millow's core innovation is a clean-label protein ingredient derived from just two components: Swedish oats and mycelium. The company utilizes a proprietary solid-state fermentation process that avoids the need for binders or additives. This results in a versatile, fungi-based product that handles like conventional protein formats in professional kitchens.
The production method is remarkably sustainable, a key differentiator in the alternative protein market. It requires only three to four litres of water per kilogram of product, and its carbon footprint is just 0.32 kg CO₂e per kilogram. This figure, independently verified by RISE, is approximately 98 percent lower than that of Swedish beef.
Secured Intellectual Property and Market Focus
Alongside the funding, Millow has achieved a critical milestone by securing its core European patent (EP 4 307 913). The European Patent Office confirmed that the nine-month opposition period closed with no challenges filed. This patent protects the company's unique low-water production method, solidifying its competitive technological edge.
The company is pursuing a business-to-business model, targeting major foodservice companies and food manufacturers. Initial efforts are concentrated on the Nordic region, where Millow is in advanced discussions with key operators and distributors. Backed by the EU's EIC Accelerator, the firm is also fielding growing international interest.
Future Outlook and Commercial Expansion
The new €2 million in capital is earmarked for scaling production capacity and expanding the commercial team. This will enable Millow to serve foodservice clients at the high volumes they require. The primary objective is to establish a strong foothold in the Nordic market through disciplined commercial execution.
Investor confidence is high, with Magnus Emilson noting the clear demand from the restaurant and hotel sectors for such a product. Jan Enhager added that Millow's ingredient does not require chefs to alter their cooking methods, a critical factor for mainstream adoption. This ease of use is seen as a key driver for the product's crossover appeal.
With a fresh €2 million investment, a newly secured European patent, and the backing of seasoned entrepreneurs, Millow is strongly positioned for its next phase of growth. The company's sustainable, clean-label mycelium protein is set to meet the rising demand within the Nordic foodservice industry. This strategic alignment of capital, technology, and expertise paves the way for Millow to become a significant player in the alternative protein sector.