Millow’s €2 Million Funding Boost to Expand Sustainable Protein Production from Oats and Mycelium

Millow, a FoodTech company based in Gothenburg, has successfully closed a €2 million funding round to enhance its production capacity and expand its commercial team for the Nordic foodservice market. The funding round was led by Magnus Emilson, a serial entrepreneur and angel investor, along with Jan Enhager, the co-founder of Vitamin Well. This investment will enable Millow to meet the demand for its mycelium-based protein ingredients in the foodservice industry.

Fredrik Öhrn, the CEO of Millow, expressed his gratitude for the support from experienced investors like Magnus and Jan, highlighting the importance of their expertise and network in driving the company’s growth. Millow was founded on extensive research in mycelium and fermentation, with Professor Mohammad J. Taherzadeh playing a key role in the company’s development. The company specializes in producing fungi-based protein ingredients through solid-state fermentation of Swedish oats, catering to both B2B foodservice and retail markets.

One of Millow’s key innovations is its patented solid-state fermentation process, which transforms Swedish oats and mycelium into a high-quality protein without the need for binders or additives. This sustainable production method uses minimal water and has a significantly lower carbon footprint compared to traditional sources of protein. The company’s core patent has been confirmed by the European Patent Office, protecting its unique production technology.

Magnus Emilson, the lead investor in Millow, emphasized the importance of the company’s groundbreaking technology in meeting the growing demand for sustainable protein sources in the food industry. He recognized the potential of Millow’s products and increased his investment to support the company’s continued growth. Millow is focused on building partnerships with major food service companies and manufacturers to introduce its innovative protein ingredients to a wider audience.

Backed by the EU’s EIC Accelerator, Millow is actively engaging with foodservice operators and distributors in the Nordics, with growing interest from international markets. The company’s commitment to sustainability and quality has positioned it as a leader in the FoodTech industry, offering a viable alternative to traditional protein sources. With a strong foundation in research and innovation, Millow is poised for further success in revolutionizing the foodservice market with its mycelium-based products.