Gothenburg’s Millow secures €2 million to scale clean-label protein made from oats and mycelium
Millow, the Gothenburg-based FoodTech company producing mycelium-based protein ingredients for foodservice, has closed a €2 million funding round to expand its production capacity and scale its commercial team for 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 […] The…
Gothenburg-based FoodTech firm Millow has secured €2 million in funding to grow its production facilities and workforce for the Nordic foodservice market. The investment round was spearheaded by entrepreneur and investor Magnus Emilson, who also joins Millow's CEO Fredrik Öhrn as a strategic adviser. Other backers include Jan Enhager, co-founder of Vitamin Well, and two unnamed co-founders of high-value Swedish technology companies.
Founded on 25+ years of mycelium and fermentation research by Prof. Mohammad J. Taherzadeh, Millow produces fungi-based protein ingredients via solid-state fermentation of Swedish oats. The patented process yields a clean-label protein from just two core ingredients, with no additives, and uses minimal water. The European Patent Office has confirmed Millow's nine-month opposition period for its core patent has concluded without opposition.
The funding will enable Millow to meet the demands of foodservice customers and invest in commercial execution, with the team and advisers playing a crucial role alongside the technology.
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