Millow raises €2M to expand mycelium protein across Nordic foodservice

Swedish foodtech company Millow has raised €2 million in funding to bolster its production capabilities and commercial presence in the Nordic foodservice sector. The investment round was spearheaded by serial entrepreneur and angel investor Magnus Emilson, with support from Jan Enhager, co-founder of Vitamin Well, which also includes Barebells, and has appointed Enhager as a strategic adviser to Millow's CEO, Fredrik Öhrn.

The funding round included participation from two co-founders of Swedish technology firms and strategic private investors from the Swedish food industry.

Established in 2020, Millow focuses on creating mycelium-based protein ingredients for both B2B foodservice and retail markets. Their process leverages over 25 years of research into fermentation and fungi-based proteins, utilizing a proprietary solid-state fermentation technique that integrates Swedish oats with mycelium. The resulting protein product is made from just two core ingredients, without any binders or additives.

Unlike traditional plant-based alternatives, Millow's offering is fungi-based and designed to be easily incorporated into existing kitchen formats used by chefs.

The company's production method is water-efficient, consuming between three and four liters of water per kilogram of product. An independent evaluation by Swedish research institute RISE indicates that Millow's protein has a carbon footprint of 0.32 kg CO₂e per kilogram, which is roughly 98 percent lower than the carbon footprint of Swedish beef.

The recent funding injection will be directed towards expanding Millow's production capacity and strengthening its commercial team as the company seeks to penetrate the Nordic foodservice market further. Currently, Millow is engaging with major foodservice operators and distributors across the region, with international interest also on the rise.