The round was led by serial entrepreneur and angel investor Magnus Emilson, with participation from Jan Enhager, co-founder of Vitamin Well, who will also serve as a strategic adviser to CEO Fredrik Öhrn. Other investors include two co-founders of Swedish technology companies and strategic private investors from the Swedish food sector. Founded in 2020, Millow develops mycelium-based protein ingredients for B2B foodservice and retail, using a patented solid-state fermentation process that combines Swedish oats with mycelium.
Millow’s product contains only two core ingredients without binders or additives and is designed for kitchen formats familiar to chefs. The production process uses 3–4 liters of water per kilogram of product, and an independent assessment by RISE found a carbon footprint of 0.32 kg CO₂e per kilogram, roughly 98% lower than Swedish beef. The European Patent Office confirmed that no oppositions were filed against Millow’s core patent covering the low-water production method. The €2 million will be used to increase production capacity and build out the commercial team as the company expands in the Nordic foodservice market, with discussions underway with major operators and distributors.