Millow Raises €2M to Scale Mycelium-Based Protein Production

Millow Raises €2 Million to Scale Mycelium Protein

Gothenburg-based food technology company Millow has raised €2 million to expand production and build a commercial team focused on the Nordic foodservice market.

The funding comes from experienced Swedish technology investors and food industry investors, including Magnus Emilson and Jan Enhager, who co-founded Vitamin Well, the company behind NOCCO and Barebells.

Two unnamed co-founders of Swedish technology companies with combined exits exceeding €1.7 billion also participated in the round.

Mycelium-Based Protein Production

Founded in 2020, Millow has developed a patented solid-state fermentation process that combines Swedish oats and mycelium to produce a protein product using two main ingredients without binders or additives.

The process uses approximately three to four litres of water per kilogram of product.

Millow says its production process has a carbon footprint of 0.32 kg CO₂e per kilogram, based on independent confirmation from RISE. The company says this represents a 98% lower carbon footprint compared with Swedish beef.

Patent Milestone

Alongside the funding announcement, the European Patent Office confirmed that the nine-month opposition period for Millow's main patent, EP 4 307 913, ended without objections.

The patent covers the company's low-water production method, which Millow considers central to its fermentation technology.

Leadership and Scientific Research

Millow was founded on more than 25 years of fermentation research led by Professor Mohammad J. Taherzadeh.

In March 2026, Fredrik Öhrn became CEO, while Taherzadeh joined the company full-time as chief scientific officer after leaving his role at the University of Borås.

The company currently has around 14 employees, according to PitchBook.

Expanding Into Foodservice

Millow plans to use the new funding to increase production capacity and expand its commercial operations.

The company is engaging with foodservice operators and distributors across the Nordic region while also exploring international opportunities.

Millow's product is positioned as a meat alternative that can replace beef mince in dishes without requiring changes to recipes or additional ingredients.

Competition in Mycoprotein

Millow is entering a market that has already seen significant investment and challenges.

Gothenburg-based Mycorena raised more than €35 million before filing for bankruptcy in July 2024 after failing to secure additional funding.

Other companies, including Scotland-based Enough, have pursued larger-scale mycoprotein production and raised substantial amounts of capital.

Millow's approach is differentiated by its dry-state fermentation process, which the company says requires less water and can reach foodservice scale without the same level of large-scale factory investment.

The new funding will test whether Millow can translate its fermentation technology and patent position into a commercially scalable food business.