The next wave of alternative protein may not be about making familiar meat products look more convincing, but about creating ingredients that chefs can actually use without radically changing how they cook. Swedish foodtech company Millow is taking that approach with a fungi based protein made through fermentation. The company has now secured fresh funding to increase production and expand its presence across the Nordic foodservice market.
Fresh Funding for Millow
Millow has raised €2 million in new funding to expand production capacity and strengthen its commercial operations.
The round was led by Swedish serial entrepreneur and angel investor Magnus Emilson. Jan Enhager, co founder of Vitamin Well, the company behind NOCCO and Barebells, also participated and will join Millow as a strategic adviser to CEO Fredrik Öhrn.
The financing also includes two co founders of Swedish technology companies and several strategic private investors from the Swedish food industry.
The new capital comes as Millow moves from developing its technology toward scaling production and building stronger commercial relationships with foodservice customers.
Building Protein From Mycelium
Founded in 2020, Millow develops mycelium based protein ingredients for business to business foodservice and retail customers.
The company builds on more than 25 years of research into fermentation and fungi based proteins. Its technology uses a patented solid state fermentation process that combines Swedish oats with mycelium.
The resulting ingredient contains two core ingredients and does not require binders or additives.
Rather than attempting to replicate meat through a heavily formulated product, Millow is developing a fungi based ingredient that can be used in formats already familiar to professional chefs.
This approach is designed to make the product easier to integrate into existing kitchens and food preparation processes.
A Lower Impact Production Model
Millow is also positioning its fermentation technology around resource efficiency.
According to the company, its production process uses between three and four litres of water for every kilogram of product.
An independent assessment conducted by Swedish research institute RISE found that Millow’s product has a carbon footprint of 0.32 kilograms of CO₂e per kilogram.
The company says this represents approximately 98 per cent lower emissions than Swedish beef.
The combination of lower resource consumption and a relatively simple ingredient list forms a central part of Millow’s proposition as food companies look for protein sources with a smaller environmental footprint.
Patent Milestone Strengthens Technology
The funding announcement also comes alongside an important intellectual property milestone.
The European Patent Office confirmed that the nine month opposition period for Millow’s core patent had ended without any oppositions being filed.
The patent covers the low water production method behind the company’s fermentation process.
For Millow, the development provides additional protection around the technology it plans to scale as production volumes increase.
It also strengthens the company’s position as it seeks to build a larger commercial operation around its fermentation platform.
Targeting Nordic Foodservice
Millow will use the new funding primarily to increase production capacity and expand its commercial team.
The company is currently in discussions with major foodservice operators and distributors across the Nordic region.
Interest is also growing internationally, giving Millow an opportunity to explore markets beyond Scandinavia as its manufacturing capabilities develop.
The company’s immediate priority, however, remains establishing stronger distribution and customer relationships within Nordic foodservice.
Scaling a Fungi Based Protein Business
Millow is entering a market where foodservice operators are increasingly looking for alternative protein ingredients that can deliver practical performance alongside sustainability benefits.
By combining Swedish oats, mycelium and fermentation, the company is aiming to offer a product that fits directly into professional kitchens rather than requiring chefs to redesign their menus around unfamiliar ingredients.
With €2 million in fresh capital, a strengthened patent position and growing interest from foodservice operators, Millow is now moving into its next phase of growth, focused on turning its fermentation technology into a scalable commercial protein platform.
