Millow €2m funding targets Nordic foodservice production scale-up
Swedish foodtech Millow raised €2m to add capacity and commercial staff as it tests oat-and-mycelium protein production.
By Ingrid Halvorsen · Venture Capital Reporter
· 3 min read
Swedish foodtech Millow has raised €2 million to increase production capacity and commercial operations for a Nordic foodservice launch of protein made from oats and mycelium. The Millow €2m funding round was led by angel investor Magnus Emilson; Vitamin Well co-founder Jan Enhager also invested and will advise chief executive Fredrik Öhrn, according to Tech.eu and Dealroom.
The financing is intended for commercial execution rather than further research, Öhrn told Green Queen. Millow is testing its first commercial equipment at its Stenkullen site outside Gothenburg, and Öhrn said initial commercial volumes are expected to reach customers in the coming months.
The supplied reports do not state a valuation or financing terms. Green Queen reported that Millow also does not disclose unit costs.
What will Millow use the €2m funding for?
Millow says the money will complete production capacity and support commercial hiring, including quality assurance, supply-chain and key-account roles. The company is pursuing public-sector kitchens, restaurant chains, wholesalers and distributors in the Nordic region. The supplied reporting names no customers and describes discussions with operators and distributors, not specific signed agreements.
Dealroom and Green Queen report that Millow is aiming for more than 430 tonnes of annual capacity by the end of 2026, using three production units. That is a company target, not current output. The Stenkullen building could accommodate three additional units, Öhrn told Green Queen.
For a company selling into institutional kitchens, the hard part is now repeatable manufacturing and customer adoption, rather than a lab demonstration. Dealroom reported that Öhrn identified material handling, cleaning routines and the quality systems checked by industrial customers as operational issues that still need to be addressed at commercial scale.
How does Millow make its protein?
Founded in 2020, Millow develops ingredients for business-to-business foodservice and retail customers. The company says it uses solid-state fermentation to grow mycelium on Swedish oats, producing an ingredient with two core ingredients and no binders or additives. Millow says the result can be used in formats already familiar to chefs, including mince.
Several performance and sustainability assertions remain company claims. Millow says its method requires three to four litres of water per kilogram of product. Tech.eu reported that a RISE assessment put the oat product's footprint at 0.32 kg of CO2e per kilogram, about 98% below Swedish beef. The company also says the nine-month opposition period for its core European patent, covering its low-water production method, closed without oppositions; the supplied reporting does not include a patent-office record.
The new round follows earlier public support. Green Queen reported a €2.4 million European Innovation Council grant in 2024 and €643,000 from a Horizon grant connected to the Plantomyc consortium. Millow has said international expansion is a question for 2027 to 2028, leaving Nordic foodservice as the immediate commercial test.
This story draws on original reporting from Tech.eu.
