Millow Raises €2 Million to Scale Oat and Mycelium-Based Protein

Gothenburg-based FoodTech company Millow has raised €2 million in funding. The company produces mycelium-based protein ingredients for the foodservice industry. It plans to use the funding to increase production and grow its sales team across the Nordic foodservice market.

The funding round was led by entrepreneur and angel investor Magnus Emilson. Jan Enhager, co-founder of Vitamin Well, which is behind brands such as NOCCO and Barebells, also invested. He will also become a strategic adviser to Millow CEO Fredrik Öhrn.

Two unnamed co-founders of Swedish technology companies, whose businesses have had combined exits of more than €1.7 billion ($2 billion), also joined the round. Several private investors from Sweden’s food industry participated as well.

“This round gives us the capacity and the commercial team to serve foodservice customers at the volumes they need. The job now is disciplined commercial execution, and what matters as much as the capital is who it comes from. Jan and Magnus bring experience and a network we would otherwise spend years building. I approach this phase with real humility: the team and the advisers around us matter every bit as much as the technology,” said Fredrik Öhrn, CEO of Millow. 

Millow was founded on more than 25 years of research into mycelium and fermentation by Professor Mohammad J. Taherzadeh. In March 2026, the company appointed Fredrik Öhrn as CEO. At the same time, Professor Taherzadeh, who invented Millow’s technology and served as its Chief Scientific Officer, left his position at the University of Borås to work full-time at Millow.

The Swedish company makes fungi-based protein ingredients by fermenting Swedish oats with mycelium. Its products are designed for the B2B foodservice and retail markets.

Millow says its patented process turns Swedish oats and mycelium into a simple, clean-label protein using only two main ingredients. The process does not require binders or additives.

The production process uses around 3 to 4 litres of water for every kilogram of product. RISE has independently measured its carbon footprint at 0.32 kg CO₂e per kilogram, which is about 98% lower than Swedish beef.

Along with the new funding, the European Patent Office confirmed that no one opposed Millow’s core patent (EP 4 307 913) during the nine-month opposition period. The patent protects the company’s low-water production method.

“I have spent decades building companies in technology and hospitality, and from the restaurant and hotel side I can see the demand for a protein like this coming. The hard part is the technology, and that is what Millow has. I first invested in 2025 because I believed in what the team was building. Increasing my stake now is the natural next step,” said Magnus Emilson, lead investor. 

Millow focuses on B2B partnerships and works with major foodservice companies and manufacturers. The goal is to bring its mycelium-based products to restaurants and retail stores.

The company is supported by the EU’s EIC Accelerator. Millow says it is in talks with major foodservice companies and distributors across the Nordic countries, while interest from international markets is also growing.