Millow, a food-tech company based in Gothenburg, Sweden, has raised €2 million in new funding. The company plans to use the money to increase its production.
Millow will also use the funding to build a commercial team. This team will help the company grow its business in the Nordic foodservice market.
Before this funding round, Millow received grants from the European Innovation Council Accelerator.
“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.
“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 was started using more than 25 years of research into mycelium and fermentation by Professor Mohammad J. Taherzadeh. His research helped form the foundation of the company’s technology.
In March 2026, Millow announced that Öhrn had joined the company as CEO. At the same time, Professor Taherzadeh, Millow’s inventor and 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 using a process called solid-state fermentation. It uses Swedish oats and mycelium to create protein products for foodservice and retail businesses.
Millow says its patented process turns Swedish oats and mycelium into a clean-label protein. The product uses only two main ingredients and does not require binders or additives.
The production process also uses relatively little water, requiring about 3–4 litres per kilogram of product. According to an independent assessment by RISE, Millow’s product has a carbon footprint of 0.32 kg CO₂e per kilogram, which is around 98% lower than Swedish beef.
