€2m · Other round · Foodtech · Gothenburg, Sweden
Gothenburg-based Millow has closed €2m in funding led by serial entrepreneur Magnus Emilson, with investment from Vitamin Well co-founder Jan Enhager and other private backers. The company says the capital will expand production capacity for its oat-and-mycelium protein and build the commercial team serving Nordic foodservice customers. Enhager will also advise CEO Fredrik Öhrn.
Moving fermentation from the factory into professional kitchens
Millow produces a clean-label protein ingredient by growing mycelium on Swedish oats through patented solid-state fermentation. The company says the ingredient uses two core ingredients without binders or additives and can be fried, baked, simmered or seared using familiar kitchen processes. That matters commercially because a new protein does not only have to meet nutritional and sustainability targets; it has to fit the routines, equipment and menu economics of caterers and restaurant groups.
The financing arrives as Millow begins moving from technical development into commercial supply. In an interview published the day after the announcement, Öhrn told Swedish trade outlet Food Supply that the company had completed its first delivery, with broader sales planned for autumn 2026. Millow’s current technical material says its Gothenburg facility is designed for 1,500 kg of daily output across modular 500 kg production units. Those figures describe the company’s intended operating capacity, not independently verified sales volume.
That distinction sets the next execution test. Expanding production helps only if Millow can maintain taste, texture and batch consistency while turning foodservice discussions into repeat orders. The modular design could let it add capacity in smaller increments than building another full factory, but customer adoption will still depend on reliable delivery and a product that kitchen teams can use without redesigning their menus.
Investors bring a route into foodservice
The investor mix is relevant to that commercial challenge. Emilson has built businesses in hospitality technology and hotels, while Enhager helped build the functional-nutrition group behind Vitamin Well, NOCCO and Barebells. Their networks may shorten introductions to distributors, operators and food brands, though Millow still has to convert those introductions into recurring demand.
The company also announced that the opposition window for its core European production patent had closed without a challenge. That strengthens the intellectual-property position around its low-water fermentation method, but the funding round’s practical value will be measured in production reliability and customer retention. Millow now has both its first delivery and new capital; the next milestone is proving that its factory can supply professional kitchens repeatedly at commercial volumes.
Sources checked:
Millow funding announcement · Food Supply interview · Millow technology page · Millow press kit · Tech.eu Funding Explorer
Image: Millow, via the official press kit.
