Millow's oat-and-mycelium protein scales into Nordic foodservice on €2M round

B2B mycelium protein ingredients for foodservice and retail, built on more than 25 years of fermentation and fungi research.

That a fungi-based protein made from Swedish oats via low-water solid-state fermentation can win B2B kitchens without binders or additives.

€2 million led by serial entrepreneur Magnus Emilson, with Vitamin Well co-founder Jan Enhager (NOCCO, Barebells) investing and joining as strategic adviser.

Founded in 2020, Millow develops mycelium-based protein ingredients for the B2B foodservice and retail markets. It builds on more than 25 years of research into fermentation and fungi-based proteins, using a patented solid-state fermentation process that combines Swedish oats with mycelium into a product made from two core ingredients with no binders or additives.

The 2026 round — led by Magnus Emilson with Jan Enhager joining as strategic adviser to CEO Fredrik Öhrn, alongside two co-founders of Swedish technology companies and strategic private investors from the Swedish food sector — funds increased production capacity and a commercial team build-out for the Nordic foodservice expansion.

The kitchen is the gatekeeper: Millow's differentiation is not another plant burger but an ingredient that behaves like what chefs already cook with.

Verification over assertion — RISE's independent 98%-below-beef carbon figure gives B2B buyers a defensible number.

The uncontested EPO patent protects the low-water method that underpins both the cost and the climate story.

Strategic money doubles as distribution: an investor from the Vitamin Well group brings Swedish food-sector operator relationships.

A third-party-verified climate number and an uncontested patent are the two proofs a food-ingredient startup needs before it earns scale-up money.

As of August 2026, Millow was increasing production capacity, building out its commercial team, in discussions with major foodservice operators and distributors across the Nordics, and seeing growing international interest.