Millow, a Swedish foodtech company specializing in low-water mycelium protein production, has secured €2 million in Series A funding to accelerate its expansion into the Nordic foodservice sector.
The funding round was led by angel investor Magnus Emilson, with Vitamin Well co-founder Jan Enhager participating as both investor and strategic adviser. The capital injection represents the company’s first institutional backing since its founding in 2020 in Gothenburg.
Scaling Production and Commercial Capabilities
Millow plans to deploy the fresh capital toward two primary objectives: expanding its production capacity for its mycelium-based protein ingredient and building out its commercial team to meet the demands of large-scale foodservice customers across the Nordic region.
According to Fredrik Öhrn, leadership at the company acknowledged the strategic importance of the funding, stating: “This round gives us the capacity and the commercial team to serve foodservice customers at the volumes they need.”
The company’s focus on mycelium protein reflects growing interest within the European alternative protein sector in developing sustainable, ingredient-level solutions that can be integrated into existing food production processes. Mycelium-based proteins require significantly less water than conventional protein sources, positioning them as an environmentally attractive option for food manufacturers seeking to reduce their resource footprint.
Targeting Nordic Foodservice Growth
The Nordic foodservice market has emerged as a strategic priority for the startup, with the region’s established reputation for sustainability-focused procurement and innovation providing a receptive environment for alternative protein ingredients. By strengthening its commercial operations, Millow aims to establish itself as a reliable supplier to institutional and commercial food operators across Scandinavia.
Enhager’s involvement extends beyond financial participation. His experience as co-founder of Vitamin Well, a prominent Nordic beverage company, brings operational and market-entry expertise that could prove valuable as Millow scales its distribution and customer relationships.
European Alternative Protein Momentum
Millow’s funding round aligns with broader momentum in the European alternative protein landscape. The continent has witnessed significant venture capital deployment into protein innovation companies over recent years, driven by regulatory support, consumer demand, and corporate sustainability commitments. Unlike companies focused on end-consumer products, Millow’s ingredient-level approach targets the business-to-business food production sector, which increasingly requires sustainable supply solutions to meet corporate sustainability goals.
The company’s emphasis on water efficiency also reflects growing regulatory and operational pressures on food manufacturing to reduce environmental impact, particularly in resource-conscious markets like the Nordic region. With this funding secured, Millow is positioned to move from development stage toward meaningful commercial scale within the next phase of its growth trajectory.