Millow Raises €2 Mn to Scale Mycelium-Based Protein Production in Nordic Food Market

Millow will use the new funding to increase its production capacity and grow its commercial team. The company plans to expand its presence in the Nordic foodservice market.

The funding round was led by entrepreneur and angel investor Magnus Emilson. Jan Enhager, co-founder of Vitamin Well, also invested and will become a strategic adviser to Millow CEO Fredrik Öhrn. The round also included two unnamed Swedish tech founders and other private investors from the Swedish food industry.

“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 founded on more than 25 years of research into mycelium and fermentation led by Professor Mohammad J. Taherzadeh. In March 2026, the company appointed Fredrik Öhrn as its new 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 join Millow full-time.

The Swedish company makes fungi-based protein ingredients by using a process called solid-state fermentation with Swedish oats. Its products are designed for the B2B foodservice and retail markets.

Read Also- Lovable Raises €343 Million Series C at $13.3 Billion Valuation