Millow Secures €2M to Launch Clean-Label Meat Alternative from Oats & Mycelium
Swedish food tech startup Millow has secured €2M in funding to expand production of its low-water oat and mycelium protein, which it will initially launch in the Nordic foodservice channel.
## Swedish Startup Millow Expands Production of Low-Water Oat and Mycelium Protein Swedish food tech startup Millow has secured €2M in funding to expand production of its low-water oat and mycelium protein. The startup will initially launch its minimally processed, two-ingredient mycelium meat in the Nordic foodservice market. The funding round was led by angel investor Magnus Emilson, who was joined by Vitamin Well co-founder Jan Enhager and strategic private investors from the Swedish food sector. This adds to the startup's previous funding, including a €2.4M grant from the European Innovation Council (EIC) in 2024. Millow's CEO, Fredrik Öhrn, notes that the company has been deliberately capital-efficient, using private capital to fund commercial execution. The funds will be used to expand the startup's capacity and build out its commercial team. ## Short Cycles, Minimal Processing, and Low Water Use Millow's low-water method involves growing mycelium directly on Swedish oats through solid-state dry fermentation. This process uses only three to four litres of water per kg of product and takes 16 to 24 hours in modular, AI-controlled units. The output of the fermentation is the food itself, made from two main ingredients. Millow also has the option of using industrial sidestreams as feedstock for the mycelium. The startup's oat product has a carbon footprint of 0.32kg of CO2e per kg of the ingredient, which is 98% lower than Swedish beef. ## Consumers Rejected Underperforming Products, Not the Idea of Alternative Proteins Millow's CEO, Fredrik Öhrn, identifies 'public sector kitchens, restaurant chains and wholesalers' in the Nordics as its first customers. The startup's allergen-free, clean-label profile solves many operational problems and meets scope 3 requirements increasingly driving purchasing decisions. Millow's ingredient contains 27g of complete protein from just 140 calories per 100g, alongside fibre, vitamins, and minerals. The startup is in close discussions with major foodservice operators and distributors, but the specifics of these partnerships will be communicated by the partners when the products hit their menus. ## Blended Meat Space and Future Opportunities Millow's funding comes amid a continued downturn in category investment. However, the startup's CEO, Fredrik Öhrn, believes that the category partly did it to itself by introducing products with long ingredient lists, compromised taste, and premium prices. Millow's conclusions are built into the model: few core ingredients, price competitiveness with meat, and a foodservice route where the chef decides and the product has to perform in a real kitchen. The startup's next 12 months are all about disciplined commercial execution, ramping up production, converting discussions into signed customers, and proving that its unit economics hold at commercial volumes.
