Millow raises €2M to start commercial mycelium protein production
What's the deal? Swedish food-tech company MillowDealroom has a profile for this one. Try Dealroom → has raised €2 million in an early-stage round to fund the commercial launch of its mycelium protein production. The round was led by Gothenburg entrepreneur and angel investor Magnus EmilsonDealroom has a profile for this one. Try Dealroom →, who first backed the company in 2025, with Vitamin WellDealroom has a profile for this one. Try Dealroom → co-founder Jan EnhagerDealroom has a profile for this one. Try Dealroom → joining as an investor.
What's the endgame? Millow uses solid-state fermentation to grow mycelium on Swedish oats, producing a fungal protein from two ingredients without binders or additives. It is now testing its first commercial equipment at Stenkullen, targeting more than 430 tons of annual capacity by the end of 2026.
Why now? The capital funds commercial execution rather than technology or research risk, chief executive officer Fredrik Öhrn said. Much of the core production capex was previously secured through EU funding via the European Innovation Council's EIC Accelerator programme.
Enhager, whose group is behind NOCCODealroom has a profile for this one. Try Dealroom → and BarebellsDealroom has a profile for this one. Try Dealroom →, will also become a strategic adviser to Öhrn. Two co-founders of Swedish tech companies with combined exits of more than US$2 billion joined the round, alongside private investors from the Swedish food sector.
Where it's expanding: Millow is targeting Nordic foodservice, particularly public-sector kitchens and restaurant chains, starting with mince and potentially ready-made formats. It is in talks with major operators and distributors, betting on its allergen-free, clean-label profile.
New capital will complete production capacity and add staff across quality assurance, supply chain, and key accounts, supporting a ramp towards positive cash flow. Three production units will supply the 430-ton capacity, with room for three more at the existing building.
What could go wrong? Commercial production puts Millow's process through a test pilot runs cannot replicate. "We're at the start of that learning curve, not the end of it," Öhrn said, flagging material flows, cleaning routines, and the quality systems industrial customers audit as key watchpoints.
The signal: Millow's raise shows alternative-protein startups shifting from lab validation to commercial scale-up. Its unit-based fermentation model, expanding by adding equipment rather than building bigger vessels, offers a lower-capital path to capacity — if the biology holds at commercial volumes.
Read more: Protein Production Technology
Image credit: Generated with Gemini
