Millow's $2.1M Bet on Oat and Mycelium Protein Could Change Foodservice

Jan de Vries · 2026-08-13

When you think about the future of protein, you probably picture lab-grown meat or maybe a plant-based burger. But what if the answer was hiding in plain sight, growing in a Swedish field? That's the bet Millow is making, and it just got a whole lot bigger. The Gothenburg-based FoodTech company just closed a $2.1 million funding round. The goal? To scale up production and build out its commercial team for the Nordic foodservice market. It's a clear signal that this isn't a science experiment anymore — it's a business ready to serve real customers at real volumes. ### Who's backing this oat-based protein? The round was led by Magnus Emilson, a serial entrepreneur and angel investor who knows a thing or two about scaling companies. Joining him is Jan Enhager, the co-founder of Vitamin Well — the group behind NOCCO and Barebells. Enhager isn't just writing a check; he's also stepping in as a strategic adviser to Millow's CEO, Fredrik Öhrn. Here's where it gets interesting. Two unnamed co-founders of Swedish tech companies also joined the round. These aren't small players — their combined exits exceed $2 billion. Plus, there are strategic private investors from the Swedish food sector. That mix of tech and food expertise is a powerful combination. ### Why this matters for the foodservice industry Öhrn puts it plainly: "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." He's right. The foodservice industry doesn't care about cool technology if you can't deliver consistent supply. Restaurants and distributors need reliable partners. Millow is positioning itself to be exactly that. What's notable is Öhrn's humility here. He's not claiming the tech alone will win. "Jan and Magnus bring experience and a network we would otherwise spend years building," he says. That's the kind of honesty you don't often hear from startup CEOs. ### The science behind the protein Millow's story starts with over 25 years of research by Prof. Mohammad J. Taherzadeh. In March 2026, the company made a bold move: Taherzadeh left his university position to join Millow full-time as Chief Scientific Officer. That's a strong vote of confidence in the company's trajectory. The process itself is elegant. Millow uses solid-state fermentation to turn Swedish oats and mycelium into a clean-label protein. Just two core ingredients, no binders, no additives. That's a huge selling point for foodservice operators who are constantly pressed by consumers for cleaner labels. Here's the sustainability angle that caught my attention: - The process uses only 3 to 4 liters of water per kilogram of product (about 0.4 to 0.5 gallons per 2.2 pounds) - RISE independently verified the carbon footprint at 0.32 kg CO₂e per kilogram - That's roughly 98% lower than Swedish beef If you're a foodservice operator trying to hit sustainability targets, those numbers are hard to ignore. ### The patent that protects the process Alongside the funding news, there's a quieter but equally important development. The European Patent Office confirmed that the nine-month opposition period for Millow's core patent (EP 4 307 913) closed with no oppositions filed. That patent protects the low-water production method at the heart of the process. In plain terms: the moat around this technology just got wider. Competitors can't easily copy the method without risking infringement. Emilson, the lead investor, sees the demand firsthand. "From the restaurant and hotel side I can see the demand for a protein like this coming," he says. "The hard part is the technology, and that is what Millow has." ### What's next for Millow Millow is focused on B2B partnerships, working closely with major foodservice companies and manufacturers. The company is already backed by the EU's EIC Accelerator and reports being in close discussions with major operators and distributors in the Nordics. International interest is growing in parallel. The pieces are coming together: validated technology, strong investors, a protected patent, and a clear go-to-market strategy. The question now is execution. If Millow can deliver on its promises, we might see oat and mycelium protein on more menus sooner than we think.