This Swedish Startup Just Raised $2.1M to Reinvent Plant Protein

Jan de Vries · 2026-08-13

Gothenburg's Millow just closed a $2.1 million funding round, and it's not your typical food tech story. This company is using fungus and oats to create a protein that could genuinely change how restaurants and food manufacturers think about sustainable ingredients. The money will go toward expanding production and building out a commercial team focused on the Nordic foodservice market. ### Who's Backing This Fungus-Based Protein? The round was led by Magnus Emilson, a serial entrepreneur and angel investor with deep roots in both tech and hospitality. He's joined by Jan Enhager, co-founder of Vitamin Well, the group behind NOCCO and Barebells. Enhager isn't just writing a check; he's stepping in as a strategic adviser to Millow's CEO, Fredrik Öhrn. Two unnamed Swedish tech co-founders, whose combined exits top $2 billion, also participated, along with strategic investors from the Swedish food sector. "This round gives us the capacity and the commercial team to serve foodservice customers at the volumes they need," Öhrn said. "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." ### The Technology Behind the Hype Millow's approach is rooted in more than 25 years of research by Prof. Mohammad J. Taherzadeh. In March 2026, the company brought him on full-time as Chief Scientific Officer, leaving his post at the University of Borås. The process uses solid-state fermentation to turn Swedish oats and mycelium into a clean-label protein with just two core ingredients—no binders, no additives. The environmental numbers are striking. The process uses just 0.8 to 1.1 gallons of water per 2.2 pounds of product. RISE, an independent research institute, verified the carbon footprint at 0.32 kg CO₂e per kilogram—roughly 98% lower than Swedish beef. That's a massive difference for any foodservice operator looking to cut emissions. ### Patent Protection Secured Alongside the funding, Millow announced that the European Patent Office confirmed no oppositions were filed during the nine-month period for its core patent (EP 4 307 913). This patent protects the low-water production method that's central to the entire operation. It's a significant milestone for a company that's betting its future on proprietary tech. ### What's Next for Millow? Magnus Emilson, who first invested in 2025, doubled down because he sees demand coming from the restaurant and hotel side. "The hard part is the technology, and that is what Millow has," he said. "Increasing my stake now is the natural next step." Millow's focus is squarely on B2B partnerships. The company is already backed by the EU's EIC Accelerator and reports active discussions with major foodservice operators and distributors across the Nordics. International interest is growing in parallel, which suggests this Swedish startup might soon have a much broader footprint. ### Why This Matters for the Food Industry Here's the thing: we've seen plenty of plant-based protein hype that didn't deliver. Millow's approach feels different because it's built on genuine science, verified environmental data, and a patent that protects its edge. The combination of a proven research foundation, strategic investors, and a clear commercial focus makes this a company worth watching. For foodservice operators, the appeal is obvious: a clean-label protein that performs well, has a tiny carbon footprint, and uses minimal water. That's not just a sustainability checkbox—it's a competitive advantage. And with the commercial team now scaling up, Millow looks ready to move from the lab to the menu.