Millow Raises €2M and Secures Core Patent for Mycelium Protein Made from Swedish Oats

Swedish foodtech company Millow has closed a €2 million funding round to scale production of its mycelium-based protein ingredient, according to a 13 August 2026 article on Tech.eu . The investment comes as the company's core European patent clears a critical legal hurdle, reducing a material risk for investors and commercial partners .

Funding round details

The €2 million round was led by Magnus Emilson, a serial entrepreneur and angel investor . Participating investors include Jan Enhager, co-founder of Vitamin Well (the group behind NOCCO and Barebells), two co-founders of Swedish technology companies with combined exits exceeding $2 billion, and strategic private investors from the Swedish food sector .

Enhager will also join Millow as a strategic adviser to CEO Fredrik Öhrn .

Core technology: mycelium on Swedish oats

Founded in 2020 and headquartered in Gothenburg, Sweden, Millow produces mycelium-based protein ingredients using solid-state fermentation of Swedish oats . The result is a two-ingredient, clean-label protein with no binders or additives .

Key environmental metrics independently verified by RISE (the Research Institutes of Sweden):

• Carbon footprint: 0.3 kg CO₂e per kilogram of product — roughly 98% lower than Swedish beef .
• Water usage: 3–4 litres per kilogram, protected under the company's core patent as a low-water production method .

Patent milestone

Millow's core European patent, EP 4 307 913, survived the European Patent Office's nine-month opposition period with no oppositions filed . Tech.eu notes this strengthens Millow's intellectual property position around its low-water production method and reduces a material near-term risk for investors and commercial partners .

Commercial targets and international interest

The company is primarily targeting the Nordic foodservice market (restaurants, professional kitchens) . Millow reports active discussions with major foodservice operators and distributors in the region . Growing international interest is noted but has not yet been formalised in the announcement .

The funding will be used to expand production capacity and strengthen commercial operations, with the company beginning to test its first commercial production equipment at a facility in Stenkullen, near Gothenburg .