“Mycelium + oats = Millow: Swedish startup emerges from stealth with minimally-processed meat alternative”

Swedish startup Millow has emerged from stealth mode with a new approach to alternative protein. The company is currently seeking funds to scale up production of its minimally-processed meat substitutes made from oats and mycelium grown in a process it claims uses a fraction of the water and energy used by brands such as Quorn, with lower capital expenditure.

Millow is working with a large branded food manufacturer to introduce co-branded Millow bites and mince to the retail market next year, and is looking to raise about €6.3m to fund production for the launch.

Chairman Staffan Hillberg told AFN: “We have a small pilot facility in Gothenburg, but our aim is to scale up pretty quickly at a larger facility to 20,000 tons a year. During these last two years we’ve been in stealth mode and we’ve signed an agreement with one of the biggest players in the Nordics.”

According to Hillberg, who says consumers are looking for less processed meat alternatives, “We see it as a whole food, non-processed vegan product offering complete nutrition.”

Investors, meanwhile, “like the fact we have a unique, sustainable production model that can be scaled very efficiently. We see food companies closing down because of high energy prices.”

Watson, E. (2023, February 28). Mycelium + oats = Millow: Swedish startup emerges from stealth with minimally-processed meat alternative. AFN. https://agfundernews.com/millow-swedish-startup-emerges-from-stealth-with-minimally-processed-meat-alternative-mycelium-oats