Magnus Emilson leads Millow's funding round as Vitamin Well co-founder Jan Enhager joins as investor and strategic adviser
A group of established Swedish entrepreneurs is backing the Gothenburg mycelium-protein company as its core European patent stands unopposed.
Gothenburg, Sweden, 13 August 2026 - Millow, the Swedish foodtech company producing mycelium-based protein ingredients for foodservice, has closed a €2 million funding round led by the serial entrepreneur and angel investor Magnus Emilson. He is joined by Jan Enhager, co-founder of Vitamin Well, the group behind NOCCO and Barebells, who also becomes a strategic adviser to CEO Fredrik Öhrn. Two co-founders of Swedish technology companies with combined exits of more than $2 billion have also joined the round, together with strategic private investors from the Swedish food sector.
Millow's patented solid-state fermentation turns Swedish oats and mycelium into a clean-label protein made from two core ingredients, with no binders or additives. The process uses 3 to 4 litres of water per kilogram of product, and RISE has independently verified the carbon footprint at 0.32 kg CO₂e per kilogram, around 98 per cent lower than Swedish beef.
The capital funds an expansion of Millow's production capacity and the build-out of its commercial team for the Nordic foodservice market. Millow's ingredient is fungal rather than plant-based, and it handles in the kitchen like the formats chefs already use.
Alongside the round, the European Patent Office has confirmed that the nine-month opposition period for Millow's core patent (EP 4 307 913) has closed with no oppositions filed. The patent protects the low-water production method at the core of Millow's process.
Millow is in close discussions with major foodservice operators and distributors in the Nordics, with international interest growing in parallel.
“This round gives us the capacity and the commercial team to serve foodservice customers at the volumes they need,” says Fredrik Öhrn, CEO of Millow. “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. I approach this phase with real humility: the team and the advisers around us matter every bit as much as the technology.”
“I have spent decades building companies in technology and hospitality, and from the restaurant and hotel side I can see the demand for a protein like this coming,” says Magnus Emilson, lead investor. “The hard part is the technology, and that is what Millow has. I first invested in 2025 because I believed in what the team was building. Increasing my stake now is the natural next step.”
“With Vitamin Well we saw how fast a better product can move from niche to mainstream once the taste and the format are right,” says Jan Enhager, investor and strategic adviser. “Foodservice protein is at that point now. Millow gives kitchens a clean-label product that does not ask them to change how they cook, and in my experience that is what decides whether a category crosses over. It is why I am backing Millow with both capital and time.”
Emilson is a Gothenburg-based serial entrepreneur with more than 25 years of building and backing companies, from co-founding the internet consultancy Mind in 1996 to early stakes in TradeDoubler and NA-KD, among other ventures. His engagement with Millow builds on his background in hospitality: he is the founder of Visit Group, a leading provider within hospitality tech, and a co-founder of ESS Group, the hospitality group behind around 14 destination hotels and resorts across Sweden, Norway and Denmark, and a portfolio of restaurants. He has followed Millow since 2025. Enhager co-founded Vitamin Well, one of Europe's most successful functional-nutrition groups, with annual revenue of approximately €650 million.
About Millow AB
Millow was founded in 2020 and builds on more than 25 years of research in fermentation and fungi-based proteins. The company produces fungi-based protein ingredients through solid-state fermentation of Swedish oats for the B2B foodservice and retail market. The technology platform allows for fermenting other plant-based materials, even side streams, for true circularity. Millow is backed by the EU's EIC Accelerator.
Notes to editors
Patent EP 4 307 913 protects Millow's method for producing fungal protein using 3 to 4 litres of water per kilogram. Its nine-month opposition period closed with no oppositions filed.
Millow's production has a carbon footprint of 0.32 kg CO₂e per kilogram, independently verified by RISE, around 98% lower than Swedish beef.
Production is by solid-state fermentation of Swedish oats, with the option to use industrial side streams.
Media contact: Millow Press | press@millow.co | +46 10 650 00 10 | millow.co
