Millow Raises €2 Million for Expansion
Millow, a company based in Gothenburg, Sweden, has announced the successful raising of €2 million in a new funding round. The company specializes in creating a meat alternative using mycelium and oats, offering a product that combines full flavor with a meat-like texture, aimed at consumers, food-service, and manufacturers.
Investors and Leadership
The funding round was led by entrepreneur Magnus Emilson, with participation from Jan Enhager, co-founder of Vitamin Well. Enhager will also take on a role as a strategic adviser to Millow's CEO, Fredrik Ohrn. "The job now is disciplined commercial execution, and what matters as much as the capital is who it comes from," said Ohrn, emphasizing the importance of their new investors' experience and networks.
Strategic Use of Funds
The newly acquired funds will primarily be used to increase Millow's production capacity and expand its commercial team. The company aims to strengthen its presence in the Nordic foodservice market, where demand for innovative food solutions is growing.
Market Expansion Plans
Millow plans to leverage this financial boost to better serve its foodservice customers, ensuring they can meet the demand for their mycelium-based products at the required volumes. The company is poised to capitalize on the growing trend towards sustainable and plant-based protein alternatives in the Nordic region.
This funding marks a significant step for Millow as it seeks to expand its footprint in the competitive food technology space.