Swedish startup Millow has recently secured a €2.4 million grant from the European Innovation Council (EIC) Accelerator and the SMEs Executive Agency (EISMEA) to scale production at its pilot facility in Gothenburg. This substantial financial boost positions Millow for significant growth and innovation in the burgeoning market of meat alternatives.
The grant from EISMEA not only provides immediate financial support but also opens the door for Millow to receive up to €15 million in equity funding from the European Investment Bank. This additional funding is contingent on Millow securing investments from private investors, presenting an exciting opportunity for the startup to further enhance its production capabilities and market reach.
Championing Health-Focused Meat Alternatives
Millow is pioneering the development of meat alternatives that prioritize health and whole food ingredients. Their innovative products are composed of 50% mycelium and 50% Swedish oats, offering a high-protein, easily digestible alternative free from artificial ingredients, GMOs, binders, and additives. This unique composition is not only beneficial for health-conscious consumers but also aligns with increasing demands for sustainable and natural food options.
Esmaeil Taherzadeh, co-founder and executive board member of Millow, emphasized the importance of this milestone in an interview with vegconomist, stating, “Scaling up production is our next significant milestone which is now possible thanks to the European Innovation Council’s accelerator fund.”
Millow has already made significant strides in the industry, co-developing multiple SKUs with major food manufacturers. The company is preparing to launch its products initially in the Nordic market, with plans to open a factory in the region. Additionally, Millow is extending its partnerships outside Europe for joint ventures, reflecting a strategic approach to ensure a steady pipeline of orders and sustainable growth.
Founded in Västra Frölunda in 2020, the company employs a proprietary dry fermentation technology developed by Professor Mohammad Taherzadeh, Esmaeil’s father and a renowned scientist in the field of mycelium. This innovative fermentation process, combined with in-house S-units and unique bioreactor production, allows Millow to achieve economies of scale more efficiently than traditional methods.
“This advanced process provides us with greater control and flexibility over the mycelium, surpassing the limitations of solid-state fermentation,” Esmaeil explained. By 2026, Millow aims to have multiple S-units operational, each capable of producing 144 tons annually.
The startup's meat analogs boast a rich profile of essential amino acids, dietary fiber, vitamins, and minerals. They are versatile in the kitchen, suitable for frying, baking, barbecuing, and stewing, and they maintain a firm texture and chewy bite without added binders. Esmaeil highlighted, “Millow’s products stand apart from tempeh due to our unique raw materials, texture, taste, appearance, and nutritional profile.”
Sustainability is a core focus for Millow. The company’s Life Cycle Assessment reveals that its products produce 97% fewer emissions than beef and 80% fewer than soy. Additionally, they require minimal water, energy, and space, further underscoring Millow’s commitment to environmental stewardship.
Millow has co-branded two products, Millow Bites and Mince, currently available in Sweden. Esmaeil noted, “We know many meat eaters tried moving to plant-based but ended up back to eating animals. And they have a point — they want natural substitutes to meat. Millow is a clean-label meat substitute with only two major ingredients, oats and mycelium.”
With the recent grant from the EIC Accelerator and EISMEA, Millow is well-positioned to scale its production and expand its market presence. The startup’s commitment to health, sustainability, and innovation makes it a promising player in the plant-based meat alternative industry, addressing the growing consumer demand for natural and nutritious meat substitutes.
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