Plant-based meat alternative company Millow has received €2.4m in funding from the European Innovation Council (EIC).

The Swedish start-up harnesses its proprietary fermentation process to produce clean label meat alternative products from mycelium and Scandinavian oats.

Having secured the €2.4 million grant from the EIC and SMEs Executive Agency (EISMEA), Millow has unlocked an investment opportunity of up to €15 million from the European Investment Bank along with an additional €15 million from private investors.

Millow’s in-house technology utilises dry fermentation. According to the company, this process provides greater control and flexibility over the mycelium, surpassing the limitations of traditional solid-state fermentation technology.

Its technology allows deep integration with the substrate, enabling precise control over the final product’s texture and nutritional profile. An example of this is the ability to optimise nutritional content by reducing the anti-nutrient phytic acid in oats to nearly zero.

Millow works with large food manufacturers, specialising in developing complete SKUs. It has co-developed a number of SKUs that are set to launch initially in the Nordic market, with larger volumes anticipated by 2026.

The company has revealed it is in discussions with companies outside of Europe for joint ventures when its Nordic factory is operational. By the end of 2026, Millow aims to have multiple S-unit bioreactors operational, each capable of producing 144 tons annually.

The EIC’s accelerator fund will support Millow in its plans to scale up production and provide meat alternatives that contain zero additives while offering a rich source of protein, minerals and vitamins.

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