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Gothenburg-based startup Millow has 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 funding will help Millow, known for its meat alternatives made from 50% mycelium and 50% Swedish oats, to expand its production capacity and launch its products in the Nordic market. The grant also opens the possibility for Millow to receive up to €15 million in equity funding from the European Investment Bank, contingent on securing additional private investments. Millow’s products are high in protein, free from artificial ingredients, and positioned as a healthier and environmentally friendly meat alternative.
Millow revolutionizes the food industry with its innovative mycelium-based products. Combining 50% mycelium with 50% Swedish oats, Millow offers a healthy, nutritious, and sustainable meat alternative. Their products, developed using a proprietary dry fermentation technology, are free from artificial ingredients, GMOs, binders, and additives. This results in food that is not only high in protein but also easily digestible and rich in essential amino acids, vitamins, minerals, and dietary fiber.
Millow’s production process is designed to be environmentally friendly, using minimal water and energy, and producing 97% fewer emissions than beef and 80% fewer than soy. The startup’s unique Mycelium Utilized Texture Engineering (MUTE) technology ensures superior texture and mouthfeel, maintaining the integrity of the product even in various cooking methods. Founded in 2020, Millow has quickly established itself as a leader in the plant-based food sector, with a commitment to sustainability and nutritional excellence.
“Being hailed as the next EU unicorn, Millow has secured one of Europe’s largest and most competitive grants,” states Millow team. “A heartfelt thank you to the EU for recognizing Millow’s unique potential and our commitment to contributing to a healthy, tasty, and sustainable food system, while also enhancing food resilience and independence within the EU amidst global challenges.”
With this new funding, Millow is poised to expand its impact on the food industry, offering consumers healthier and more sustainable meat alternatives. The company’s innovative approach and commitment to sustainability position it as a leader in the growing market for plant-based foods.
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Read the orginal article: https://arcticstartup.com/millow-secures-e2-4m-eic-grant/
