1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator program is a flagship initiative of the European Innovation Council (EIC) aimed at supporting startups and small to medium-sized enterprises (SMEs) engaged in groundbreaking innovations, particularly in the DeepTech sector. This program is designed to facilitate the scaling of high-potential companies by providing both financial and business support. The EIC Accelerator is distinctive for its blended finance model, which combines grants and equity investments, thereby enabling companies to access substantial funding to develop and commercialize their innovations.

Funding Structure

The EIC Accelerator offers funding through two main components: grants and equity investments.

Purpose and Impact

The EIC Accelerator plays a critical role in the European DeepTech and startup ecosystem by facilitating innovation and fostering the growth of high-impact companies. It aims to bridge the financing gap that many startups face, especially those engaged in developing disruptive technologies. By providing substantial funding and business support, the EIC Accelerator empowers companies to scale their operations, attract additional private sector investment, and successfully navigate the competitive landscape of their respective industries.

The program not only enhances the visibility of innovative startups but also encourages collaboration with industry partners, investors, and research institutions. This holistic approach increases the chances of success for emerging technologies and contributes to the overall competitiveness of the European economy.

Case Study: Millow AB and the MEATLOW Project

Company Overview: Millow AB, a Swedish startup, emerged as a winner of the EIC Accelerator program with its innovative project, MEATLOW. The company specializes in the development of sustainable food alternatives, focusing on hybrid mycelium-plant meat analogues.

Project Description: The MEATLOW project revolves around Millow's patented dry fermentation technology, which enables the cost-effective and highly nutritious production of hybrid meat analogues. This technology leverages the unique properties of mycelium, the root structure of fungi, combined with plant materials, to create meat substitutes that are not only environmentally sustainable but also rich in protein and other essential nutrients.

Technology Background

The core of Millow's innovation lies in its dry fermentation process. Unlike traditional fermentation methods that often require significant water and energy inputs, Millow’s approach utilizes a streamlined process that minimizes resource consumption while maximizing nutritional output. Mycelium serves as a versatile substrate that can be cultivated on organic waste materials, thereby contributing to circular economy principles.

The resulting hybrid meat analogues from the MEATLOW project boast several advantages:

• Nutritional Value: The products are designed to have a high protein content, making them a suitable alternative to conventional meat products.
• Sustainability: By utilizing mycelium and plant-based sources, the production process reduces the overall environmental footprint associated with meat production, including greenhouse gas emissions and land use.
• Versatility: The hybrid meat analogues can be formulated to mimic various textures and flavors found in traditional meat products, appealing to a broad consumer base.

Millow’s innovative approach positions it at the forefront of the alternative protein sector, tapping into growing consumer demand for sustainable food options. The support from the EIC Accelerator will enable Millow to scale its operations, enhance its technology, and expand its market reach, ultimately contributing to a more sustainable food system in Europe and beyond.

In summary, the EIC Accelerator not only provides critical financial resources but also fosters an ecosystem where innovative companies like Millow AB can thrive, paving the way for transformative advancements in the food industry and beyond.

2 The Funding Rounds

Financing Raised

Millow AB, a Swedish startup developing mycelium-based meat alternatives, has secured significant financing following its success in the EIC Accelerator program. As of July 2024, Millow was awarded €2.4 million in grant funding from the European Innovation Council (EIC) Accelerator Blended Finance scheme. This grant is among Europe’s most competitive and substantial for innovative startups.

The EIC Accelerator award also unlocked an additional investment opportunity: Millow is now eligible for up to €15 million in equity investment from the European Investment Bank (EIB), with potential to attract a further €15 million from private investors. This positions Millow for total possible new financing of up to €32.4 million when combining grants and prospective investments.

Prior to this, Millow received SEK 299,960 (approximately €26,000–€27,000) from Vinnova—Sweden’s government innovation agency—for project preparation leading up to its EIC application during July–October 2023.

Funding Rounds

• November 2023: Preparation funding of SEK 299,960 (~€27k) from Vinnova.
• February/March 2024: Results published for the November 8th EIC cut-off; Millow selected as one of only ~42 companies across Europe receiving blended finance support.
• July/August 2024: Public announcement and disbursement of:
• €2.4 million non-dilutive grant via EIC Accelerator.
• Additional eligibility for up to €30 million in combined equity investment opportunities (€15M EIB + €15M private investors).

No other formal venture rounds or major third-party fundraising events have been reported since these awards.

Timing and Amounts

Date	Type	Amount	Source
Jul-Oct 2023	Public Grant	~€27k	Vinnova
Nov 8, 2023	EIC Application Cut-off	—	—
Feb/Mar/Jul/August24	EU Grant & Equity Opportunity	Up to €32.4M	EIC (€2.4M grant), plus potential equity

The public announcement about winning was made between late July and early August; results were formally communicated earlier in spring/summer as part of the Horizon Europe/EISMEA process.

Investor Information

At present: - Primary institutional backers are EU agencies—the European Innovation Council (grant via Horizon Europe/EISMEA) and potentially the European Investment Bank.

Private investor participation remains prospective; exact names have not been disclosed but discussions are ongoing about raising matching funds alongside public capital injection.

Investor sentiment suggests that before further private rounds or larger financings occur beyond current commitments, Millow needs to scale production significantly—from current pilot-scale (~7 kg/day) toward commercial output (>480 kg/day).

Company Valuations

No explicit company valuation figures have been published since receiving these financings. However:

Being described as “the next EU unicorn” indicates expectations that future valuations could surpass $1 billion if full scale-up targets are met and market adoption follows projections.

Given typical terms for blended finance schemes like those under Horizon Europe’s EIC Accelerator—where initial grants are non-dilutive but follow-on equity may be provided at negotiated valuations—precise valuation data will likely emerge after subsequent private or institutional equity rounds close.

Exit Events (IPO/Acquisition)

As of May 2025:

• There has been no IPO or acquisition involving Millow AB.
• The company remains privately held with strategic plans focused on scaling manufacturing capacity through bioreactor deployment by end-of-2026 before considering exit options such as IPO or buyout offers.

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Summary:
Since winning the November 8th cut-off round of the highly selective EU-backed accelerator program in early/mid-2024, Millow AB has raised a total package comprising a confirmed non-dilutive grant (€2.4m), eligibility for substantial new investments via both public bank capital (€15m) and matching private funds (€15m). These infusions position it well ahead of most regional foodtech peers but do not yet indicate any completed exits or publicly disclosed post-round valuations.

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Sources:

• EU Funding & Tenders Portal - Project Details
• Millow Has Received The Eic Accelerator Blended Finance!
• Millow Receives €2.4m In Funding From The European Innovation Council
• Swedish Startup Lands €2.4 Million Grant To Boost Production Of Innovative Meat Alternatives

-Millow Accelerator Preparation Project - Vinnova

3 The Press Releases

Millow AB's EIC Accelerator Breakthrough and Strategic Advancements

Swedish food-tech innovator Millow AB, renowned for its minimally processed mycelium-based meat alternatives, secured blended finance through the European Innovation Council (EIC) Accelerator in 2024 following its November 8, 2023, application. The funding includes a €2.4 million grant and access to up to €15 million in equity co-investment from the European Investment Bank (EIB), contingent on matching private capital.

Key Highlights

• Funding Utilization: Millow aims to scale production from 7 kg/day to 480 kg/day using its patented MUTE (Mycelium Utilized Texture Engineering) technology, targeting TRL8 advancement by 2026.
• Technology Edge: The company’s dry fermentation process reduces water and energy consumption compared to competitors like Quorn while avoiding synthetic additives.
• Market Impact: Plans include expanding into Europe’s meat substitute market with products emphasizing sustainability and nutritional quality.

Recent Developments

In July 2024, Millow announced its EIC Accelerator success via a blog post titled "Millow has received the EIC Accelerator Blended Finance!" on millow.co. The post highlights collaborations with consultants at Nordic Innovators for proposal development and emphasizes ambitions to enhance EU food resilience amid global supply chain challenges. No recent patents or team changes were explicitly disclosed in available materials.

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Sources

• Unveiling the Latest EIC Accelerator Results: A Comprehensive Analysis
• Millow has received the EIC Accelerator Blended Finance!
• Minimally-processed alt meat startup Millow nets $2.6m EIC grant

Press Release Structure Notes (Based on Analyzed Content)

While no formal press release template is visible on millow.co, their announcement aligns with standard elements:

For distribution strategy insights: Social media posts leveraged celebratory language ("next EU unicorn") without multimedia elements visible in shared excerpts.

4 The Technology Advancements

Overview of Millow AB

Millow AB is a Swedish company pioneering the production of mycelium-based meat substitutes. The company leverages a patented technology called MUTE (Mycelium Utilized Texture Engineering), which enables the creation of dynamic textures in meat alternatives without using food binders or starches. This approach results in products with a meaty texture and taste, offering a significant improvement over traditional plant-based alternatives like soy or pea-based options.

Advancements Since Receiving EIC Accelerator Funding

Following the receipt of EIC Accelerator funding in November 2023, Millow AB has continued to advance its technology and market presence. The company has secured additional grants, including a €2.4 million grant from the European Innovation Council (EIC) in July 2024, which unlocks further investment opportunities. This funding supports Millow's vision of developing cleaner, less processed, and more sustainable alternatives to meat.

Technological Improvements

Millow's production process is based on a controlled environment fermentation system, known as the S-unit technology. This modular approach allows for efficient scaling while minimizing energy and water usage—only one-third of the energy and 2.3% of the water compared to traditional submerged fermentation methods. The company aims to enhance its technology further by integrating new elements of science in fermentation, which they believe will be a game-changer in mycelium growth.

Market Demonstrations and Partnerships

Millow plans to target the food service industry, with products capable of being shipped fresh or frozen to food producers or sold directly to consumers. They have signed agreements with major food manufacturers and plan to launch co-developed products initially in the Nordic market, with larger volumes expected in 2026. The company has also received approval from the Swedish National Food Agency to produce and distribute its products.

New Features and Patents

While specific new features have not been detailed, Millow has filed new patent applications to protect its technology advancements. This suggests ongoing innovation in their mycelium-based product development.

Scientific Studies and Clinical Trials

There are no specific mentions of new scientific studies or clinical trials conducted by Millow since the funding. However, their products have been highlighted for their potential to combat environmental challenges by reducing emissions—97% fewer than beef and 80% fewer than soy-based alternatives.

Conclusion

Millow AB has made significant strides in advancing its mycelium-based meat substitutes, leveraging its innovative fermentation technology to improve sustainability and nutritional value. The company's recent funding and strategic partnerships position it well for further growth and expansion into global markets.

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Sources: - Millow | Purest Meat Analog Ever | 100% Natural & Healthy

• MILLOW AB — from Sweden, experience with Horizon Europe
• Swedish startup Millow seeking to raise €6.3M to popularise meat substitutes
• Millow Awarded €2.4M EU Grant to Scale Whole Food Mycelium-Oat Alternatives
• The World's Largest Environmental Award, The Food Planet Prize
• Minimally-processed alt meat startup Millow nets $2.6m EIC grant
• Millow: Mycelium and oats make 'completely new' protein for alternative meat products
• Millow has received the EIC Accelerator Blended Finance
• Millow - Startup profile - Investment data - Vevolution

5 The Partnerships and Customers

Millow AB's Strategic Partnerships and Market Positioning Post-EIC Accelerator Funding Swedish alt-meat innovator Millow AB has secured strategic partnerships to advance its minimally processed mycelium-based products, though specific customer names remain undisclosed due to NDAs. The company collaborates with large Nordic food manufacturers to co-develop SKUs like plant-based mince and meat-free "bites," targeting retail launches in 2024–2026. These partnerships focus on B2B supply agreements where Millow’s branding will appear on finished products, positioning it as a premium ingredient supplier rather than a traditional commodity provider.

Millow’s controlled-environment fermentation technology, developed with the University of Borås and RISE Research Institutes, uses modular units to reduce water (2.3% vs. competitors) and energy consumption (one-third of traditional methods). The EIC Accelerator grant (€2.4M) and potential €15M equity injection will fund automation of their MUTE (Mycelium Utilized Texture Engineering) platform, aiming for TRL8 readiness by 2026.

New facility plans near Gothenburg will scale production to 20,000 tons annually by leveraging smaller, contamination-resistant fermentation units—a design enabling rapid replication globally through joint ventures. Discussions with non-European companies suggest future international expansions once Nordic operations stabilize.

By prioritizing profitability-focused scaling, Millow avoids the financial pitfalls seen in earlier alt-protein ventures. Its patent-protected strains and oat-mycelium blends—already approved by Swedish regulators—reduce market-entry risks compared to novel-food applicants.

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Sources

• Minimally-processed alt meat startup Millow nets $2.6m EIC grant
• Millow: Mycelium and oats make 'completely new' protein
• Mycelium + oats = Millow: Swedish startup emerges from stealth
• Millow Secures Funding - Nordic Innovators

6 The Hiring and Company Growth

Millow AB: Team Growth and Scaling Post-EIC Accelerator Funding Swedish alt-meat startup Millow, known for its mycelium-oat meat alternatives, has leveraged its 2023 EIC Accelerator success and subsequent €2.4 million grant (awarded July–August 2024) to accelerate production scaling. While specific headcount figures remain undisclosed, the company reported a 15-member team in early 2023 during its emergence from stealth mode.

Key Developments in Team Structure

• Leadership Evolution: CEO Esmaeil Taherzadeh is transitioning focus to production as the company recruits a new CEO post-funding round. CFO Saijad Taherzadeh remains involved in expansion efforts.
• Strategic Hiring: Millow’s partnership with a major Nordic manufacturer for retail product launches (planned by 2025) likely necessitates roles in operations, R&D, and supply chain management.
• Expert Collaboration: The involvement of branding expert Rob Janoff (Apple logo designer) signals emphasis on market positioning as products scale globally.

Growth Trajectory Post-Funding
The EIC grant supports Millow’s plan to expand annual production capacity to 20,000 tons via larger facilities beyond its Gothenburg pilot plant. This scaling aligns with their patented MUTE technology for texture engineering and clean-label formulations using non-novel fungal strains approved by Swedish food authorities. While current hiring specifics are unconfirmed, the company emphasizes low-energy production models requiring compact teams relative to output volume—a factor critical for cost-efficient growth amid rising energy prices.

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Sources

• Swedish startup lands €2.4 million grant
• Millow Awarded €2.4M EU Grant

7 The Media Features and Publications

Overview of Millow AB

Millow AB, a Swedish food tech company, has gained prominence in the alternative protein sector with its innovative mycelium-based meat substitutes. Since receiving funding from the EIC Accelerator in November 2023, Millow has continued to expand its operations and visibility.

Media Features and Publications

Millow has been featured in several publications, including Dagens Industri and Sifted. These articles highlight Millow's use of mycelium to create a vegan alternative that promises a more authentic meat taste without the "off" flavors associated with other plant-based products. The company's technology, known as MUTE (Mycelium Utilized Texture Engineering), allows for dynamic texture in its products, making them versatile for various culinary applications.

Podcasts and Interviews

There is no specific information available about Millow AB participating in podcasts or interviews. However, the company's emphasis on innovation and sustainability might attract interest from media outlets and podcasts focused on food technology and environmental issues.

Conference and Fair Visits

While there is no detailed information on Millow's participation in specific conferences or fairs, the company's strategic partnerships and funding from European programs suggest active engagement with industry events. Millow's involvement in the Horizon Europe program indicates its presence in European innovation circles.

Events Involvement

Millow's growth strategy includes targeting the food service industry and partnering with large food manufacturers. This approach likely involves participation in industry events to showcase its products and build partnerships. However, specific details about event participation are not available in the current literature.

Funding and Expansion

Millow received a €2.4 million grant from the European Innovation Council (EIC) Accelerator and is eligible for up to €15 million in equity funding. This support will help Millow scale its production and expand its market presence, particularly in the Nordic region.

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Sources: - Millow | Purest Meat Analog Ever

• MILLOW AB
• Swedish startup Millow seeking to raise €6.3M
• Millow - Products, Competitors, Financials, Employees
• Millow Accelerator Preparation project