Veganz Doubles Down on FoodTech Future with Mililk Spin-Out and €30M Exit

Courtesy: Veganz

After several turbulent years, Berlin-based Veganz Group AG is laying the groundwork for a foodtech resurgence. The company has spun off its 2D-printed dairy alternative brand Mililk into a separate entity, Mililk FoodTech GmbH, and secured fresh capital through the €30 million sale of its indoor farming subsidiary OrbiFarm. The moves pave the way for strategic investors to join in Q3, with a targeted pre-money valuation of €80 million and a new chapter unfolding for one of Europe’s earliest plant-based pioneers.

Mililk, formerly a product brand within the Veganz portfolio, is now positioned as a standalone technology platform. It will focus on developing and licensing IP, manufacturing processes, and product distribution for shelf-stable plant-based beverages and beyond. Its centrepiece is the patented Mililk® process—a form of industrial 2D printing that screen-prints fermented oat paste into thin, dry sheets. These can be mixed with water to recreate oat milk without refrigeration or excess packaging, offering a lightweight, long-shelf-life format with significantly reduced environmental impact. Veganz claims the method cuts packaging by 94%, weight and volume by 85%, and CO₂ emissions by up to 90%.

The technology, originally licensed from US startup Vitiprints, first entered the market in 2023 under the Mililk brand. Its reception has been strong enough to justify the new corporate structure and a global growth plan. “In view of the enormous market potential for our Mililk technology platform, we are currently only scratching the surface,” said Anja Brachmueller, Veganz Group COO and now CEO of Mililk FoodTech. “The initial order forecast from North America makes it imperative for long-term investors to come on board so that we can build up production capacity as quickly as possible to meet the high demand.”

That demand is not theoretical. Veganz has already secured partnerships with Jindilli Beverages (maker of Milkadamia), Lassonde Industries, and Develey, giving Mililk access to distribution in North America, Europe, Australia, and New Zealand. A U.S. production site with the capacity to produce over 60 million liters of product annually has been identified and is expected to begin operation by early 2026. Meanwhile, six additional facilities are being planned across Europe. In the near term, Veganz’s Ludwigsfelde plant is being upgraded to increase capacity from 3 million to 11.5 million liters per year.

Mililk’s spin-out is part of a wider restructuring effort at Veganz, which has faced shrinking sales since peaking at €30.4 million in 2021. Revenues dropped by more than 30% in both 2023 and 2024, reaching a low of €10.8 million. However, the group anticipates a rebound in 2025, forecasting 22.5% growth and citing stronger EBITDA performance and increased output from its own production lines.

© Veganz

The €30 million sale of OrbiFarm—a high-tech indoor agriculture platform developed with the Fraunhofer Institute—is key to that turnaround. The deal also solves a structural hurdle: certain investors were unable to back Veganz so long as core technologies were housed in subsidiaries of a listed company. By spinning out both Mililk and OrbiFarm, Veganz opens itself to a broader pool of strategic capital. Investor talks are reportedly well advanced, with participation expected between €10–20 million. The group will retain majority ownership of Mililk after the transaction.

“With our five new business units—Veganz, Mililk, Happy Cheeze, Peas on Earth, and OrbiFarm—we are clearly positioned for the future and, assuming financing, will be able to meet the high market demand in 2025,” said founder and CEO Jan Bredack earlier this year. The company has also issued a €7.5 million capital increase, which saw strong interest from major shareholders and will help fund near-term expansion.

Mililk enters a crowded but fast-evolving market for alt-dairy and beverage innovation. Companies like NotCo, Betterland Foods, and Formo are exploring precision fermentation, while others like Remilk and Imagindairy are focused on animal-free dairy proteins. What sets Mililk apart is not just its oat-based foundation, but its format: shelf-stable, ambient, and radically optimized for logistics and emissions. In that respect, it positions itself more as a sustainable infrastructure play than a pure food brand—something that may appeal to climate-tech VCs and impact investors more than traditional CPG backers.

Still, challenges remain. Licensing adoption at scale, consumer education around the printed format, and regulatory paths in new markets will all test the agility of the young company. But the decision to separate Mililk into its own vehicle suggests a longer-term ambition to grow beyond the shadow of its parent company—and possibly, one day, surpass it.

With cash in hand, partners at the ready, and infrastructure plans on two continents, Veganz is clearly betting that its best days lie not in the refrigerated aisle, but in a new paradigm of food tech manufacturing—flat, efficient, and printed to order.