MSM

Mustard Seed Maze (MSM) is an impact investment firm based in Lisbon, Portugal, established in 2018. As a joint venture between Mustard Seed and MAZE, MSM focuses on early-stage ventures in Europe, specifically targeting companies at the pre-seed to Series A stages. The firm is dedicated to supporting entrepreneurs who are committed to creating sustainable businesses that address significant social and environmental challenges. With a fund size of 45 million euros, MSM aims to empower brave founders who are devising innovative solutions to some of the world's most pressing issues.

Manuel Antunes

Investment Associate

Sofia Queiroz

Principal

33 past transactions

Biorce

Seed Round in 2024
Biorce is an innovating HealthAI startup committed to transforming drug development through the use of artificial intelligence.

UpLink

Venture Round in 2024
UpLink is a telecommunications company based in New York, founded in 2016 by Carlos Lei Santos and Andre Francisco. The company focuses on expanding connectivity through innovative software solutions that enable nearby devices to communicate without relying on traditional internet access. UpLink's platform utilizes a mesh network to facilitate offline networking, allowing users to share files, pictures, videos, and music seamlessly. The company is driven by the belief that connectivity is a fundamental human right and seeks to make the internet more accessible, inclusive, and affordable for everyone. By empowering users with tools to connect and share, UpLink aims to enhance opportunities for growth and collaboration in a connected world.

UpHill

Series A in 2024
UpHill is a digital health startup that specializes in clinical pathway software designed to integrate with existing hospital information systems. This software automates tasks and bridges gaps in patient care, allowing healthcare providers to gain a comprehensive view of patients' statuses throughout their healthcare journeys. By utilizing evidence-based knowledge, UpHill's platform helps health teams enhance patient outcomes and streamline processes. The company collaborates with leading healthcare providers and life science organizations across Europe to address care variability and fragmentation, ultimately improving both patient outcomes and hospital revenues. UpHill's mission is to ensure that healthcare professionals and patients can consistently deliver and receive optimal care.

Yurtle

Seed Round in 2024
Yurtle is an insurance technologies company based in London, United Kingdom, founded in 2021. It specializes in providing employee group insurance protection through an insurance-sponsored care management platform. Yurtle offers tailored insurance packages to employers, ensuring that their workers receive financial support in the event of illness or accident. The company also facilitates a caregiver exchange, allowing employees to share experiences and information, which helps them address concerns and make informed decisions. This service enables employees to access daily allowances or lump sum payments during emergencies, enhancing their financial security and peace of mind.

WNWN Food Labs

Series A in 2023
WNWN Food Labs is a fermentation food technology company focused on creating sustainable and ethical alternative ingredients. It specializes in developing a cacao-free, eco-friendly substitute for chocolate, offering consumers a guilt-free and harm-free option. By prioritizing sustainability, WNWN aims to provide delicious ingredients that contribute to healthier lifestyles while being better for the planet and its inhabitants.

GoParity

Seed Round in 2023
GoParity is an online savings and investment platform that uses a P2P business model to simplify investment and allow citizens and companies to get a decent return on their sustainable loans. Citizens and companies invest their funds in projects they believe in to generate economic, social and environmental impact. We are driving the transition towards a more sustainable and inclusive economic system, making investment in sustainable solutions accessible to all, from citizens to small enterprises. Join us @ www.goparity.com

Flecto

Venture Round in 2022
Flecto is the rental platform that makes businesses thrive in the circular economy.

tl;dv

Seed Round in 2022
tl;dv is a developer of a meeting productivity tool designed to enhance focus during meetings. Founded in April 2020 by Raphael Allstadt and Carlo Thissen in Köln, Nordrhein-Westfalen, the company's software facilitates the recording of remote meetings and highlights significant moments in real-time. This functionality enables teams to efficiently catch up on key points, saving time and ensuring that members remain informed about important discussions. By streamlining the meeting process, tl;dv aims to improve overall meeting effectiveness and participant engagement.

Maven Pet

Pre Seed Round in 2022
Maven is a SaaS pet tech startup that provides a personal vet to track the pet’s safety and health 24/7. It focuses on using technology to improve the quality of life for pets, as well as offering pet owners peace of mind and a way to keep track of their pet's safety, health, and well-being on a continual basis through their own personal veterinarian. It was started by the founders of Findster Technologies in 2021 and is based in the US and Portugal.

Sojo

Pre Seed Round in 2022
Sojo offers clothing repair and tailoring services in fashion industry.

Ivy Protocol

Pre Seed Round in 2022
Ivy is building the infrastructure to connect pre-certified environmental projects with funding and resources — quicker, reliably, and easier to manage.

Connect Earth

Pre Seed Round in 2022
Connect Earth, founded in 2021 and based in London, is an environmental data company focused on providing accessible sustainability information. The company has developed a carbon tracking API that enables users to understand the environmental impact of their purchases, offering detailed insights into carbon emissions and facilitating the calculation of carbon footprints. By partnering with financial institutions, Connect Earth empowers consumers to make informed, sustainable choices in their daily spending and promotes transparency regarding the climate effects of financial activities. The company's mission is to bridge the gap between environmental intent and actionable knowledge, thereby driving sustainable finance and helping both individuals and businesses reduce their carbon emissions.

Chatterbox

Pre Seed Round in 2022
Chatterbox is a corporate language learning platform that connects professionals with native language coaches who share similar professional backgrounds and interests. The platform focuses on providing active language practice, allowing engineers to learn Arabic from fellow engineers and aid workers to study French with medical doctors. Chatterbox's coaches are often displaced professionals who are underutilized in the labor market. The platform utilizes artificial intelligence to enhance online tutoring in various languages, including Mandarin, Arabic, Spanish, and French, with the aim of improving communication and cultural intelligence among corporate clients. Chatterbox was co-founded by a former refugee and is supported by notable investors, including BGV, All Turtles, and WeWork.

Your Juno

Seed Round in 2022
Your Juno is a financial education platform focused on empowering women and non-binary individuals by providing comprehensive resources about financial health. The platform offers workshops and educational content that cover various aspects of personal finance, addressing topics often overlooked in traditional education. By promoting an inclusive approach to financial literacy, Your Juno aims to enhance users' knowledge and confidence in managing their finances, regardless of their location or income level. Through its initiatives, the company strives to create a supportive environment where individuals can learn about money management and develop essential financial skills.

Knokcare

Series A in 2021
Knokcare is an app-based healthcare platform designed to streamline the connection between patients and medical professionals. It offers a comprehensive solution that includes AI chatbots for self-assessment, video consultations, and in-home doctor visits, all integrated within a single application. This approach enhances patient convenience and improves the efficiency of healthcare systems. The platform also ensures the security of patient records, allowing medical institutions and healthcare providers to deliver effective care. If a patient's condition is deemed serious, Knokcare facilitates a referral to a hospital for further treatment.

Clear

Venture Round in 2021
Intelligent, AI-driven programs help you manage a healthy lifestyle. Clear tracks nutrition, exercise, sleep and/or stress using biomarkers from wearables rather than just inaccurate activity tracking. Clear tells you what to do instead of just providing you with data. The app uses scientific use cases so you don’t have to guess and connects the dots between sleep, diet exercise and stress with no separate tracking.

UpHill

Seed Round in 2021
UpHill is a digital health startup that specializes in clinical pathway software designed to integrate with existing hospital information systems. This software automates tasks and bridges gaps in patient care, allowing healthcare providers to gain a comprehensive view of patients' statuses throughout their healthcare journeys. By utilizing evidence-based knowledge, UpHill's platform helps health teams enhance patient outcomes and streamline processes. The company collaborates with leading healthcare providers and life science organizations across Europe to address care variability and fragmentation, ultimately improving both patient outcomes and hospital revenues. UpHill's mission is to ensure that healthcare professionals and patients can consistently deliver and receive optimal care.

Vanilla Steel

Seed Round in 2021
Vanilla Steel is an independent digital platform based in Berlin that specializes in the sourcing and sale of excess steel and stainless materials. The platform facilitates online transactions for a variety of steel products, including semi-finished goods, overrolling materials, declassified items, and aged inventory. By connecting buyers directly with producers and processors across Europe, Vanilla Steel streamlines the purchasing process and enhances accessibility to excess metals. The founding team, comprised of four tech entrepreneurs with a collective 50 years of digital experience, is dedicated to addressing industry challenges through innovation and digitization.

GoParity

Pre Seed Round in 2021
GoParity is an online savings and investment platform that uses a P2P business model to simplify investment and allow citizens and companies to get a decent return on their sustainable loans. Citizens and companies invest their funds in projects they believe in to generate economic, social and environmental impact. We are driving the transition towards a more sustainable and inclusive economic system, making investment in sustainable solutions accessible to all, from citizens to small enterprises. Join us @ www.goparity.com

KETS Quantum Security

Series A in 2021
KETS Quantum Security Ltd specializes in developing solutions for secure communications utilizing quantum technologies. Founded in 2016 and based in Bristol, United Kingdom, the company offers quantum key distribution (QKD) and quantum random number generation (QRNG) to ensure future-proof, quantum-safe data transmission. Their innovations include a footprint chip designed for low power consumption, contributing to cost-effective and reliable quantum-secured communication systems.

IconoClass

Seed Round in 2021
IconoClass offers a four-month course in the area of ​​business development. The course is based on intensive practical learning with partner companies including, Doctolib, Deliveroo, Spendesk, and SumUp.

StudentFinance

Seed Round in 2021
StudentFinance is an educational financial services provider founded in March 2019 in Madrid, Spain, by Mariano Kostelec. The company focuses on success-based financing, primarily targeting students with technical skills who aspire to become software engineers, data analysts, or cybersecurity experts. Using artificial intelligence, StudentFinance analyzes market demand for specific skills and identifies gaps in the workforce, allowing them to select suitable candidates through a data-driven process. This enables individuals to pursue training and upskilling opportunities while offering flexible repayment options based on their future employment success. By prioritizing career advancement and job placement, StudentFinance aims to empower students to achieve their professional goals while managing their financial obligations effectively.

Kitch

Seed Round in 2021
Kitch, Unipessoal Lda is a restaurant based in Lisbon, Portugal, established in 2020. The company specializes in online food orders and delivery services, allowing restaurants to sell their dishes directly to customers. Kitch aims to empower restaurants by providing them with the tools to operate their online sales on their own terms, enhancing their reach in the competitive food delivery market.

Loctax

Seed Round in 2021
Loctax is a pioneering platform designed for collaborative tax compliance, risk management, and governance, specifically tailored for global in-house tax teams. By providing a centralized repository for tax-related data, the platform enhances collaboration on tax projects and simplifies the complexities of international tax regulations. It allows organizations to effectively manage compliance, audits, and transfer pricing while ensuring transparency and improved decision-making. Loctax aims to empower users to maintain control over their tax responsibilities, promoting efficiency and corporate social responsibility in an era increasingly focused on environmental, social, and governance (ESG) criteria.

tl;dv

Pre Seed Round in 2021
tl;dv is a developer of a meeting productivity tool designed to enhance focus during meetings. Founded in April 2020 by Raphael Allstadt and Carlo Thissen in Köln, Nordrhein-Westfalen, the company's software facilitates the recording of remote meetings and highlights significant moments in real-time. This functionality enables teams to efficiently catch up on key points, saving time and ensuring that members remain informed about important discussions. By streamlining the meeting process, tl;dv aims to improve overall meeting effectiveness and participant engagement.

Outmind

Pre Seed Round in 2020
Outmind is a French company founded in 2019, specializing in developing a search engine that enhances data accessibility within organizations. The platform integrates seamlessly with various internal tools, enabling users to search for and retrieve relevant information, such as emails and documents, efficiently. By leveraging artificial intelligence, Outmind facilitates the organization and categorization of institutional knowledge, allowing teams to enhance productivity. Users can not only access vital information but also identify subject matter experts and improve their reference materials, thereby fostering a more informed and collaborative work environment.

Knokcare

Seed Round in 2020
Knokcare is an app-based healthcare platform designed to streamline the connection between patients and medical professionals. It offers a comprehensive solution that includes AI chatbots for self-assessment, video consultations, and in-home doctor visits, all integrated within a single application. This approach enhances patient convenience and improves the efficiency of healthcare systems. The platform also ensures the security of patient records, allowing medical institutions and healthcare providers to deliver effective care. If a patient's condition is deemed serious, Knokcare facilitates a referral to a hospital for further treatment.

Kitch

Pre Seed Round in 2020
Kitch, Unipessoal Lda is a restaurant based in Lisbon, Portugal, established in 2020. The company specializes in online food orders and delivery services, allowing restaurants to sell their dishes directly to customers. Kitch aims to empower restaurants by providing them with the tools to operate their online sales on their own terms, enhancing their reach in the competitive food delivery market.

Omocom

Seed Round in 2020
Omocom AB is a Stockholm-based company that specializes in providing micro-insurance products and services tailored for the sharing and renting economy. Founded in 2017, Omocom develops customized insurance solutions that are seamlessly integrated into digital platforms, simplifying and automating the insurance process for users. The company's offerings include short-term micro-insurance policies designed to accommodate both short and long-term needs, allowing clients to optimize resource utilization in a sustainable manner. By leveraging financial algorithms, Omocom ensures that its insurance solutions are adaptable to various purchasing processes, thereby enhancing the overall experience for users engaged in sharing, renting, and re-using activities.

Rnters

Pre Seed Round in 2020
Rnters is an online rental marketplace of everyday items that allow users to save money and profit from underutilized assets. Rnters is an online rental market that allows anyone to sell and invest in their unused items. Through Rnters anyone will have access to more than 3,000 unique items anytime at a fraction of the buying cost. The company is headquartered in Lisboa, Portugal and was founded by Guilherme Guerra in 2016.

Valuebeat

Seed Round in 2020
Valuebeat is an innovative HR and recruitment technology company that offers a software-as-a-service (SaaS) platform focused on enhancing employee satisfaction and retention. The platform enables organizations to accurately measure and analyze the alignment between individual values and company culture, facilitating informed, data-driven decisions. By mapping employee values, Valuebeat helps businesses improve cultural alignment, leading to better outcomes and a more cohesive workplace environment. The company's approach aims to prevent dissatisfaction among employees and foster a positive organizational culture that aligns with their values.

StudentFinance

Seed Round in 2019
StudentFinance is an educational financial services provider founded in March 2019 in Madrid, Spain, by Mariano Kostelec. The company focuses on success-based financing, primarily targeting students with technical skills who aspire to become software engineers, data analysts, or cybersecurity experts. Using artificial intelligence, StudentFinance analyzes market demand for specific skills and identifies gaps in the workforce, allowing them to select suitable candidates through a data-driven process. This enables individuals to pursue training and upskilling opportunities while offering flexible repayment options based on their future employment success. By prioritizing career advancement and job placement, StudentFinance aims to empower students to achieve their professional goals while managing their financial obligations effectively.
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