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The Venture Codex

Mudcake

Stockholm, Stockholms Lan, Sweden

Overview

Mudcake (formerly Trellis Road) is a microfund run by ex-founders dedicated to making the world a better place for the next generation. We invest in the strongest founders shaping the way we produce, distribute and consume food. Our typical ticket is $200k-$600k in pre-seed and seed rounds globally. So far, our portfolio includes 20+ startups on 4 continents.

Total investments
17
Lead investments
1
Investments · 12mo
2
Active investors
2
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Investment portfolio

  • Amatera

    Participated · Seed · Mar 2026

    Founded in 2022 by Omar Dekkiche and Lucie Kriegshauser, PhD, Amatera is developing a high-throughput breeding platform that screens individual plant cells in culture to identify desirable genetic variations before regenerating them into full plants. This approach eliminates the costly and time-consuming step of growing all candidate plants, cutting the development cycle for new varieties of perennial crops such as coffee and wine grapes from decades to a few years. The company induces spontaneous, non-GMO genetic variation and then sequences and analyzes the resulting cell lines with robotics and AI to pinpoint traits like disease resistance, climate resilience, and flavor. Early candidates include a “Robustica” coffee combining Robusta resilience with Arabica taste, a naturally caffeine-free Arabica line, and wine grapes resistant to downy mildew and black rot. Amatera licenses finished varieties for perennial crops while offering its platform to seed companies working on annual row and vegetable crops. Proceeds from its latest funding will help scale the technology and secure additional commercial partnerships.

  • Messium

    Participated · Seed · Sep 2025

    Messium combines hyperspectral satellite data, crop growth models, and proprietary AI analytics to provide weekly, field-specific nitrogen and crop-health recommendations. Its platform ingests satellite imagery alongside weather, soil, and farm management data to generate actionable fertiliser guidance. The company reports trials across Europe and Australia using more than 13,000 lab-validated crop samples and is delivering results to over 75 farms in the UK and Europe; its trials found over 50% of fields were incorrectly fertilised. Messium says its technology can boost yields, cut input costs and reduce emissions by eliminating fertiliser guesswork. The business recently secured a €3.8M Seed investment to accelerate commercial rollout, scale its data and analytics infrastructure, and grow its team and partner network. Messium plans to expand in the UK, Europe and Australia and is preparing for a Series A to support further international expansion and technology development.

  • Agteria Biotech

    Participated · Seed · Feb 2025

    Agteria Biotech is a Swedish startup founded in 2023 developing a patent-pending molecule that significantly reduces methane emissions from cattle. The company positions its solution as scalable, low-cost, and offering the highest methane reduction per euro. Agteria has demonstrated high efficacy in several in-vivo trials and has attracted interest from beef and dairy companies as well as animal feed companies. The team’s stated goal is to contribute to a 1 percent reduction in global greenhouse gas emissions by targeting enteric methane. The new €6 million seed financing will support advancement toward regulatory approval and essential safety studies for animals, consumers, and the environment. Leadership emphasizes safety, scalability, and affordability as core priorities. Agteria Biotech is developing a patent-pending enzyme-blocking feed additive aimed at reducing methane emissions from cattle. The product is based on research from the Royal Institute of Technology (KTH) and the company says it is nearly 100 times more affordable than red seaweed. Agteria is collaborating with world-class universities and regulatory authorities to validate efficacy and safety, and has secured letters of intent with several large European players. The startup is conducting in-vivo studies and working on production scaling with a target of commercial sales by 2026. Financially, Agteria recently closed a €1.4M pre-seed round led by Norrsken Launcher to advance development and commercialization efforts.

  • hexafarms

    Participated · Seed · May 2024

    hexafarms develops a SaaS platform that harvests data and leverages AI and machine learning to monitor, control, and optimize commercial greenhouses and vertical indoor farms in real time. Its models can forecast crop yield four to eight weeks in advance with accuracy as high as 95%. Over the last six months the company has tracked more than 40 hectares of commercial greenhouses with its software. hexafarms says its AI can unlock nearly 30% in variable cost and loss savings by catering to individual plant needs. Led by founder and CEO David Ahmed, the company intends to use the funding to further develop its AI/ML capabilities and expand its research and development team. Its stated vision is to empower farms across the globe to run as efficiently as possible.

  • OlsAro

    Participated · Seed · Apr 2024

    OlsAros is an AI-enabled crop-breeding platform that is initially focused on developing climate-resilient wheat. The company leverages a proprietary tech platform to accelerate discovery of crops that can thrive in challenging climate conditions. Management says the product work is intended to boost food security and resilience in the global food system. The €2.5 million seed financing will be used to expand the company’s geographical reach and to further refine its platform. The announcement was made on LinkedIn by CEO Elén Faxö; no operating metrics were disclosed in the post.

Team