The Venture Codex Logo

The Venture Codex

Mustard Seed Maze

Rua do Vale Formoso, n.º 94, 5.º esq., Lisboa, 1950-284, Portugal

Overview

MSM is a 45M€ early-stage impact VC fund. We invest in brave founders solving the world’s biggest social and environmental challenges.

Total investments
32
Lead investments
13
Investments · 12mo
1
Active investors
6

Sector focus

  • Financial Services
  • Impact Investing
  • Sustainability
  • Venture Capital
Visit website

Investment portfolio

  • Biorce

    Participated · Series A · Feb 2026

    Biorce develops Aika, an AI-native platform trained on roughly one million historical clinical trials to predict risks, reduce errors, and minimize costly protocol amendments. By shortening preparation timelines and limiting amendments that can each add €500,000–€1 million and six weeks of delay, the company aims to make clinical research faster, more reliable, and more accessible. Aika is already used in oncology, neurology, and rare-disease studies and is intentionally therapy-agnostic so it can scale across diverse programmes. Backed by more than $60 million in total funding, Biorce plans to grow its workforce and open a development and R&D hub in Austin, Texas to support U.S. customers. The roadmap through early 2026 includes expanding Aika’s protocol-intelligence engine and rolling out new modules for contract management, negotiation, budget planning, and operational execution. These enhancements are designed to further improve trial efficiency and accelerate patient access to new therapies.

  • WNWN Food Labs

    Participated · Series A · Jul 2025

    Founded in 2021, WNWN Food Labs (branded Win-Win) has developed patented fermentation technology that turns ingredients such as rice and carob into chocolate-like products that look, melt, taste and snap like traditional chocolate. The company’s cocoa-free formulations use up to 80 % less water and generate 82 % fewer CO2e emissions than conventional chocolate, directly addressing deforestation, climate-driven yield declines and other ethical issues in the cacao supply chain. Win-Win applies classic chocolate-making steps—roasting, grinding, refining and tempering—to its alternative base, enabling seamless substitution in pastries, cookies, coatings, desserts and more. Its portfolio currently includes award-winning vegan “M.lk” and dark varieties and has secured a distribution partnership with Martin Braun-Gruppe for the DACH region. With growing demand from manufacturers, food-service providers and retail, the startup plans to scale UK production and enter major European markets. To date, the company has raised £8 million in equity financing to fuel team growth, new product lines and continental expansion.

  • GoParity

    Participated · Equity · May 2025

    Goparity operates a crowdlending platform that channels capital to sustainable projects across almost 20 countries on three continents. Since its 2017 founding it has lent more than €45 million through the platform and in 2024 reported €1 million in revenue for the first time. Projects financed via Goparity have helped prevent over 30,000 tonnes of CO₂ emissions per year, supported the creation of more than 4,700 jobs and had a direct positive impact on around 86,000 people. The company combines institutional investment with retail equity crowdfunding, having twice opened rounds to its investor community via Crowdcube. In its latest community round it gathered more than 800 private investors who contributed €470,000. Goparity plans to grow its investor community mainly in Europe and Canada while reinforcing its presence in South America and other parts of the Southern Hemisphere. Founded in 2017 and based in Lisbon, Goparity runs a 'green bank' fintech marketplace that matches impact-driven projects seeking funding with people who want to invest in sustainability. The platform aims to democratize access to sustainable finance by combining institutional backers with community ownership via equity crowdfunding. Goparity has attracted more than 30,000 users across over 70 countries and reported about €10.4 million invested through its platform in 2022 while doubling turnover that year. Its reported projects have impacted nearly 200,000 people, created 7,000 jobs and helped avoid over 23,000 tonnes of CO2 emissions. The company highlights a community-led approach—€600k of the latest raise came from platform users and 69% of crowdfunding participants were aged 18–40. Goparity intends to use the new capital to expand across Europe and North America (notably Spain and Canada) and to develop new financial products. Founded in 2017 and headquartered in Lisbon, GoParity operates an impact finance platform that lets users invest in projects across sectors such as renewable energy, electric mobility, sustainable aquaculture, eco-fashion, health and education. The platform has gathered a community of 24,000 users and has funded about 200 impact projects across Europe, South America and Africa. GoParity recently launched an equity crowdfunding campaign on Crowdcube that hit its €1.2 million target in one hour and is now accepting overfunding and community shareholders. The company has raised over €1.2 million to date from private investors, including Mustard Seed Maze and Critical Software, as well as business angels, backers and prizes. After launching a new app last month, GoParity plans to expand across Europe and Canada, add new savings and investment products, and grow its team in marketing, development, risk and operations. The firm positions itself to democratize sustainable finance by inviting customers and partners to become shareholders and influence the company’s future.

  • Samara

    Led · Series A · Sep 2024

    Samara offers end-to-end home energy services including solar panels, batteries, electric vehicle chargers and aerothermal/heat-pump solutions, backed by proprietary software and in-house engineering and installation teams. The company emphasizes a simplified, customer-focused experience and reports a 4.9/5 Google rating. It operates logistics centers in Madrid and Barcelona and covers 74% of Spain’s national geography, aiming to operate throughout Spain by 2024. Samara says it achieved an eightfold increase in turnover in 2023 by providing comprehensive installation services and is working to incorporate additional renewable technologies into its product portfolio. The company claims its solutions can deliver up to 70% savings on energy bills versus traditional alternatives. Future plans include further national expansion, continued development of its technological platform, and boosting adoption of heat pumps and other green-heating technologies. Samara offers an end-to-end service for residential solar installations, handling permitting, procurement, project management and installation through a hybrid mix of in-house teams and third-party partners. The company also sells home batteries and electric vehicle chargers and is focused on increasing attachment rates for these add-ons. Since launching in June 2022 in Spain, Samara has supported more than 1,700 families and now operates across roughly 75% of Spanish territory. The startup emphasizes optimizing the customer journey via a proprietary offer builder and an online quoting flow. Samara positions its marketplace as a way to partner with more than 1,000 small local installers and expand reach while improving installers’ revenue. Financially, the company has raised a total of €15.5 million since 2022, including a recent Series A. Samara is a solar energy company based in Madrid, Spain, that accompanies households in their energy transition toward a sustainable model. Launched in June 2022, it offers solar energy services including solar panels, batteries, and electric vehicle chargers. Samara uses software to create a holistic, customer-centric solution, including 3D design previews of installations, energy-savings calculations, and CO2 reduction estimates. The company is led by Iván Cabezuela (former Country Manager of Bulb in Spain and ex-Amazon and Uber) and Manel Pujol (former Country Manager of Uber Eats and Alan in Spain). Samara raised €4.5M in a Seed funding round led by Seaya and Pelion Green Future. It intends to use the funds to continue recruiting talent and developing proprietary digital tools to help residential customers adopt solar and other clean technologies. Samara develops technology and digital tools to simplify the process for households to install solar systems, batteries and EV chargers and to manage their energy usage. The company is building an online configurator and 3D design proposals so customers can see panel placement and savings, and plans an installer management app to work with third-party installers. Samara closed €2 million in pre-seed funding to develop its product and launch in its home market. The founders point to an underdeveloped Spanish residential solar market (around 70,000 installations versus some 1.5 million in Germany) with roughly 6 million households and about 1,000 residential installers, leaving a large portion of the market untapped. The article cites typical costs of about €7,000 for a solar system, €4,000 for a battery and €1,500 to include an EV charger, with typical savings of 50–70% on electricity bills. The co-founders bring operating experience from Amazon, Uber Eats, Bulb and Alan and emphasise expanding the installer network and building energy-management technology as they scale.

  • UpLink

    Participated · Equity · Apr 2024

    Uplink builds DePIN tools and solutions that decentralize physical network infrastructure to expand internet connectivity for individuals and businesses. Its system enables both individuals and companies to become Providers who install hardware and earn financial incentives, creating a self‑sustained, infinitely scalable network. The company combines hardware and Web3 technologies to decentralize operational responsibilities and financial incentives, aiming for optimal uptime and cost‑effective coverage driven by demand. Uplink has collaborated with incumbents such as Ericsson and global utilities including Deutsche Telekom, EDP Portugal, and E.ON. Led by CEO Carlos Lei and based in New York City, the company recently raised $10M and plans to use the funds to expand operations and accelerate development. The funding is intended to support broader deployment and continued product development.

Team