MSM
MSM is a Lisbon-based impact venture capital fund that invests pre-seed to Series A in European ventures where social and environmental impact and financial returns are mutually reinforcing, backed by institutional LPs including the European Investment Fund and Gulbenkian Foundation.
- Company typePrivate
- Founded2021
- HeadquartersLisbon, Portugal
- Headcount1–10
- GTM typeB2B
- OfferingServices
MSM firmographics
Firmographics- Name
- MSM
- Legal name
- Mustard Seed MAZE SA
- Website
- https://msm.vc
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- MSM is a Lisbon-based impact venture capital fund that invests pre-seed to Series A in European ventures where social and environmental impact and financial returns are mutually reinforcing, backed by institutional LPs including the European Investment Fund and Gulbenkian Foundation.
- Ownership category
- akta.pro rank
MSM industry classification
Industry- Product category
- Venture Capital / Impact Investing
- NAICS
- Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Impact / ESG Venture Capital (FSANAAAG)
- akta.pro secondary industries
- SDG / Thematic Sustainable Investment Funds (FSANAJAN), Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG), Early-Stage Venture Capital (Series A/B) (FSANAAAB), Healthcare Access & Life Sciences Impact Funds (FSANAJAI), Gender Lens / Diversity, Equity & Inclusion (DEI) Funds (FSANAJAM)
Keywords
Where MSM is headquartered
LocationHeadquarters
- HQ city
- Lisbon
- HQ country
- Portugal
- HQ region
- Europe
Offices1 record
Markets served
MSM business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Others
Revenue model
- Carry/Performance Fee: MSM is only entitled to performance fee if they reach a minimum threshold of impact performance across their portfolio. Carry is tied to 'portfolio impact goal' of 60% threshold. Above that threshold, they are entitled to 50% of performance fee, upwards of which follows a linear scale.
Go-to-market motion1 record
Distribution channels2 records
Marketing channels5 records
MSM product offering
Product offeringCore offering
MSM is an early-stage, generalist impact venture capital fund that invests in fast-growing European ventures (pre-seed to Series A) where social/environmental impact and financial returns are mutually reinforcing. The fund provides equity capital plus a value-add platform offering impact expertise (IMP framework, UN SDG alignment), fundraising and commercial introductions, close founder support, talent access, and a community of 100+ founders. Revenue is generated primarily through investment returns and performance fees tied to portfolio impact performance.
Product overview
MSM (Mustard Seed MAZE) is an impact venture capital fund that does not offer a standalone software product. It operates as a fund manager providing capital and a platform of services to portfolio companies, including impact expertise, fundraising and commercial introductions, close founder support, access to talent, and community membership. The fund's primary offering is its investment capital and associated platform support services for early-stage European ventures aligned with the UN Sustainable Development Goals.
Differentiator
Problem solved
Functional benefit
Products and services
- MSM Impact Venture Capital Fund
- MSM Platform Support Services
Quantifiable outcome
- Carry tied to impact performance threshold of 60% portfolio impact goal
- +2 more outcomes
Companies that use MSM
Customer profileNamed customers35 records
Segments2 records
Ideal customer profiles1 record
MSM technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
MSM partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- Impact Management ProjectcoreMSM uses the Impact Management Project framework for assessing, managing and reporting social and environmental impact aligned with UN SDGs.
- Comissão do Mercado dos Valores Mobiliários (CMVM)corePortuguese regulator with whom MSM signed an ADR protocol for dispute resolution related to collective investment schemes management.
Scale indicators4 records
Recent moves6 records
Expansion highlights5 records
MSM competitors and assessment
Company assessmentDirect peers
- Future Positive Capital: Pan-European early-stage impact VC investing in startups using technology to solve systemic challenges. Closest comparable on geography, stage (pre-seed/seed) and explicit impact mandate; one of MSM's own Venture Partners (Michael Rosen) co-founded the firm.
- Octopus Ventures: UK-based early-to-growth-stage impact VC investing in startups that 'change the world' (health, climate, sustainable consumer). Comparable European geographic focus and B2C/B2B impact thesis across similar stages to MSM.
- Speedinvest: Vienna-based early-stage European VC with dedicated Climate & Impact and Health & TechBio funds. Compares closely on European early-stage investing and dedicated impact verticals alongside generalist capital.
- Anthemis: Early-stage fintech-focused impact VC investing in financial services that improve people's lives. Comparable as a thesis-driven, impact-aligned European VC; comparable stage (pre-seed/seed) and active community/platform support.
- Pale Blue Dot: European early-stage VC backing founders addressing climate and societal challenges. Highly comparable as European impact VC at pre-seed/seed, though more climate-specialist than MSM's generalist impact mandate.
- LocalGlobe: UK-based seed-stage investor backing mission-driven founders; comparable in early-stage European focus and platform/community model, though less explicitly impact-mandated.
Broad incumbents
- Atomico: Pan-European generalist VC investing from Series A onwards; not impact-specialist but operates in the same European early/growth stage market as MSM, competing for marquee founders and LP capital with a much larger fund.
- Index Ventures: Long-established European/global VC investing across stages from seed to growth. Competes with MSM at the early stage for the same founders and is a comparable European LP-backed fund structure, though much larger and non-impact-specific.
- Earlybird Venture Capital: European early-stage VC with health, tech and climate/sustainability focus areas. Comparable in Pan-European early-stage thesis and geographies, with ESG-aligned portfolios that overlap MSM on impact themes.
Regional players
- Notion Capital: European early-to-growth VC with focus on B2B software and impact-oriented founders in climate/health; comparable European mid-market focus and stage overlap with MSM despite heavier B2B SaaS tilt.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights7 records
Customer concentration
MSM social profiles
Digital presenceMSM financial estimates
Financial estimateRevenue estimate
Valuation estimate
MSM leadership team
Management profileNumber of profiles
Profiles10 records
MSM funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
MSM M&A and investment
M&A and investmentM&A
Investments50 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about MSM
What does MSM do?
MSM is an early-stage, generalist impact venture capital fund that invests in fast-growing European ventures (pre-seed to Series A) where social/environmental impact and financial returns are mutually reinforcing. The fund provides equity capital plus a value-add platform offering impact expertise (IMP framework, UN SDG alignment), fundraising and commercial introductions, close founder support, talent access, and a community of 100+ founders. Revenue is generated primarily through investment returns and performance fees tied to portfolio impact performance.
Is MSM a public or private company?
MSM is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was MSM founded?
MSM was founded in 2021. It employs 1 to 10 people.
Where is MSM based?
MSM is headquartered in Lisbon, Portugal, in the Europe region.
How does MSM make money?
One revenue line is on record: carry/Performance Fee.
Who are MSM's main competitors?
Direct peers on record are Future Positive Capital, Octopus Ventures, Speedinvest, Anthemis, Pale Blue Dot and LocalGlobe. Broad incumbents are Atomico, Index Ventures and Earlybird Venture Capital. Notion Capital is listed as a regional player.
Does MSM have an API?
No public API is recorded for MSM.
What industry is MSM in?
MSM's product category is Venture Capital / Impact Investing. Its primary akta.pro industry code is FSANAAAG, Impact / ESG Venture Capital, with a secondary code of FSANAJAN, SDG / Thematic Sustainable Investment Funds. Its NAICS code is 523940 and its SIC code is 6282.