About Mudcake
Mudcake is a venture capital firm founded in 2020. It is primarily based out of Stockholm, Sweden. As of Oct 2026, Mudcake has invested in 30 companies. It primarily invests in Seed round in Germany based startups. Its investments are spread across a wide range of sectors from Food and Agriculture Tech to Environment Tech and High Tech. Most recently it participated in the $***** Seed round of hexafarms Overall, Mudcake portfolio has seen 3 acquisitions, namely Stockeld Dreamery, BettaFish and Blackbird Foods. A lot of funds co-invest with Mudcake, with names like Nucleus Capital sharing a substantial percentage of its portfolio. Mudcake has team of 3 people including 2 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed & Series A
Portfolio Acquisitions
Portfolio Soonicorns
Mudcake's List of Top Investments
Mudcake has a portfolio of 30 companies. Their most notable investmentis in NutropyTheir portfolio spans across Germany, United Kingdom, United States and 7 more locations. They have invested in Food and Agriculture Tech, Environment Tech, High Tech and 9 other sectors, across stages such as Seed, Series A stages. Here is the list of top investments by Mudcake:
Key facts about Planet A Foods
- Founded Year: 2021
- Location: Munich (Germany)
- Stage: Series B
- Total Funding till date: $73.3M
- Employee Count: 74 as on Aug 31, 2026
- Investors: Tengelmann Ventures, TriplePoint Capital and 18 Others
- Latest Funding Round: Series B, Dec 05, 2024, $*****
- Highlight: Editors' Pick
2. Bond Pets
Internet first brand offering plant-based pet food. The platform offers animal-free, plant-based, vegan recipes for pets. The bar is made up of plant and cultured ingredients available, including a nutritional yeast specifically grown and produced for pet health.
Key facts about Bond Pets
- Founded Year: 2015
- Location: Boulder (United States)
- Stage: Series A
- Total Funding till date: $20M
- Employee Count: 26 as on Sep 30, 2026
- Investors: Seven Hound Ventures, iSelect Fund and 17 Others
- Latest Funding Round: Series A, Apr 16, 2026, $*****
- Highlight: Editors' Pick
Key facts about Stockeld Dreamery
4. OMNI
Key facts about OMNI
- Founded Year: 2020
- Location: London (United Kingdom)
- Stage: Series A
- Total Funding till date: $16.7M
- Employee Count: 32 as on Aug 31, 2026
- Investors: Digitalis Ventures, IW Capital and 17 Others
- Latest Funding Round: Series A, Jun 22, 2026, $*****
5. NuCicer
Producer of chickpeas using plant breeding technologies. It uses its proprietary plant breeding technology to develop non-GMO, protein chickpeas. It enables farmers to offer products throughout the agri-food supply chain.
Key facts about NuCicer
- Founded Year: 2019
- Location: Davis (United States)
- Stage: Series A
- Total Funding till date: $25.3M
- Employee Count: 26 as on Aug 31, 2026
- Investors: Bayer, Illumina Ventures and 10 Others
- Latest Funding Round: Series A, Dec 13, 2024, $*****
- Highlight: Editors' Pick
Mudcake's Year-on-Year Investment Trends
Mudcake has invested in 30 companies over the last 6 years, with an average of 3 new investments annually in the last 5 years. In 2025, it made 3 investments, while as of Oct 2026, it has made 3 investments in this year. Its most recent first time investment was in Messium and most recent follow-on round was in hexafarms.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 3 | 3 |
2025 | 3 | 0 | 3 |
2024 | 3 | 1 | 4 |
2023 | 3 | 1 | 4 |
2022 | 4 | 1 | 5 |
2021 | 2 | 0 | 2 |
2020 | 1 | 0 | 1 |
Mudcake's Investments by Stage
Mudcake has made 15 investments in Seed stage with an average round size of $3.7M and 1 investment in Series A stage with an average round size of $20M.Stage of entry | No. of Investments |
|---|---|
Seed | 15 |
Series A | 1 |
Note: We have considered here, only first round of investments
Mudcake's Investments by Sector
Mudcake has a diverse portfolio, with companies operating in the Food and Agriculture Tech, Sustainability Tech, Food and Agriculture, High Tech and Consumer Goods. Notably, it has invested in 19 Tech companies, 14 Enterprise (B2B) companies, 9 Consumer (B2C) companies and at least 4 companies focusing on Social impact.Sector | No. of Investments |
|---|---|
Food and Agriculture Tech | 7 |
Sustainability Tech | 7 |
Food and Agriculture | 6 |
High Tech | 6 |
Consumer Goods | 4 |
Others | 13 |
Note: We have considered here, only first round of investments
Mudcake's Investments by Geography
Mudcake has made most investments in Germany (4), followed by Sweden where it has made 3 investments.Country | No. of Investments |
|---|---|
Germany | 4 |
Sweden | 3 |
United Kingdom | 3 |
United States | 3 |
France | 2 |
Others | 1 |
Note: We have considered here, only first round of investments
Mudcake's recent investments
Mudcake has made 3 investments in 2026 so far. hexafarms and Amatera are the latest among them.Here are the most recent investments by Mudcake:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Oct 06, 2026 | Germany | Seed | 3263 | ||
Mar 04, 2026 | France | Seed | 5179 | [+2] | |
Feb 17, 2026 | Belgium | Seed | 3219 | [+1] | |
Sep 11, 2025 | United Kingdom | Seed | 4860 | ||
Jul 03, 2025 | Belgium | Seed | 6957 |
Acquired companies in Mudcake's Portfolio
3 companies from Mudcake's portfolio have been acquired. The most recent acquisition was BettaFish in Jul 2026 by Bayou Best Foods for $*****.Here are Mudcake's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jul 02, 2026 | - | - | 9337 | |
Oct 01, 2025 | Sep 02, 2021 | Series A | 5145 | |
Feb 17, 2025 | - | - | 6157 |
Team profile of Mudcake
Mudcake has a team of 3 members including 2 Partners located in Sweden. Mudcake's team does not sit on the board of any company as of now.Co-investors of Mudcake
Over the past 6 years, 129 investors have co-invested in Mudcake's portfolio companies. This includes funds and angels.
- Invested before Mudcake: AgFunder, Gogrow and 23 others have invested in rounds before Mudcake. There are 2 companies where AgFunder has invested before Mudcake and 2 companies where Gogrow has invested before Mudcake.
- Top Co-investors of Mudcake: 56 investors entered a company along with Mudcake. These include investors like Nucleus Capital (2 companies).
- Invested after Mudcake: A total of 48 investors have invested in Mudcake's portfolio after their investments. Top Investors include Climate Venture Capital Fund (1 company), Omnes Capital (1 company) and TriplePoint Capital (1 company).
Recent News related to Mudcake
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Coffee Alternative Startup Koppie Closes Pre-Seed Funding RoundVegan Business Magazine•Jul 03, 2025•Nucleus Capital, Mudcake, Rockstart
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Stockholm-based Agteria Biotech Raises €6Million in Seed FundingStartup Rise EU•Feb 12, 2025•Agteria, Industrifonden, AgriZero, Norrsken Launcher and 2 others
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Agteria Biotech raises €6 million for methane-reducing products for cattleEU-Startups•Feb 12, 2025•Agteria, AgriZero, Norrsken Launcher, Mudcake
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HEXAFARMS received 1.3 million euros seed round financingfromgeek.com•May 15, 2024•hexafarms, Mudcake, Techstars, Speedinvest
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German agtech hexafarms secures €1.3M for AI-optimised commercial food productionTech Funding News•May 14, 2024•hexafarms, Speedinvest, QphoX, Necture and 1 other
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Paulig invests in OlsAro, an agtech startup securing wheat supply through AI-enabled crop-breedingCision•Apr 16, 2024•Paulig, OlsAro, Future Food Fund, AgFunder and 3 others
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It's raining chocolate coins: Planet A Foods with $15.4 million Series AStartbase•Feb 01, 2024•Planet A Foods, World Fund, Omnes Capital, Nucleus Capital and 8 others
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InPlanet Raised €5.6M in FundingFinSMEs•Nov 15, 2023•InPlanet, FoodLabs, Salvia, Carbon Removal Partners and 4 others
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Amatera Secures €1.5M to Innovate Coffee BreedingiGrow News•Oct 30, 2023•Amatera, Pioneer Investcorp, Exceptional Ventures, Mudcake and 3 others
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SnoFox Raises $4.5M in Seed FundingFinSMEs•Aug 02, 2023•SnoFox Sciences, Voyager, Pale Blue Dot, Ponderosa Ventures and 1 other
