About Mustard Seed Maze
Mustard Seed Maze is a venture capital firm located in Lisbon, Portugal. As of Dec 2021, Mustard Seed Maze has invested in 9 companies. It primarily invests in Seed round in Portugal based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to Consumer and High Tech. Most recently it led the $600K Seed round of Outmind along with Sharpstone Capital. This round also saw participation from Bpifrance.
A lot of funds co-invest with Mustard Seed Maze, with names like Inventure sharing a substantial percentage of its portfolio.
Mustard Seed Maze has team of 7 people including 3 partners.
Key Metrics
Team Members
, &
Portfolio Count
Mindstone, &
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed, Series A &
Mustard Seed Maze's Year-on-Year Investment Trends
Mustard Seed Maze has invested in 9 companies over the last 9 years, with an average of 1 new investment annually in the last 5 years. Its most recent first time investment was in Mindstone and most recent follow-on round was in StudentFinance.
Year | No. of Investments | ||
---|---|---|---|
1stÌý¸é´Ç³Ü²Ô»å | Follow-on | Total | |
2025 (YTD) | 0 | 0 | 0 |
2024 | 0 | 0 | 0 |
2023 | 0 | 0 | 0 |
2022 | 0 | 0 | 0 |
2021 | 2 | 1 | 3 |
2020 | 3 | 1 | 4 |
2019 | 1 | 0 | 1 |
2018 | 0 | 0 | 0 |
2017 | 0 | 0 | 0 |
2016 | 1 | 0 | 1 |

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Mustard Seed Maze's Investments by Stage
Mustard Seed Maze has made 5 investments in Seed stage with an average round size of $1.74M, 1 investment in Series A stage with an average round size of $4.12M and 1 investment in Unattributed stage with an average round size of $1.93M.Note: We have considered here, only first round of investments
Stage of entry | No. of Investments |
---|---|
Seed | 5 |
Series A | 1 |
Unattributed | 1 |
Mustard Seed Maze's Investments by Sector
Mustard Seed Maze has a diverse portfolio, with companies operating in the Enterprise Applications, EdTech, FinTech, High Tech and Vertical SaaS. Notably, it has invested in 9 Tech companies, 6 Enterprise (B2B) companies, 6 Software companies and at least 5 companies focusing on Consumer (B2C).
Note: We have considered here, only first round of investments
Sector | No. of Investments |
---|---|
Enterprise Applications | 5 |
EdTech | 2 |
FinTech | 2 |
High Tech | 2 |
Vertical SaaS | 2 |
Others | 8 |
Mustard Seed Maze's Investments by Geography
Mustard Seed Maze has made most investments in Portugal (2), followed by United Kingdom where it has made 2 investments.
Note: We have considered here, only first round of investments
Country | No. of Investments |
---|---|
Portugal | 2 |
United Kingdom | 2 |
Denmark | 1 |
France | 1 |
Sweden | 1 |
Mustard Seed Maze's recent investments
Here are the most recent investments by Mustard Seed Maze:
Date | Company | Location | Round Details | Round Amount | Co-Investors |
---|---|---|---|---|---|
Dec 02, 2021 | United Kingdom | Unattributed | $1.93M | [+4] | |
May 11, 2021 | Portugal | Seed | $3.95M | [+2] | |
May 04, 2021 | United Kingdom | Seed | $5.42M | Giant Ventures [+8] | |
Dec 10, 2020 | France | Seed | $600K | Bpifrance [+1] | |
Nov 03, 2020 | Portugal | Seed | $1.98M |
Team profile of Mustard Seed Maze
Mustard Seed Maze has a team of 7 membersÌý¾±²Ô³¦±ô³Ü»å¾±²Ô²µ 3 Partners, 3 Venture Partners and 1 PrincipalÌýlocated in United Kingdom and Portugal. Mustard Seed Maze's team does not sit on the board of any company as of now.Here is a list of all team members in Mustard Seed Maze:
Name | Designation | Location | Board Memberships | Contact details |
---|---|---|---|---|
Partner | London | - | ||
Partner | United Kingdom | |||
Partner | Portugal | - | ||
Venture Partner | United Kingdom | - | - | |
Venture Partner | United Kingdom | - | - | |
Venture Partner | Lisboa | - | - | |
Principal | Lisboa | - |
Co-investors of Mustard Seed Maze
Over the past 9 years, 98 investors have co-invested in Mustard Seed Maze's portfolio companies.
- Invested before Mustard Seed Maze:ÌýZanichelli Venture, Moonfire and 8 others have invested in rounds before Mustard Seed Maze. There are 1 company where Zanichelli Venture has invested before Mustard Seed Maze and 1 company where Moonfire has invested before Mustard Seed Maze.
- Top Co-investors of Mustard Seed Maze:Ìý49 investors entered a company along with Mustard Seed Maze. These include investors like Inventure (2 companies).
- Invested after Mustard Seed Maze:ÌýA total of 39 investors have invested in Mustard Seed Maze's portfolio after their investments. Top Investors include Armilar Venture Partners (2 companies), MSM (2 companies) and (1 company).

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Recent News related to Mustard Seed Maze
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TechCrunch+•May 19, 2021•StudentFinance, Giant Ventures, Armilar Venture Partners, Mustard Seed Maze and 2 others
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Tech.eu•May 19, 2021•StudentFinance, Giant Ventures, Armilar Venture Partners, Mustard Seed Maze and 3 others
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