OUR WAY
We’re nurturers by nature, a team of ex-founders and now parents obsessing over the early stages and backing those reshaping the food system.
/Why did you decide to focus on the food system?/
If we fail at reshaping the food system, nothing else will matter. Food is one of the world’s largest industries and is expected to represent over half of global emissions by 2050. It creates severe damage to nature, biodiversity and oceans – and simultaneously fails at the one thing it’s supposed to produce: nutritious and healthy food for everyone. With first principles thinking, ambition, scale and technology, startups can tackle challenges in a way no one else can.
/Why did you start Mudcake?/
We’re nurturers by nature, as ex-founders and now parents we obsess over the early stages and know that if you build strong foundations you don’t need to worry about the future. That’s why we’ve chosen to back those reshaping the system of what’s putting us most at risk. What and how we eat.
/What’s your investment focus?/
We invest in the strongest founders shaping the way food is produced, distributed, and consumed. Our typical ticket is $200k-$800k in pre-seed and seed rounds globally. We help founders from MVP to Series A and beyond, from decks to products, from ambition to impact.
/What do you consider when you evaluate startups?/
We evaluate startups on the impact potential. The bigger the challenge, the smarter the solution, the bigger the commercial opportunity. It all starts and ends with the founders, their vision and ability to inspire customers, future employees, and investors. Without a strong founder even the best idea, product or innovation will remain in slides.
/What’s your typical ticket size?/
Our typical ticket is $200k-$800k in pre-seed and seed rounds globally. The exact number depends on a number of factors but as a rule of thumb we target 4-5% ownership in the companies we invest in.
/Do you typically invest together with others?/
We always invest together with others. We never lead rounds (although we’re sometimes the biggest investor in small pre-seed rounds). We have strong relationships with leading impact, climate and food funds, as well as generalist VCs, helping founders create their dream cap table.
/What does your investment process look like?/
Being a small team we don’t have a formal investment process in place. Most of our LPs are former founders or startup operators and know the value of flexibility and being able to make swift decisions when needed. There are no other stakeholders than the Mudcake team involved in the investment process.
/How do you work with portfolio founders?/
We have an informal relationship with founders. Ping us on Whatsapp, let us know your challenges and we’ll give hands-on help when needed. We create resources for our portfolio companies, as well as introductions to our network. We don’t typically take board seats, unless the founders want us to.
/What does the name Mudcake mean?/
Mudcake isn’t a real word, but for us it symbolizes what it means to be a founder building something from scratch. The hardship, the pain, and the grind (think of mud wrestling), but also the playfulness, joy, and creativity that comes with building something that you love, just like a kid making a cake out of sand.
