What investment strategy does Mudcake focus on?

Mudcake focuses on VC strategies in the private equity space.

How many portfolio companies does Mudcake have?

Mudcake has 22 active portfolio companies and 3 completed exits and 1 fund tracked on GP Intel.

Where is Mudcake headquartered?

Mudcake is headquartered in Stockholm, Sweden.

What sectors does Mudcake invest in?

Mudcake invests across Consumer, Industrials.

What are Mudcake's recent exits?

Recent realized exits by Mudcake include: BettaFish (2026) to Bayou Best Foods; Blackbird (2025) to Ahimsa Companies; Stockeld Dreamery (2025) to Bettani Farms.

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Mudcake

Stockholm, Sweden·Founded 2020·

Venture Capital

·mudcake.com

Mudcake, formerly Trellis Road, is a Stockholm-based pre-seed and seed venture microfund run by ex-founders that backs teams using science and technology to reshape the global food system.

AUM

–

Funds

vintages 2020

Portfolio

Exits

Mudcake is a Stockholm venture capital firm with 22 active companies and 3 exits.

SectorsConsumer Industrials

Key takeaways

·3 exits in the last 5 years · consistent DPI cadence.
·Average hold across 3 realized deals: 5 years.
·Top sector focus: FoodTech (64% of portfolio).

Sector breakdown

25 companies

FoodTech

16 · 64%

AgTech

7 · 28%

ClimateTech

2 · 8%

Geography breakdown

9 geographies

Germany

7 · 28%

5 · 20%

France

3 · 12%

Sweden

3 · 12%

China

1 · 4%

Belgium

1 · 4%

Argentina

1 · 4%

Key facts

HQStockholm, Sweden

Founded2020

Websitemudcake.com

Recent exits

Mudcake sold BettaFish to Bayou Best Foods in 2026 after 5 years.

Mudcake sold Blackbird to Ahimsa Companies in 2025 after 5 years.

Mudcake sold Stockeld Dreamery to Bettani Farms in 2025 after 4 years.

Coverage notes

1 fund tracked, 25 portfolio companies (22 active · 3 realized). Verified weekly from public filings and deal announcements.

Funds & portfolio

Every fund Mudcake has raised, with its portfolio companies. Hand-checked from public filings.

1 fund

Fund

Strategy

Vintage

Size

Assets

Exits

Mudcake Fund IHarvesting

VC2020€16M22 assets3 exits

2020 · 6yr

€16M

Unrealized

22 held

Company	Entry
AgroLeague AgTech · France	2022
Agteria AgTech · Sweden	2024
Amatera AgTech · France	2023
Bluu Seafood FoodTech · Germany	2021
Bond Pet Foods FoodTech · US	2020
Cbamboo ClimateTech · UK	2023
Herotein FoodTech · China	2021
Hexafarms AgTech · Germany	2024
Hier FoodTech · Germany	2021
Inplanet ClimateTech · Germany	2023
Koppie FoodTech · Belgium	2025
Messium AgTech · UK	2025
Mission Barns FoodTech · US	2021
Nilus FoodTech · Argentina	2021
NuCicer AgTech · US	2022
Nutropy FoodTech · France	2022
OlsAro AgTech · Sweden	2024
Omni FoodTech · UK	2022
Planet A Foods FoodTech · Germany	2021
Project Eaden FoodTech · Germany	2022
Snofox FoodTech · US	2023
The New FoodTech · Brazil	2021

Realized

3 exits

Company	Entry	Exit	Type	Buyer	MOIC
BettaFish FoodTech · Germany	2021	2026	Trade Sale	Bayou Best Foods	–
Blackbird FoodTech · US	2020	2025	Trade Sale	Ahimsa Companies	–
Stockeld Dreamery FoodTech · Sweden	2021	2025	Trade Sale	Bettani Farms	–

Frequently asked questions

What investment strategy does Mudcake focus on?: Mudcake focuses on VC strategies in the private equity space.
How many portfolio companies does Mudcake have?: Mudcake has 22 active portfolio companies and 3 completed exits and 1 fund tracked on GP Intel.
Where is Mudcake headquartered?: Mudcake is headquartered in Stockholm, Sweden.
When was Mudcake founded?: Mudcake was founded in 2020.
What sectors does Mudcake invest in?: Mudcake invests across Consumer, Industrials.
What are Mudcake's recent exits?: Recent realized exits by Mudcake include: BettaFish (2026) to Bayou Best Foods; Blackbird (2025) to Ahimsa Companies; Stockeld Dreamery (2025) to Bettani Farms.