MSM Fund

Venture capital fund for impact startups


Promoter: MAZE and Mustard Seed 
Territorial Reach: Europe 
Target Audience:: impact startups
SDG: 8. Decent work and economic growth 

Equipa MSM © DR
Equipa MSM © DR

The Calouste Gulbenkian Foundation invested 4 million euros, which makes the foundation a lead lending partner, in this 45 million euros impact venture capital fund. Since the first closing of the fund in November 2019, the fund has invested in 20 startups. 

The fund targets impact startups in Portugal and all across Europe using technology and sustainable business models to solve social and environmental challenges. MSM is the first social entrepreneurship fund approved in Portugal by CMVM, the Portuguese entity that regulates the financial market.

As a venture capital fund, MSM invests in equity. However, unlike most venture capital funds, its distinctive factor is its incentive structure. The fund’s management company only receives carry, which is the dividends of its successful investments, when the startups meet the impact goals agreed at the beginning of each investment. MSM is a pioneer in the venture capital ecosystem because of this incentive mechanism.

Other investments of the MSM fund are European Investment Fund, AGEAS, BMW Asset Management, and other entities pioneers in the European impact investment ecosystem.


More info

Sustainable Development Goals


This project contributes to the following SDG targets:


Target 8.3

Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity and innovation, and encourage the formalization and growth of micro-, small- and medium-sized enterprises, including through access to financial services

Updated on 27 july 2021

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