Mycelium

The Faiakes area of Corfu — five villages between the mountain and the coast. Agricultural land being returned to working farmers through cooperative tenure, a waste compliance gap being turned into three independent revenue streams, habitation rights being connected to the income they were designed to unlock, a food network being built where the need and the supply are in the same village. A fund building the legal and administrative infrastructure that connects them, so that none of these businesses has to build it alone.

What we're building

Four businesses in the same five-kilometre territory. They share legal infrastructure, a common back-office, and the same community supply chain. Each is viable. Each is more viable because the others are there.

Riza Co-op

Agios Markos, Corfu · 2024

Riza Co-op

ELSTAT puts 35% of cultivated land in Greece in the hands of farmers over 65, and 7% in the hands of farmers under 40. In the Faiakes area the figure is visible in every abandoned grove. The owners are aging out. The farmers who would work the land have no legal path to it. Riza holds the gap: notarial cooperative leases, twenty-year minimum, output split agreed before signing. Twenty-five farmers are already in active transition through the Southern Lights network. When the grant cycle that brought them there ends, the lease is what remains.

Go deeper
  • The transfer is already happening: through abandonment, not transaction. Riza intercepts it before the land becomes liability — fire risk and erosion pass to the municipality when private owners walk away.
  • Southern Lights timing: the IEF-funded network built the farmer relationships. When the grant ends, the cooperative lease is what carries them forward without dependency on the next cycle.
  • LEADER Track B: EU rural development funding open to cooperative agricultural structures. Riza qualifies. The structure that replaces the grant is itself eligible for the next one.
  • What returns to the network: Riza's harvest feeds the processing relationship. Compost from Waste and Recovery returns to the groves. The households Vrysi reaches are the same households whose land Riza holds.
Housing and Land Access

Faiakes area, Corfu · in formation

Housing and Land Access

Greece's main housing supplement — OPEKA, €362 per month — requires an electronic lease to qualify. Holders of δικαίωμα οίκησης, the right of habitation, cannot produce one. The support was designed for a form of tenure that most elderly rural residents in the Faiakes area do not hold. Three hundred and fifty community land trusts operate across Europe. There are none in Greece. MADRA has five years of cooperative lease data in the Faiakes area. The legal and operational foundation for connecting habitation rights to the income they were designed to unlock is already here.

Go deeper
  • The OPEKA gap: €362/month is the supplement. The electronic lease requirement excludes the people who need it most — right-of-habitation holders are legally resident but administratively invisible to the benefit system.
  • CLT absence: 350+ community land trusts operate across Europe. None in Greece. The legal structure exists under Greek cooperative law; the first instance has not been built.
  • EIB + EC 2025: the Pan-European Housing Investment Platform launched with explicit mandate to support community land trust-adjacent structures. A Greek application would be among the first.
  • What returns to the network: formalised habitation rights unlock income for households that Riza and Vrysi already reach. Renovation demand from these households is a direct offtake relationship for reclaimed materials from Waste and Recovery.
Waste and Recovery

Faiakes area, Corfu · in formation

Waste and Recovery

Every hotel with over 100 beds, every supermarket, every catering company on Corfu is legally required to separately process bio-waste. Law 4819/2021. The obligation has applied since 2022. There is no licensed processor on the island. A licensed operation in the Faiakes area holds bio-waste compliance, construction waste salvage, and food surplus redistribution in the same territory — each stream independently viable, each feeding back into the network the others depend on. The working precedent is already on Corfu: Sin.Praxi in Sinies, self-sustaining from material sales.

Go deeper
  • Bio-waste: the compliance market. Hotels and supermarkets must have this service — the obligation exists regardless of goodwill. No competing operation on the island.
  • Construction waste: tipping fees from the disposal problem; material sales from the sourcing problem. The Greek Culture Ministry has over €10 million in active Corfu restoration projects generating demand for reclaimed limestone, terracotta, and timber. No local supply chain connects the two facts.
  • Food surplus: Law 4819/2021 Article 21 provides a 20% tax reduction on food donations to eligible organisations. No eligible receiving structure currently exists on the island — the incentive is unclaimed.
  • What returns to the network: bio-waste compost goes directly to the agricultural layer. Reclaimed materials reach renovation projects — including households with right-of-habitation arrangements who have no budget for a mainland supplier.
Help in the Garden

Faiakes area, Corfu · starting now

Help in the Garden

Βοήθεια στο Σπίτι — Help at Home — is a national care programme. It does not cover the garden. For the elderly women who hold it, the garden is not peripheral to their care: it is movement, food, seasonal rhythm, and the living connection to four centuries of knowledge about how to produce on this specific land. When it becomes unmanageable, nothing replaces it. The knowledge ends with the generation. Help in the Garden is a natural extension of the existing programme — same person, same place, two funding streams that do not currently speak to each other. It can begin tomorrow, without a budget, because the relationships and the need are already there.

Vrysi

Ipsos, Corfu · 2025

Vrysi

The minimum pension in Greece is €345–436 per month. The poverty threshold is €542. The supplement that closed the gap — EKAS — was abolished in 2020. Greece has 3.6 GPs per 10,000 residents, the lowest ratio in the EU. The programmes that exist — home care, guaranteed minimum income — are not reliably reaching the people they are designed for. Vrysi is a community food box: three local producers, weekly delivery, no grant dependency, €112–168 per month added to the household budget. The delivery relationship is also an administrative presence in households the formal system cannot reliably find. Registered as a social cooperative.

Go deeper
  • The supplement gap: EKAS provided up to €230/month to pensioners below the poverty line. Abolished 2020. The food box restores approximately half that amount — without requiring state reinstatement.
  • ΚΕΑ and βοήθεια στο σπίτι: both exist. Uptake in rural Faiakes villages is low — not for lack of eligibility but for lack of navigation. The weekly delivery contact is also a point of administrative access.
  • What returns to the network: Vrysi's three producer relationships connect directly to Riza's cooperative supply chain. The mapping of which households face compound gaps — food, housing, and health access arriving on the same person — is the intelligence the Housing and Land Access layer depends on.

Why this fund

Most capital in Europe is built for scale and exit. The businesses Greece actually needs — small, locally rooted, built on relationships that already exist in the place — don't fit that mold. They grow slowly, stay where they are, and return capital through cash flow rather than acquisition.

Mycelium is built for those businesses — and we get in at the start. We back pre-revenue businesses and the entrepreneurs themselves, with the first capital they need to begin.

How we invest

Stage
Pre-revenue businesses, impact organizations, and early-stage entrepreneurs
Ticket
€2K to €20K
Sectors
Agriculture and land, waste and materials, housing access, food systems, local infrastructure
Geography
Greece, aligned with EU funding instruments

For angels

We work alongside angels who want to back something already moving. If you'd like to see the current pipeline or back a specific business directly, write to us.

hello@cel.fund