Top 10 Community Startup Investors in Iceland (September 2026)

Index Ventures is an international venture capital firm with dual headquarters in San Francisco and London, investing in technology-enabled companies with a focus on e-commerce, fintech, mobility, gaming, infrastructure/AI, and security.

Investment focus

Industry: Software, E-Commerce, Internet
Stage:Series A, Series B, Seed
Geography: United States, United Kingdom, France

Investor stats

Total investments: 1537
Round size: Seed $1.5M–$15M; Series A $5M–$35M; Series B $12M–$100M
Lead/follow: 44% lead, 56% follow
Last fund: Likely actively investing — fresh fund, raised $400M in 2026

Portfolio highlights

Apron — Apron brings payments, expenses, and accounting together in one platform. Built for business owners, accountants, and finance teams.
Gluster — Gluster is an open source, distributed file system that is capable of scaling to several petabytes and handling many clients. In order to simplify the task of storing and managing the growth of unstructured data, Gluster has created and delivered open source scale-out cloud storage software. It allows enterprises to combine large numbers ofcommodity storage and compute resources into a high performance, virtualized, and centrally managed pool. Gluster has been deployed by hundreds of global enterprises and service providers across industries including media, healthcare, consumer internet, energy, and biotech. It is based on a stackable user space design and can deliver high performance for diverse workloads. It has many attributes that includes: Scalability and Performance, Global Namespace, Elastic Hash Algorithm, Elastic Volume Manager, and Standards-based. Gluster is privately-held and headquartered in Sunnyvale, California.
StorSimple — Learn how to migrate a StorSimple 8100 or 8600 appliance to Azure File Sync.

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The New Business Venture Fund is an evergreen investment fund that actively contributes to the development and growth of the Icelandic economy by investing in promising innovation and start-up companies.The New Business Venture Fund invests at seed and early stage in promising growth companies with great business ideas and strong management anddevelopment teams.The New Business Venture Fund is a state owned investment fund intended to strengthen and develop the Icelandic venture capital market along with promoting startups and business in Iceland thus encouraging economic growth.

Investment focus

Industry: Software, Health Care, SaaS
Stage:Seed, Venture - Series Unknown
Geography: Iceland, United States, China

Investor stats

Total investments: 44
Round size: Seed $400k–$2.6M; Venture - Series Unknown $1.2M–$3.8M
Lead/follow: 61% lead, 39% follow

Portfolio highlights

Sowilo — Sowilo created Catecut, a platform-agnostic technology that leverages artificial intelligence to detect fashion products and design elements in store product photos.
Sundra — Sundra turns the materials you already have into structured training courses in hours, then delivers them in 70+ languages. Built for HR and L&D teams.
Arcana Bio — ArcanaBio is developing realtime biosurveillance solutions that minimize workplace disruptions and support health & wellness

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Since 2005, Inventure has backed over 90 companies including Wolt, Swappie, Jobbatical, aiMotive, and more.

Investment focus

Industry: Software, Information Technology, Health Care
Stage:Seed, Series A, Series B
Geography: Finland, Sweden, United States

Investor stats

Total investments: 179
Round size: Seed $549k–$6M; Series A $1.3M–$17M; Series B $1.3M–$25M
Lead/follow: 47% lead, 53% follow
Last fund: Likely still investing — raised $140M in 2022

Portfolio highlights

Lassie — Lassie is the first proactive and preventive pet insurance company that wants to help pet owners take better care of their pets
Capalo AI — We maximize the value of your energy storage systems. Now and in the future.
Algorithmiq — Algorithmiq utilizes its expertise in quantum information, complex systems, and computational physics to develop algorithms to develop new and effective drugs, solve problems in life sciences, and discover new materials.

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Shanda Group is a private investment firm that was founded in 1999 by Tianqiao Chen and Chrissy Luo. The company works across venture capital, private equity, public markets, and real estate, prioritizing investments in the financial services, technology, and healthcare sectors. Shanda has offices in Shanghai, Hong Kong, New York, Singapore andMenlo Park. It invests in innovative companies and great management teams that have the vision and determination to change the world.

Investment focus

Industry: Artificial Intelligence, Software, Health Care
Stage:Seed, Series A, Pre-Seed
Geography: United States, China, Israel

Investor stats

Total investments: 42
Round size: Seed $839k–$11M; Pre-Seed $100k–$750k; Series A $5.6M–$44M
Lead/follow: 33% lead, 67% follow

Portfolio highlights

MiroFish — The World's First Open-Source Swarm Agent Prediction System. Web: https://t.co/F7gQDy0yXO Github: https://t.co/9MhcLAIs7N Discord: https://t.co/wCnMAT2I8f IG: @mirofish_ai
Buildroid — Autonomous steel factories. A new Steel Robotics experience is on the way.
Trener Robotics — Trener Robotics develops AI software that enables industrial robots to operate autonomously, adapt to variability, and deploy faster in manufacturing.

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Reaktor Ventures they invest in seed stage companies and helps them to create markets.

Investment focus

Industry: Software, Internet, E-Commerce
Stage:Seed, Pre-Seed, Series A
Geography: Finland, Germany, United States

Investor stats

Total investments: 60
Round size: Seed $127k–$2.1M; Pre-Seed $158k–$1.8M; Series A $1.7M–$6.8M
Lead/follow: 13% lead, 87% follow

Portfolio highlights

Valpas — Valpas is the hygiene protocol that reassures your future guests and keeps your hotel clean from the most uncontrollable: bed bugs
allies.digital — Allies is a match-making platform curating businesses with IT-, digital and creative agencies. No more miss-matches when buying IT & creative services.
StarBerry Games — StarBerry Games GmbH is a mobile games company based in Berlin, Germany. The company develops free-to-play casual mobile games and is best known for its games Merge Mayor and Idle Coffee Corp.

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David A.M. Wallerstein, SEVP of Tencent. David joined Tencent in 2001. He oversees the Company’s international business initiatives through identifying cooperation with multinational partners and he is responsible for Tencent’s operations outside mainland China. Prior to Tencent, David was the Vice President, Business Development of MIH inChina, and was involved in Internet strategy and mergers and acquisitions activities in China. Prior to that, David worked as a management consultant in China's telecommunications and IT industries.

Investment focus

Industry: Mobile, Health Care, Artificial Intelligence
Stage:Seed, Series B, Series A
Geography: United States, Israel, Germany

Investor stats

Total investments: 13
Round size: Seed $1.6M–$5.8M; Series B $11M–$90M
Lead/follow: 31% lead, 69% follow

Portfolio highlights

Teatime Games — Teatime Games is an Iceland-based gaming startup that reinvents social games.
Lilium — Lilium is developing sustainable, high-speed air mobility through its electric vertical take-off and landing aircraft, vertiports and digital service.
Scaled Inference — Scaled Inference is a U.S.-based company that operates in stealth mode and offers artificial intelligence as a cloud service. It offers a new generation of intelligent software built by the masses and powered by an open shared platform. Scaled Inference was founded in 2014 and is headquartered in Palo Alto, California.

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At Frumtak Ventures, we champion founders who have demonstrated early traction and have potential to become global leaders in their space. We take a concentrated, high-conviction, and high-involvement approach to investing and dedicate ourselves to collaboratively work with our portfolio companies from the seed stage through IPO. Our initialticket size usually ranges from €1 million to €3 million.

Investment focus

Industry: Software, Information Technology, SaaS
Stage:Seed, Series A
Geography: Iceland, Estonia, United States

Investor stats

Total investments: 43
Round size: Seed $974k–$4.7M; Series A $1.2M–$20M
Lead/follow: 70% lead, 30% follow
Last fund: Likely still investing — raised $87M in 2024

Portfolio highlights

Optise — Optise is the self-improving B2B website platform that automatically ships data-driven improvements every week so you get more leads and customers without becoming a website expert.
MyDello — Get instant quotes for all transportation modes. Enter a new era of freight forwarding with the MyDello logistics platform. Sign up for free
Euler — Euler is a software company focused on addressing the issue of build-to-build and machine-to-machine variability in metal additive manufacturing (AM).

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Atomico invests in innovative technology companies around the world.

Investment focus

Industry: Software, Artificial Intelligence, Information Technology
Stage:Series A, Series B, Series C
Geography: United Kingdom, United States, Germany

Investor stats

Total investments: 266
Round size: Series A $5.2M–$30M; Series B $13M–$90M; Series C $24M–$300M
Lead/follow: 41% lead, 59% follow
Last fund: Likely still investing — raised $1.1B in 2023

Portfolio highlights

Betable — Betable is a casino-first, technology-led iGaming platform. Launch and scale casino, sportsbook, player accounts, payments, CRM and compliance on one stack.
Callosum — Callosum - Co-evolving chips & intelligence
The Exploration Company — For Space & Non-Space Industries.

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Kjartan Olafsson is an entrepreneur and angel-investor-on-occasion with one foot in New York and the other in Iceland. Kjartan is the owner of Volta Labs Venture Development (Volta.is) and the founder of Basno.com, a platform for digital goods. He sits on the board of directors at a handful of companies and organizations in Iceland and theU.S., including Basno and Datamarket.com. Previously Kjartan served as the Director of Business Development for the international media company Bertelsmann Inc. in New York. Kjartan studied philosophy and logic in Iceland and Italy, and holds a master’s degree in business administration from the Harvard Business School.

Investment focus

Industry: Software, B2B, Apps
Stage:Angel, Series A
Geography: Denmark, Iceland

Investor stats

Total investments: 2
Lead/follow: 50% lead, 50% follow

Portfolio highlights

Taktikal — Simple and secure digital signatures Offer high-end signatures to save both your business and your customers valuable time and cost.
Watchbox — Watchbox combines technology and the elements of team-building to unite local and distributed teams. Employees capture all the great things at work or outside of work, with photos and videos. These moments vary from random highlights at work, events, celebrations, and conferences to something interesting in employees’ personal lives outside ofwork. Posts can be viewed in the app, but are also displayed 24/7 in dedicated Watchbox display units, placed in common areas across the ofﬁce. Watchbox provides fun Concepts designed to motivate diverse content creation that reinforces positive culture.

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