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Top 30 Enterprise VC (Venture Capital) Funds in Iceland in September 2025

Last updated: Sep 2025 A list of 30 VC (Venture Capital) funds that invest in Enterprise startups based in Iceland. We rank investors based on the number of investments they made in Enterprise companies from Iceland. We update this investor list every month.

Top 30 Enterprise VC (Venture Capital) Funds in Iceland in September 2025

Investor	Enterprise Iceland investments
New Business Venture Fund	17
Frumtak Ventures	14
Crowberry Capital	6
Brunnur Ventures	6
Preceptor Capital	3
byFounders	3
Karma Ventures	3
Saint-Gobain NOVA	2
MD ONE Ventures	1
KOMPAS VC	1
Sukna Ventures	1
Capital A Partners	1
Riverstone Ventures	1
Eyrir Invest	1
Seed Capital	1
Faber	1
L-Acoustics	1
Experian	1
Teya	1
Two Ravens	1
Keen Venture Partners	1
Eyrir Venture Management	1
Innoport	1
Omega Algae	1
Menlo Ventures	1
Omega ehf	1
Idlewild Management	1
Baliopharm	1
Shubert Organization	1
Eyrir Vöxtur	1

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Investor list

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

Software, Health Care, Medical
Seed, Funding Round, Series A
Iceland, United States, China

Portfolio highlights

HorseDay — HorseDay is a mobile application to track horse activities.
Spectaflow — Spectaflow is a SaaS solution for accommodations businesses focused on improving housekeeping and maintenance workflows
PayAnalytics — PayAnalytics, a leading pay equity and workforce analytics solution, aids companies in closing pay gaps and fostering workplace equity. Ensure compliance with pay transparency regulations, assess wage disparities, and analyze workforce demographics conveniently.

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

Software, Information Technology, Enterprise Software
Seed, Funding Round, Series A
Iceland, United States, United Kingdom

Portfolio highlights

PLAIO — The only AI-assisted decision-making platform developed for pharmaceutical supply chain planning
Moombix — Join us for the launch of our advanced learning platform for online music lessons
Treble — We develop next generation sound simulation and spatial audio technology for digital twins and virtual worlds.

Crowberry Capital invests at seed and early stage in emerging technology ventures in the Nordics. Our mission is to back people that are good for companies and build companies that are good for people. We have a strong follow-through philosophy and commit to putting your company first.

Investment focus

Software, Gaming, Health Care
Seed, Series A, Pre-Seed
Iceland, Denmark, Finland

Portfolio highlights

Tiimo — Tiimo helps you manage your daily life and improve your wellbeing. Visualize your day. Improve your routines. Stress less.
Quanscient — We are building next generation simulation software-as-a-service utilizing Quantum computing algorithms. Our specialty domain of simulations is Computational Electromagnetics.
Porcelain Fortress — Porcelain Fortress was founded by a small band of romantics in the summer of 2016 in Reykjavik, Iceland.

Brunnur Ventures is a top venture capital firm in Iceland for startups with high-growth potential.

Investment focus

Software, SaaS, Gaming
Seed, Series A, Funding Round
Iceland, United States, Denmark

Portfolio highlights

AviLabs — AviLabs specializes in software development in aviation.
Laki Power — We supply power grid operators with advanced high-voltage line monitoring stations that enable them to optimise performance, safety and cost.
Porcelain Fortress — Porcelain Fortress was founded by a small band of romantics in the summer of 2016 in Reykjavik, Iceland.

Preceptor Capital is an investment firm.

Investment focus

FinTech, Computer, Software
Seed, Series A
Iceland, United States

Portfolio highlights

Anonybit — Revolutionize identity management with Anonybit! Unmatched privacy, strong authentication, and secure solutions for a safer digital world.
Lucinity — Money laundering is the crime that fuels crime. Lucinity's mission is to Make Money Good® by combining the best of human and artificial intelligence. Lucinity uses Human AI to help banks fight financial crime more efficiently. By designing its AML platform around man and machine, Lucinity allows banks to increase their AML programs'productivity.Lucinity identifies suspicious activity through its proprietary behavior detection system. The approach is entirely risk-based and allows customers to control their risk exposure before efficiently reviewing AML alerts in the Lucinity Case Manager.The company was founded by industry veterans. The core team has experience from Tier-1 banks, international regulators, and leading legacy vendors. Lucinity takes great pride in being the enterprise-ready AML startup that brings the novelty and excitement of a startup and the professionalism and experience of an incumbent.

byFounders is the community-powered early-stage venture fund investing in globally ambitious teams connected to the Nordic and Baltic countries. With its unique Collective of founders and operators, byFounders offers its portfolio operational expertise and a global network. Believing in the power of tech to shape our future, byFounders takes an impact-aware approach to investing and working with the broader startup ecosystem.

Investment focus

Software, Artificial Intelligence, Health Care
Seed, Pre-Seed, Series A
Denmark, United States, Sweden

Portfolio highlights

IXI — Discover adaptive glasses with autofocus lenses that adjust to your viewing needs, providing seamless clarity at any distance.
Lovable — Build software products, using only a chat interface
DataCrunch.io — DataCrunch is a cloud service provider which facilitates utilization and integration of state of the art AI/ML models

karma.vc is an early stage venture capital fund focusing on seed and early stage technology companies in Europe.

Investment focus

Software, Artificial Intelligence, Information Technology
Series A, Seed, Series B
Estonia, United States, Sweden

Portfolio highlights

Patchstack — Keep your WordPress sites safe from vulnerable plugins & themes. Protect sites with virtual patching.
Swarmia — Build better software faster with insights that power your whole engineering organization. Get started with a demo or a free 14-day trial.
WunderGraph — Full lifecycle API Management for (Federated) GraphQL. Schema registry, composition checks, analytics, metrics, tracing and routing. Deploy 100% on-prem or use our Managed Service. Apache 2.0 licensed, no vendor-lock.

Saint-Gobain NOVA is the ventures arm of Saint‑Gobain.

Investment focus

Software, Energy, Information Technology
Seed, Series B, Funding Round
United States, Germany, Iceland

Portfolio highlights

Treble — We develop next generation sound simulation and spatial audio technology for digital twins and virtual worlds.
Fortera — 8% of global greenhouse emissions are caused by cement manufacturing, accounting for more than 3.5 billion tons of CO2 produced each year. Fortera addresses CO2 emissions directly from the kiln.
FibreCoat — Making the future affordable. EM-Shielding Composites Sustainable https://fibrecoat.de/wp-content/uploads/2022/01/20211004_FibreCoat_web.mp4 Shedule a meeting to solve your problem Mobility Affordable and damage-resistant materials for integrated EMI-shielding and weight reduction in EVs. Construction Easy retrofit shielding of electronics and people from 5G and other types of EM radiation. Government Specialized yarns for sensors, circuits, shielding and countermeasure materials. With

MD One Ventures is the Venture Capital team dedicated to supporting National Security Innovation for the UK and Allies. We invest in the frontier technologies that matter.

Investment focus

SaaS, Security, Cyber Security
Seed, Series A
United Kingdom, Israel

Portfolio highlights

Bifrost AI — Build AI in a day instead of a year, at a fraction of the price, with the Bifrost synthetic data engine.
Hefring Marine — Hefring Marine's on-board AI saves fuel consumption, significantly reduces carbon emissions and improves safety in boats and vessels through our real time sea navigation guidance for both manned and unmanned vessels.
Labrys Technologies — Visualise & Coordinate Your People. Securely. Anywhere. In Real-Time.

KOMPAS is an early-stage venture capital firm with offices in Amsterdam, Berlin, Copenhagen and Tel Aviv. We fund breakthrough innovations that accelerate the digital transformation and decarbonisation of the building and manufacturing industries. KOMPAS invests €1.0 – 5.0 million in Seed and Series A rounds with continued support throughout thecompany’s entire lifecycle. We partner with exceptional founders who disrupt the way buildings are designed, built and managed. We strive to eliminate emissions from building and manufacturing activity, reduce energy consumption, promote sustainable building materials, eliminate waste and support a circular economy. We invest in digital technology and automation to make industrial processes from procurement to manufacturing more efficient. We operate with purpose whilst delivering strong financial returns to our investors.

Investment focus

Software, Construction, Information Technology
Series A, Seed, Series B
Germany, Israel, United States

Portfolio highlights

Tibo Energy — To make sure you operate within the limits of your contract we control your network. We avoid congestion in your energy network.
NeoLogic (VLSI) — NeoLogic was founded to address the increasing workloads of video, artificial intelligence, machine learning, data analytics, and more in the cloud and at the edge. we developer a unique technology that cuts down the transistor count of circuits by a factor of up to 3x at any technology node.
Makersite — AI, data and apps for procurement, product design and expert teams to make faster sustainable product and supply chain decisions, at scale.

Sukna ventures is a venture studio and fund based in Saudi Arabia.

Investment focus

Financial Services, FinTech, Information Technology
Seed, Funding Round, Series A
Saudi Arabia, United States, United Arab Emirates

Portfolio highlights

Octa — Reduce DSO by 30%, save 20+ hours per week, and delight customers with our all-in-one platform.
Hefring Marine — Hefring Marine's on-board AI saves fuel consumption, significantly reduces carbon emissions and improves safety in boats and vessels through our real time sea navigation guidance for both manned and unmanned vessels.
InfiniLink — Empowering Hyperscale Datacenters Building Energy-Efficient Ultra-High-Speed Connectivity Solutions

venture capital and private equity for early stage businesses

Investment focus

3D Printing, Software, 3D Technology
Seed, Series A, Funding Round
United States, India, Sweden

Portfolio highlights

Quizy — Quizy Games is an online platform to participate in pool of quizzes and get earn money instantly. Try out your brain and luck together, earning money is fun.
Kaptio — Kaptio is the next generation booking system that places customer experience at the heart of the travel economy. Powered by the Salesforce Platform, it frees travel companies from their legacy systems – equipping them to embrace new ways of working, transform the customer experience and deliver operational efficiencies. Kaptio was launched byArnar Laufdal Olafsson and Ragnar Fjölnisson in 2012 and has offices in United Kingdom, Iceland and Germany.
Chargeup — Chargeup is a full-stack EV Financing & Asset Management Platform. We enable last-mile drivers with ownership and higher earnings

Riverstone Ventures focuses on early stage climatetech companies.

Investment focus

SaaS, Software, Marine Technology
Funding Round
Iceland

Portfolio highlights

Hefring Marine — Hefring Marine's on-board AI saves fuel consumption, significantly reduces carbon emissions and improves safety in boats and vessels through our real time sea navigation guidance for both manned and unmanned vessels.

Eyrir Invest is an international investment company that focuses on investments in industrial companies that have the potential to become true global leaders.

Investment focus

Big Data, Analytics, Enterprise Software
Funding Round
Iceland

Portfolio highlights

Activity Stream — Activity Stream is a marketing platform made exclusively for the event industry.

Seed Capital invests in Danish tech businesses with global ambitions. We are focused on "late seed"-stage companies, typically investing 1-3 MEUR in rounds of 1-6 MEUR. Proud backers of Trustpilot, Vivino, Lunar, Templafy, Dixa, Forecast, and many other great companies.

Investment focus

Software, Health Care, SaaS
Seed, Funding Round, Series A
Denmark, United States, United Kingdom

Portfolio highlights

Tembi — Market Intelligence platform with deep market data, insights and predictions for B2B companies that look for a competitive edge.
Landfolk — Landfolk is the new marketplace for the special holiday homes that are hidden around the country. We have hand-picked every single cottage, where there are proud and passionate hosts, who love their holiday homes, but also like to share it with others.
Embankment Group — Embankment Group is a recruitment consultancy specialising in candidate short markets. We pride ourselves on matching the best talent to the right companies.

Faber is a Lisbon-based venture capital firm investing in outstanding entrepreneurs who innovate at the intersection of science and technology to drive digital transformation and climate action. The firm combines a specialist focus on deep tech early-stage startups with dedicated funds, investment teams and expert advisors to actively helpfounders build global companies powered by AI/Data, Web3 or Ocean/Climate technologies.Faber’s unique approach in Southern Europe is led by an entrepreneurial management partnership and backed by notable thesis-driven institutions and private investors. Investing since 2013, the firm has been an early investor in hard tech companies such as Unbabel, SWORD Health, Codacy, iLoF or YData.

Investment focus

Software, Artificial Intelligence, SaaS
Seed, Pre-Seed, Series A
Portugal, United States, United Kingdom

Portfolio highlights

YPLASMA — YPlasma, an INTA spin-off, develops plasma actuators for ionic flow control, enabling advancements in Energy and Electronics.
KOA Biotech — Detecta enfermedades a tiempo y maximiza tus resultados.
Zymvol Biomodeling — Need a new or better biocatalyst? At ZYMVOL we combine bioinformatics and molecular modeling to accelerate Enzyme Discovery and Design

Welcome to L-Acoustics. We set the benchmark for pro audio sound systems and are always at the cutting-edge of audio technology.

Investment focus

Audio, Music, Software
Series B
United States

Portfolio highlights

Mixhalo — Mixhalo is a real-time audio platform that delivers an immersive experience for live events including concerts, conferences, festivals, sporting events, and anywhere people gather to hear content. Founded by Incubus Guitarist and songwriter Mike Einziger and internationally-acclaimed violinist, Ann Marie Simpson-Einziger, Mixhalo enables live eventorganizers to give audiences exactly what they came for, with real-time audio delivered directly to attendees’ own phones (via a free app) and headphones.It was established in 2016 and is headquartered in San Francisco, California.
Treble — We develop next generation sound simulation and spatial audio technology for digital twins and virtual worlds.

Experian is a global information services company that provides information, analytical tools, and marketing services to help clients manage their commercial and financial decisions. The company helps organizations manage credit risk, prevent fraud, target marketing offers, and automate decision making. It also enables individuals to check theircredit report and credit score as well as protect against identity theft.The company is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index.Experian was co-founded by Michael A Barron and Bernie Brenner in January 1980 and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, United Kingdom; California, United States; and São Paulo, Brazil.

Investment focus

FinTech, Financial Services, Finance
Corporate Round, Series B, Seed
United States, United Kingdom, India

Portfolio highlights

Floid — Open Finance para conectar de forma segura con los datos financieros de tus clientes
Reward Insight — Reward predicts consumer behaviour then changes it. Working with Visa, Mastercard and American Express around the world, Reward helps drive customer engagement, NPS and cross sell for banks and drives incremental sales for the worlds largest retailers.
Resistant AI — Resistant AI provides fraud detection and prevention in automated document processing workflows, transaction monitoring, and identities analysis.

SaltPay is a FinTech company dedicated to building a better future for merchants by servicing them through payment and management tools. Focused on efficiency, technology, and people, they give merchants the help they need to grow.

Investment focus

Information Technology, Apps, Sales
Funding Round
Turkey, Iceland

Portfolio highlights

Odeal — Oedeal is a online payment service company, dedicated in providing wide range of financial solutions to entrepreneurs.
Salescloud — The power behind your point of sales. Our cloud-based sales and management solutions provide you with powerful tools to help you run and grow your business.

Two Ravens focuses on investing in pre-seed and early seed stage technology companies.

Investment focus

Portfolio highlights

Senvo — Centralized last mile data analytics for optimization, automation, and financial transparency.
Gripp — Gripp Ag revolutionizes farm activity and equipment tracking with a simple yet effective QR code and mobile app that allows users to capture unrecorded events.
Outfox Health — Healthcare answers quick as a fox

Keen Venture Partners is a radically human venture capital firm that invests in fast-growing European scale-ups at the Series A and Series B stages

Investment focus

Software, SaaS, Artificial Intelligence
Series A, Series B, Seed
The Netherlands, Germany, United States

Portfolio highlights

Qneiform — The Leading Financial Services Talent Data Platform
EvidenceHunt — EvidenceHunt is an AI-powered research assistant developed by medical professionals for healthcare research. Our focus is on delivering tools that streamline gathering and analyzing clinical evidence. With features like AI Chat for interactive queries and comprehensive Direct Search options, EvidenceHunt allows precise data retrieval andanalysis. It's a tool designed for healthcare experts seeking quick, reliable access to medical research and insights.
allO — Discover the best all-in-one restaurant system to manage operation and delight guests.

Eyrir Venture Management is the venture investment arm of Eyrir Invest, and manages the Eyrir Sprotar venture fund. Eyrir Sprotar focuses on supporting promising ventures for international growth and value creation, investing in seed-stage and early-stage companies. The firm's investment strategy spans all stages of a company´s growth, fromseed capital to funding early-stage companies as well as partaking in international growth.Eyrir Sprotar was founded in 2015 and is based in Reykjavík, Gullbringusysla.

Investment focus

Software, B2B, SaaS
Pre-Seed, Series A
Iceland, United States

Portfolio highlights

Digiphy — Build QR codes and templated pages to connect directly with customers, capture first-party data, tell your origin story, drive sales, product registration and more.
Hedera Dx — A diagnostics platform that makes liquid biopsies a reality in cancer care
PayAnalytics — PayAnalytics, a leading pay equity and workforce analytics solution, aids companies in closing pay gaps and fostering workplace equity. Ensure compliance with pay transparency regulations, assess wage disparities, and analyze workforce demographics conveniently.

We invest in innovative and high-potential startups.We focus on the global maritime and logistics sectors.We are striving to find disruptive technologies and business models.

Investment focus

Software, SaaS, Logistics
Seed, Series A, Funding Round
Germany, India, Togo

Portfolio highlights

Portcast — Our solution improves your supply chain resilience and profitability by accurately predicting arrival times and monitoring valuable container shipments around-the-clock.
ANNEA — ANNEA help renewable energy companies to reduce OPEX by up to 50% while increasing green energy production by up to 15%.ANNEA provides the next generation of condition-based predictive maintenance and underperformance detection for renewable energy assets. It enables automated drive train vibration analysis, based on cutting edge artificialintelligence, physical modelling, and normal behaviour modelling.Operators receive notifications about future failures up to 12 months in advance, containing detailed information on which component has a problem, the root cause of the problem, and the best time window for repair. Besides, ANNEA detects underperformance of renewable assets and helps to maximise energy production.We optimise operations and maintenance across renewable energy sectors, reducing unplanned downtime and lost profit significantly, making green energy more affordable. Let's accelerate the energy transition together!
Hefring Marine — Hefring Marine's on-board AI saves fuel consumption, significantly reduces carbon emissions and improves safety in boats and vessels through our real time sea navigation guidance for both manned and unmanned vessels.

Omega Algae Iceland emphasis to become a global, innovative, cost-effective and sustainable supplier of high quality ingredients extracted from Algae.Omega Algae, based in Iceland, emerged from an initiative of five founders who developed specific systems to maximize the utilisation of the resources supplied by nature to grow one of the oldestand essential organisms in the existence of life on earth. Realizing that the world population is growing, and food chains are stressed to supply the essential elements for the continuance of a healthy future, Omega Algae is able to address these challenges with efficient solutions.

Investment focus

Software, Information Technology
Seed
Iceland

Portfolio highlights

Treble — We develop next generation sound simulation and spatial audio technology for digital twins and virtual worlds.

Menlo Ventures is a Bay Area venture capital firm that pursues companies with the potential to disrupt huge markets. We invest in all stages, across consumer, enterprise, and healthcare technologies.

Investment focus

Software, Information Technology, Enterprise Software
Series B, Series A, Series C
United States, Canada, Brazil

Portfolio highlights

Relcu — Relcu is an intelligent lead-to-revenue lead management and CRM platform that is transforming the financial services industry. Founded in 2020 and is based in Saratoga, California.
Aurasell — Aurasell is an AI-native platform for go-to-market teams. The platform provides tools for territory management, intelligent quoting, and forecasting. Aurasell consolidates multiple sales tools and provides AI-powered agents to manage various workflows.
Higgsfield — The ultimate AI-powered camera control for creators by creators

Omega ehf is a private investment vehicle that makes investments in private equity and a variety of ventures.

Investment focus

Banking, FinTech, Software
Series D
United Kingdom

Portfolio highlights

Meniga — Meniga helps banks use data to drive Digital Engagement, build Customer Loyalty & increase Revenue.
Treble — We develop next generation sound simulation and spatial audio technology for digital twins and virtual worlds.

Idlewild Management is a investment management firm.

Investment focus

SaaS, Software, Marine Technology
Funding Round
Iceland

Portfolio highlights

Hefring Marine — Hefring Marine's on-board AI saves fuel consumption, significantly reduces carbon emissions and improves safety in boats and vessels through our real time sea navigation guidance for both manned and unmanned vessels.

Baliopharm AG is a biotechnology company focusing on the development of novel therapeutics for the treatment of autoimmune diseases like rheumatoid arthritis, Crohn`s disease, psoriasis and multiple sclerosis, and for cancer.

Investment focus

Medical, Consulting, Health Care
Seed
Iceland

Portfolio highlights

3Z Pharmaceuticals — 3Z Pharmaceuticals provides research services intended to provide drug development services. It offers drug screening on sleep and epilepsy assays that helps in the development of drugs used to treat neurological disorders, enabling patients to get multiple drug efficacy and toxicity assays.Karl Karlsson and Haraldur Thorsteinsson founded 3ZPharmaceuticals in 2008. It based their company on their research on the sleeping patterns of the zebrafish at the Reykjavik University Neurolab in 2006.

Shubert Organization owns, operates, and manages theatres in New York; and Philadelphia, Pennsylvania.The organization also produces plays and musicals in New York City and other parts of the United States; operates a ticketing agency for theatres in New York City; and provides a research repository of theatrical documents and other relateditems. In addition, the company offers a source for various ticketing needs, including box office, telephone, internet, season and subscription, group, and more sales to various segments of the entertainment industry.Shubert Organization was formerly known as Select Theatres Corporation and changed its name to Shubert Organization in 1973.The company was founded in 1900 and is based in New York, United States. It operates as a subsidiary of The Shubert Foundation, Inc.

Investment focus

Big Data, Analytics, Enterprise Software
Funding Round
Iceland

Portfolio highlights

Activity Stream — Activity Stream is a marketing platform made exclusively for the event industry.

Eyrir Vöxtur is an ESG fund, which focuses on investing in promising ventures for international growth and value creation. The fund invests in companies that have a positive impact on society and the environment.

Investment focus

Legal, Legal Tech, Document Management
Seed
Iceland

Portfolio highlights

Justikal — Justikal is an eCourt system that allows different stakeholders in legal proceedings to handle documents in a trusted & secure way by using eIDAS compliant trust services.
Laki Power — We supply power grid operators with advanced high-voltage line monitoring stations that enable them to optimise performance, safety and cost.

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