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Top 15 Enterprise VC Funds in Iceland

Last updated: Apr 2024 A list of 15 VC 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 15 Enterprise VC Funds in Iceland

Investor	Enterprise Iceland investments
New Business Venture Fund	16
Frumtak Ventures	10
Brunnur Ventures	5
Crowberry Capital	4
Preceptor Capital	2
Probiocon	1
byFounders	1
Omega Algae	1
Eyrir Venture Management	1
Capital A Partners	1
Seed Capital	1
Baliopharm	1
Teya	1
Menlo Ventures	1
Karma Ventures	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.

Frumtak (a.k.a. Frumtak Investment Fund, Frumtak I, Frumtak 1) was founded December 23rd. 2008. The objective was to invest in early stage growth companies that were post seed and had growth potential. This would result in leading companies that could deliver a good return to investors.At the close of Frumtak‘s investment period on December 31st.2012, the fund had invested in fifteen companies with nine investments still active. The remainder of lifetime of the fund is used to follow on investments and divest assets.Frumtak Ventures (Frumtak II, Frumtak 2) started in February 2015. The fund builds on the legacy of Frumtak 1. The fund invests in early stage innovative companies that are post seed and show great potential for growth. The fund invests primarily in Iceland but is allowed to invest abroad as allowed by law in connection with its portfolio investments to ensure success in foreign markets.Frumtak II emphasizes to invest in companies where growth and sales in foreign markets are the primary objective, but does not specialize in any particular industry. The fund wants to ensure that original ideas get a chance and thereby increasing the probability of creating growth and value. By doing this, it enforces the image that Icelandic innovation is profitable.Frumtak II aspires to be a trusted and popular ally. The fund strives to have a good relationship and co-operation with all stakeholders within the start-up and innovation community. The fund puts a special emphasis on co-operating with stakeholders outside Iceland.

Investment focus

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

Portfolio highlights

50skills — Bring people, information and tools together. 50skills is a hiring system and so much more.
Spectaflow — Spectaflow is a SaaS solution for accommodations businesses focused on improving housekeeping and maintenance workflows
Abler — Abler brings simplicity to the complexities of team management. With easy scheduling, messaging, payment, and data tools, Abler empowers users to spend more time cultivating the essential life skills and values learned through sports and other organised activities.

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

Investment focus

Software, SaaS, Biotechnology
Seed, Series A, Angel
Iceland, United States, Denmark

Portfolio highlights

PaxFlow — PaxFlow is a travel technology startup that helps tour operators to streamline operations with resource management, data based workflows, customer communication and self service tools.
Vitar Games — A WW1 Strategy driven Management Game
Standby Deposits — Standby Deposits is a rental security deposit replacement based on credit.

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

Saidot — Saidot is a governance tool for safe, ethical and transparent AI.
Rocky Road — At Rocky Road, we are redefining social gaming with our social gaming network. We are hiring!
Scaleup Finance — Improve your financial management

Preceptor Capital is an investment firm.

Investment focus

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

Portfolio highlights

Anonybit — Revolutionizing identity management platform with strong authentication across the user lifecycle without compromising on user privacy or data securityKeywords: identity management, strong authentication
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.

Probiocon is a consulting company offering comprehensive services for pharmaceutical and biotechnological companies. We give advice and support for all kind of corporate development activities (services) needed for biotech and pharma companies, including but not limited to Corporate Financing, Licensing & Partnering, Merger & Acquisition,and Corporate Organisation.Their vision is to provide optimized and cost-effective solutions to the special needs of companies developing biopharmaceutical compounds.

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.

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, SaaS
Seed, Series A, Pre-Seed
Denmark, United States, Sweden

Portfolio highlights

Monta — Monta is the ultimate platform powering the entire EV charging ecosystem. From drivers, to businesses, to industry partners, we offer software solutions that cover all EV charging needs.
QA.tech — Our AI combines the skills of a QA engineer with the speed of automated testing for you. This shortens your time to market, cuts costs and improves the quality of your web apps.
Rig.dev — Rig.dev offers an open-source application platform for Kubernetes. Rig.dev empower developers to work in their own environments with elevated application abstractions, while still leveraging Kubernetes's reliability, portability, and scalability.

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.

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.
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.

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 operates as a battery swapping network for e-rickshaws.

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

Mesh Bio — Mesh Bio is a digital health startup that is transforming chronic disease management through predictive analytics. Mesh Bio works with healthcare providers and stakeholders to provide innovative solutions that transform health screening and disease management. They translate clinical data and numbers into actionable insights that help patientsbetter manage their health, lifestyle and disease risks.
Embla — Embla provides an online medical weight loss treatment using prescription drugs and coaching. The company provides patients with evidence-based treatments, digital tools, medication, and coaching to facilitate sustainable weight loss. Embla was founded in 2021 and is headquartered in Copenhagen, Denmark.
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.

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.

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.

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, France

Portfolio highlights

Higgsfield — Foundational video model for social media
Barnyard Games — Barnyard Games is a gaming production studio that creates strategic games and simulations.
Brain Jar Games — Brain Jar Games is a new worldwide studio comprised of AAA professionals dedicated to creating bold and bright games that players want to share.

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, Series B, Seed
Estonia, Sweden, Finland

Portfolio highlights

Hydrogrid — All-in-one solution for optimizing hydropower plants. Increase revenues by up to 18%, reduce spill by up to 12%, and save valuable time with Hydrogrid Insight.
Commsignia — Commsignia specializes in the research and development, manufacturing and distribution of cooperative intelligent transportation systems. Its product line includes a V2X Communication Software Stack and Commsignia’s own security stack implementation, Hybrid V2X/ADAS Safety Applications, a V2X Simulator, On-Board Units (OBU) and Roadside Units(RSU).The company was founded in 2012 and is headquartered in Santa Clara, California.
DRUID — DRUID is an AI platform that allows companies to automate processes by designing and deploying UiPath RPA integrated chatbot virtual assistants.

Investors by industry

Media (entertainment)

EdTech

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