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Top 10 Hardware VC Funds in Iceland

Last updated: Apr 2024 A list of 10 VC funds that invest in Hardware startups based in Iceland. We rank investors based on the number of investments they made in Hardware companies from Iceland. We update this investor list every month.

Top 10 Hardware VC Funds in Iceland

Investor	Hardware Iceland investments
New Business Venture Fund	3
Brunnur Ventures	3
Inventure	2
Reaktor Ventures	2
Frumtak Ventures	2
Shanda Group	2
Technology Development Fund	1
Investa	1
Chrysalix Venture Capital	1
Crowberry Capital	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.

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.

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

Investment focus

Software, Information Technology, Mobile
Seed, Series A, Series B
Finland, Sweden, Denmark

Portfolio highlights

Leya AI — Feel and sound like an English native in 3 months
UltiHash — Data powers breakthroughs. UltiHash is the storage foundation to accelerate them: blazing fast, highly efficient, and built for sustainable long-term growth.
Reveel — Say goodbye to paper maps, brochures, and outdated audio guides. Reveel offers digital solutions for destinations such as UNESCO sites, sights, museums, cities, hotels and parks, taking the visitor experience to the next level. Become part of the smart destination movement, enhance the visitor experience, and discover the future of travel.

Reaktor Ventures has moved to the next phase by focusing its efforts to actively supporting current portfolio companies. This means that the fund has ended its investment period and is not investing into new companies. Between 2013 and 2018 we have invested into 42 different companies and one early stage fund. We will naturally keep makingfollow-up investments to current portfolio companies.

Investment focus

Software, Internet, Health Care
Seed, Pre-Seed, Series A
Finland, Germany, United States

Portfolio highlights

Valpas — Valpas is the hygiene protocol that reassures your future guests and keeps your hotel clean from the most uncontrollable: bed bugs
Swappie — Buy refurbished iPhones at an affordable price - Swappie offers refurbished and cheap iPhones with a free 12-month Swappie warranty.
Videoly — The easiest way for online retailers to get hand-picked and automatically embedded product videos.

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.

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

Health Care, Biotechnology, Software
Seed, Series A, Pre-Seed
United States, China, Israel

Portfolio highlights

Digift — Security Token DEX: Bridging traditional finance and DeFi.
Mojo Vision — Mojo Vision is a developer of augmented reality products and platforms intended to invent the future of computing. The company has developed a smart contact lens with a built-in display that gives timely information without interrupting the focus and delivers immediate, powerful, and relevant information without the intrusions of today'smobile devices, enabling users to connect with others at a glance, anytime, anywhere handsfree.Mojo Vision was founded in 2015 and headquartered in Saratoga, California.
Jimeng Intelligent — Jimeng Intelligent is an industrial internet platform that offers integrated big data production, management and application services.

The role of the fund is to support research and development activities, which aim towards innovation in Icelandic industry. The Technology Development Fund is a competitive fund which issues its calls for proposals twice a year.

Investment focus

Software, Health Care, Manufacturing
Grant, Seed
Iceland, United States, Japan

Portfolio highlights

LearnCove — Give your teams the tools to deliver engaging learning experiences that impact what matters - performance, retention, and growth - with LearnCove!
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.
Princeton NuEnergy — Princeton NuEnergy is a clean-tech startup focused on the direct recycling of lithium-ion batteries from electric vehicles and consumer electronics. Its patented Direct Battery Recycling technology to produce high-quality and high value-added cathode active materials with low operating cost from spent lithium-ion batteries and delivers sustainableenergy and environmental solutions.

Investa is an early stage investor in some of Iceland's most innovative startups. It invests primarily in companies in the technology sector offering products and solutions that have an international appeal.Its policy is to invest in a select few startups and spend a lot of time with them. In addition to investing, the company also providevarious advisory services from time to time to companies, investors and institutions that need help evaluating new opportunities.

Investment focus

Software, SaaS, Crowdsourcing
Seed, Angel
Iceland, United States

Portfolio highlights

GRID — Build smart, interactive web calculators & lead-gen tools powered by your spreadsheets.
Travelade — Find recommendations and local insights from all across the world. Discover hidden gems, book experiences with best price guaranteed, create epic stories.
Aldin Dynamics — Aldin creates believable realities designed for presence & immersion.

Leading global venture capital fund that invests in resource intensive industries across North America and Europe.

Investment focus

Energy, Manufacturing, CleanTech
Series B, Series A, Funding Round
United States, Canada, The Netherlands

Portfolio highlights

HaiLa Technologies Inc. — HaiLa's ultra-low power RF technology paves the way for battery-free operation of wireless IoT sensors and devices.
Sortera Technologies — Sortera Alloys manufactures low-cost, high-quality metal alloys for domestic manufacturing using its artificial intelligence technology.
VerAI Discoveries — VerAI Discoveries is disrupting Mineral Exploration by deploying a revolutionary Artificial Intelligence Platform that detects concealed mineral deposits.

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

Investors by industry

Media (entertainment)

EdTech

Consumer

Climate