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Top 10 Internet Startup Investors in Iceland (June 2026)

The most active venture capital funds and angel investors investing in Iceland Internet startups. This investor list is updated monthly from the Shizune investor database, ranked by number of investments in Iceland Internet startup companies. Find investors to raise a Pre-Seed, Seed or Series A round with Shizune.
Investor Relevant Deals Geography Stage Focus Round Size
New Business Venture Fund
VC Fund
5 Iceland, United States, China Seed, Series A Software, Health Care, Medical $400k–$3.4M
Frumtak Ventures
VC Fund
4 Iceland, United States, United Kingdom Seed, Series A Software, Information Technology, SaaS $974k–$20M
Brunnur Ventures
VC Fund
2 Iceland, United States, Denmark Seed, Series A Software, SaaS, Gaming $1M–$18M
Crowberry Capital
VC Fund
1 Iceland, Denmark, Finland Seed, Series A, Pre-Seed Software, Gaming, Health Care $1k–$17M
Two Ravens
VC Fund
1 United States, Germany, Iceland Seed, Pre-Seed Software, Information Technology, SaaS $1.5M–$2.7M
Riverstone Ventures
VC Fund
1 Iceland SaaS, Software, Marine Technology
Menlo Ventures
VC Fund
1 United States, Canada, Sweden Series B, Series A, Series C Software, Information Technology, Artificial Intelligence $6.2M–$104M
Innoport
VC Fund
1 India, Germany, Togo Seed, Series A Software, SaaS, Logistics $1.1M–$10M
Sukna Ventures
VC Fund
1 Saudi Arabia, United States, United Arab Emirates Seed, Pre-Seed Software, Financial Services, Information Technology $100k–$10M
Jon S. von Tetzchner
Angel
1 Iceland Seed Travel, Tourism, Search Engine
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Investor list

New Business Venture Fund
VC Fund · Reykjavík, Gullbringusysla, Iceland · 5 investments in Iceland Internet startups

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.

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Investment focus

  • Industry: Software, Health Care, Medical
  • Stage:Seed, Series A
  • Geography: Iceland, United States, China

Investor stats

  • Total investments: 38
  • Round size: Seed $400k–$2.6M; Series A $450k–$3.4M
  • Lead/follow: 61% lead, 39% follow

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.
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Frumtak Ventures
VC Fund · Reykjavík, Gullbringusysla, Iceland · 4 investments in Iceland Internet startups

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.

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Investment focus

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

Investor stats

  • Total investments: 37
  • Round size: Seed $974k–$4.7M; Series A $1.2M–$20M
  • Lead/follow: 70% lead, 30% follow
  • Last fund: Likely actively investing — fund raised in 2024

Portfolio highlights

  • PLAIO — PLAIO is a web-based SaaS platform intended to help generic pharmaceutical companies to digitize their demand, manufacturing, and purchase planning.PLAIO offers features like visual and capacity planning, advanced constraint/overhead calculations.
  • 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.
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Brunnur Ventures
VC Fund · Reykjavík, Gullbringusysla, Iceland · 2 investments in Iceland Internet startups

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

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Investment focus

  • Industry: Software, SaaS, Gaming
  • Stage:Seed, Series A
  • Geography: Iceland, United States, Denmark

Investor stats

  • Total investments: 29
  • Round size: Seed $1M–$3.5M; Series A $1.5M–$18M
  • Lead/follow: 62% lead, 38% follow
  • Last fund: May invest from a new fund soon — raised $65M in 2021

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.
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Crowberry Capital
VC Fund · Reykjavík, Gullbringusysla, Iceland · 1 investments in Iceland Internet startups

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.

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Investment focus

  • Industry: Software, Gaming, Health Care
  • Stage:Seed, Series A, Pre-Seed
  • Geography: Iceland, Denmark, Finland

Investor stats

  • Total investments: 45
  • Round size: Seed $1.6M–$4.7M; Pre-Seed $1k–$1.3M; Series A $5.7M–$17M
  • Lead/follow: 51% lead, 49% follow
  • Last fund: Likely still investing — fund raised in 2021

Portfolio highlights

  • Quanscient — We are building next generation simulation software-as-a-service utilizing Quantum computing algorithms. Our specialty domain of simulations is Computational Electromagnetics.
  • Hemi Health — Hemi Health is a Danish digital-first headache and migraine clinic specializing in diagnosis, personalized treatment, and care for headaches using technology like an app for symptom tracking and video consultations.
  • Porcelain Fortress — Porcelain Fortress was founded by a small band of romantics in the summer of 2016 in Reykjavik, Iceland.
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Two Ravens
VC Fund · 1 investments in Iceland Internet startups

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

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Investment focus

  • Industry: Software, Information Technology, SaaS
  • Stage:Seed, Pre-Seed
  • Geography: United States, Germany, Iceland

Investor stats

  • Total investments: 5
  • Round size: Seed $1.8M–$2.7M; Pre-Seed $1.5M–$1.5M
  • Lead/follow: 60% lead, 40% follow

Portfolio highlights

  • Senvo — AI-powered parcel audit platform identifies overcharges, service failures, and damage. Automatically recover shipping costs with 100% transparency.
  • Coworked — Coworked is redefining the Fortune 500 enterprise project management office (PMO) with Harmony, the AI Project Manager coworker that takes on 70%+ of routine project tasks, so your team can focus on driving outcomes, not chasing updates.What Harmony does: Harmony acts as a true team member, managing documents, timelines, resources, stakeholders,risks, meetings, and communication across your existing enterprise systems like Microsoft 365, Google Workspace, and your procurement, project, contract and financial tools.How Harmony works: Powered by Coworked’s proprietary agentic AI framework, Harmony operates autonomously as a headless project orchestrator within your workflows, without requiring new tools, systems, or disruptive process change.Why it matters: With Harmony, Fortune 500 enterprises reduce dependency on costly consultants, avoid the need to add headcount, and keep institutional knowledge alive across every project. The result: more projects delivered, with higher quality and less overhead.Our mission is simple, to make enterprise change as seamless as day-to-day operations.A Techstars-backed company.
  • Outfox Health — AI copilots answer benefits questions instantly. Lower costs without changing carriers. Launch in under 30 days.
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Riverstone Ventures
VC Fund · Nyack, New York, United States · 1 investments in Iceland Internet startups

Riverstone Ventures focuses on early stage climatetech companies.

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Investment focus

  • Industry: SaaS, Software, Marine Technology
  • Geography: Iceland

Investor stats

  • Total investments: 1
  • Lead/follow: 0% lead, 100% follow

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.
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Menlo Ventures
VC Fund · San Francisco, California, United States · 1 investments in Iceland Internet startups

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.

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Investment focus

  • Industry: Software, Information Technology, Artificial Intelligence
  • Stage:Series B, Series A, Series C
  • Geography: United States, Canada, Sweden

Investor stats

  • Total investments: 643
  • Round size: Series A $6.2M–$52M; Series B $10M–$75M; Series C $12M–$104M
  • Lead/follow: 36% lead, 64% follow
  • Last fund: Likely actively investing — fresh fund, raised $100M in 2024

Portfolio highlights

  • Aisera — Aisera's AI Service Management (AISM) solution helps enterprises to automate IT tasks & workflows to deliver exceptional service experience.
  • Dedrone — Dedrone is the global leader in anti-drone / counter-drone solutions with the most customers in more countries
  • Immersive — Cyber Workforce Optimization The One Platform that Powers Your Entire Organization Book a Demo Our vision What is Immersive Labs? An enterprise platform that measures and evidences the cyber security capabilities of your workforce, Immersive Labs is the leader in cyber workforce optimization. Organizations use the
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Innoport
VC Fund · Hamburg, Hamburg, Germany · 1 investments in Iceland Internet startups

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.

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Investment focus

  • Industry: Software, SaaS, Logistics
  • Stage:Seed, Series A
  • Geography: India, Germany, Togo

Investor stats

  • Total investments: 16
  • Round size: Seed $1.1M–$3.9M; Series A $5M–$10M
  • Lead/follow: 19% lead, 81% follow

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.
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Sukna Ventures
VC Fund · Riyadh, Ar Riyad, Saudi Arabia · 1 investments in Iceland Internet startups

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

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Investment focus

  • Industry: Software, Financial Services, Information Technology
  • Stage:Seed, Pre-Seed
  • Geography: Saudi Arabia, United States, United Arab Emirates

Investor stats

  • Total investments: 14
  • Round size: Seed $100k–$10M
  • Lead/follow: 36% lead, 64% follow

Portfolio highlights

  • MoneyHash — Emerging and Global markets first all-in-one flexible payment orchestration and revenue operations platform that covers all of your payment needs. We help you build, optimize, and scale your payment infrastructure at any stage of growth.
  • OCTA — OCTA automates accounts receivable, accounts payable, collections, and reconciliation using AI agents. Trusted by 500+ companies to reduce DSO and accelerate cash flow.
  • InfiniLink — Empowering Hyperscale Datacenters Building Energy-Efficient Ultra-High-Speed Connectivity Solutions
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Jon S. von Tetzchner
Angel · Oslo, Oslo, Norway · 1 investments in Iceland Internet startups

Jon von Tetzchner is co-founder and CEO of Vivaldi Technologies, the company behind the Vivaldi web browser and other services for the web’s most demanding and savviest users. He co-founded Opera Software where he served as CEO for 15 years. Jon steered Opera from a small basement nook shared into a global company with more than 900 employees in 13countries.Under his leadership, Opera was an early pioneer in mobile web browsing and more than 350 million people used Opera to enjoy the web on their terms. Jon is now steering Vivaldi which was came out with its final version in April 2016. He and his team are making a personal and a feature – rich browser that takes into consideration the needs of every user. Vivaldi is self-funded and aims to be this way where the employees hold equity.

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Investment focus

  • Industry: Travel, Tourism, Search Engine
  • Stage:Seed
  • Geography: Iceland

Investor stats

  • Total investments: 1
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Dohop — Dohop is an award-winning technology provider founded in Iceland with 15 years’ experience in developing innovative solutions in the field of aviation and travel. Its core technology is focused on creating connecting itineraries. Being at the forefront of digital innovation in the field of interline technology, Dohop has developed solutions forforward-thinking airlines, alliances, and airports all around the globe, including easyJet, Transavia, Eurowings, Jetstar Group, Gatwick Airport, and SkyTeam.
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Internet Investor funding in Iceland at a glance

Stats across 15 deals from 7 investors.

7
investors
in Iceland Internet startups
15
deals
in Iceland Internet startups
$900k
median round
in Iceland Internet startups
43%
lead investors
lead at least one round
33%
Grant
most common funding stage
100/0
VC / Angel
share of investor count

Access all 7 investors in Iceland Internet startups.

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