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Top 10 Internet Startup Investors in Iceland in May 2025

Last updated: May 2025 A list of 10 angel investors and VC (Venture Capital) funds that invest in Internet startups based in Iceland. We rank investors based on the number of investments they made in Internet companies from Iceland. We update this investor list every month.

Top 10 Internet Startup Investors in Iceland in May 2025

Investor	Internet Iceland investments
New Business Venture Fund	5
Frumtak Ventures	4
Brunnur Ventures	2
Riverstone Ventures	1
Crowberry Capital	1
Two Ravens	1
Sukna Ventures	1
Jon S. von Tetzchner	1
Menlo Ventures	1
Innoport	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.

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.

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.

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.

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.
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.

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

MoneyHash — MoneyHash provides access to payment and fintech services across the Middle East & Africa with one simple integration.
Octa — Octa is a one-click automated system for collecting invoices that ensures timely payment to business-to-business firms.
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.

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.

Investment focus

Travel, Tourism, Search Engine
Seed
Iceland

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.

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

Wisdom AI — WisdomAI is a data analytics platform that enables enterprise users to ask natural-language questions and receive answers from both structured and unstructured data sources—even when the data is messy or incomplete. It allows business leaders to quickly drill into insights, replacing the need for time-consuming analyst reports with real-time,accurate responses. The platform avoids hallucinations by using generative AI only to generate queries, not the answers themselves. Early adopters include companies across sectors like oil and gas, who use WisdomAI to query data from documents, telemetry, and databases.
ClearVector — Completely understand activity in AWS and mitigate risk in a single click.
True Anomaly — True Anomaly Space

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.

Investors by industry

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