Top 10 Internet VC (Venture Capital) Funds in Iceland in September 2025

Last updated: Sep 2025 A list of 10 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 VC (Venture Capital) Funds in Iceland in September 2025

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

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.

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.

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.

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

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

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.