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Top 10 Internet VC Funds & Investors in Iceland (August 2026)

The most active venture capital funds 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
Frumtak Ventures
VC Fund
5 Iceland, Estonia, United States Seed, Series A Software, Information Technology, SaaS $974k–$20M
New Business Venture Fund
VC Fund
5 Iceland, United States, China Seed, Pre-Seed Software, Health Care, SaaS $299k–$2.6M
Brunnur Ventures
VC Fund
1 Iceland, United States, Japan Seed, Series A, Angel Software, SaaS, Gaming $878k–$16M
Sukna Ventures
VC Fund
1 United States, Saudi Arabia, United Arab Emirates Seed, Venture - Series Unknown, Series A Software, Information Technology, FinTech $100k–$40M
MD ONE Ventures
VC Fund
1 United Kingdom, Israel, Iceland Seed, Series A, Pre-Seed Artificial Intelligence, Software, Security $3.5M–$20M
Two Ravens
VC Fund
1 United States, Germany, Iceland Seed, Pre-Seed Software, Information Technology, SaaS $1.5M–$2.8M
Crowberry Capital
VC Fund
1 Iceland, Denmark, Finland Seed, Series A, Pre-Seed Software, Gaming, Health Care $400k–$17M
Menlo Ventures
VC Fund
1 United States, Canada, Sweden Series B, Series A, Series C Software, Information Technology, Artificial Intelligence $6.3M–$120M
Riverstone Ventures
VC Fund
1 Iceland Venture - Series Unknown SaaS, Software, Marine Technology
Innoport
VC Fund
1 India, Germany, Togo Seed, Series A, Venture - Series Unknown Software, SaaS, Logistics $1M–$14M
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Investor list

Frumtak Ventures
VC Fund · Reykjavík, Gullbringusysla, Iceland · 5 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, Estonia, United States

Investor stats

  • Total investments: 41
  • Round size: Seed $974k–$4.7M; Series A $1.2M–$20M
  • Lead/follow: 73% lead, 27% follow
  • Last fund: Likely still investing — fund raised in 2024

Portfolio highlights

  • Optise — Optise is the self-improving B2B website platform that automatically ships data-driven improvements every week so you get more leads and customers without becoming a website expert.
  • MyDello — Get instant quotes for all transportation modes. Enter a new era of freight forwarding with the MyDello logistics platform. Sign up for free
  • Euler — Euler is a software company focused on addressing the issue of build-to-build and machine-to-machine variability in metal additive manufacturing (AM).
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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, SaaS
  • Stage:Seed, Pre-Seed
  • Geography: Iceland, United States, China

Investor stats

  • Total investments: 42
  • Round size: Seed $400k–$2.6M; Pre-Seed $299k–$520k
  • Lead/follow: 62% lead, 38% follow

Portfolio highlights

  • Sowilo — Sowilo created Catecut, a platform-agnostic technology that leverages artificial intelligence to detect fashion products and design elements in store product photos.
  • Sundra — Sundra turns the materials you already have into structured training courses in hours, then delivers them in 70+ languages. Built for HR and L&D teams.
  • Arcana Bio — ArcanaBio is developing realtime biosurveillance solutions that minimize workplace disruptions and support health & wellness
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Brunnur Ventures
VC Fund · Reykjavík, Gullbringusysla, Iceland · 1 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, Angel
  • Geography: Iceland, United States, Japan

Investor stats

  • Total investments: 32
  • Round size: Seed $1M–$5.3M; Angel $878k–$1M; Series A $1.5M–$16M
  • Lead/follow: 66% lead, 34% follow
  • Last fund: May invest from a new fund soon — raised $65M in 2021

Portfolio highlights

  • Axelyf — Building Next-Generation RNA-LNP Therapeutics: experienced drug developers with distinctive technologies - for partners, programs and patients
  • AviLabs — AviLabs specializes in software development in aviation.
  • Ghostlamp — Ghostlamp enables brands and agencies to create on-demand micro influencer campaigns, anywhere in the world via the use of an online self-serve platform.
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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, Information Technology, FinTech
  • Stage:Seed, Venture - Series Unknown, Series A
  • Geography: United States, Saudi Arabia, United Arab Emirates

Investor stats

  • Total investments: 48
  • Round size: Seed $100k–$9M; Series A $10M–$40M
  • Lead/follow: 19% lead, 81% follow

Portfolio highlights

  • Flend — Egypt’s first tech enabled, data driven financing solutions platform dedicated to small businesses.
  • Anecdote
  • InfiniLink — Empowering Hyperscale Datacenters Building Energy-Efficient Ultra-High-Speed Connectivity Solutions
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MD ONE Ventures
VC Fund · London, England, United Kingdom · 1 investments in Iceland Internet startups

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.

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Investment focus

  • Industry: Artificial Intelligence, Software, Security
  • Stage:Seed, Series A, Pre-Seed
  • Geography: United Kingdom, Israel, Iceland

Investor stats

  • Total investments: 21
  • Round size: Seed $3.5M–$9.3M; Series A $8M–$20M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Pimloc — Pimloc's deep learning platform enables private businesses and public organisations to protect sensitive or personal data in video, to maintain safe online environments and to manage video security.
  • Milvus Advanced — Our Midas-touch alloys replicate the functional properties of platinum-group metals at a fraction of the cost.
  • Labrys Technologies — Visualise & Coordinate Your People. Securely. Anywhere. In Real-Time.
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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: 7
  • Round size: Seed $1.8M–$2.8M; Pre-Seed $1.5M–$2M
  • Lead/follow: 57% lead, 43% follow

Portfolio highlights

  • Aavalynx — Legal tools stop at making lawyers faster. Aavalynx goes further: we help in-house teams, funders and law firms advising them resolve disputes sooner, at lower cost, and with full control.
  • Coworked — Making enterprise change as seamless as day-to-day operations with Harmony, the headless-Al project manager. #ProjectManagement #AIProjectManagement
  • Outfox Health — AI copilots answer benefits questions instantly. Lower costs without changing carriers. Launch in under 30 days.
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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: 50
  • Round size: Seed $1.6M–$4.4M; Pre-Seed $400k–$1.3M; Series A $5.7M–$17M
  • Lead/follow: 48% lead, 52% follow
  • Last fund: Likely still investing — fund raised in 2021

Portfolio highlights

  • Quanscient — Quanscient develops multiphysics simulation software utilizing quantum computing algorithms to improve simulation technology. Its Computer Aided Engineering (CAE) platform integrates a unique combination of cloud-native multiphysics solvers, advanced cloud computing, and future quantum integration. The platform also offers engineers over ahundredfold increase in simulation throughput to enable fully digital R&D processes, addressing complex technology challenges in industries like fusion energy, 6G/7G, advanced semiconductors, biomedical, automotive, and aerospace.
  • 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.
  • Augmented Hearing — Read more about danish audiology scale-up Augmented Hearing, driving the world's most ambitious audiology solutions and innovations.
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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: 721
  • Round size: Series A $6.3M–$60M; Series B $10M–$100M; Series C $12M–$120M
  • Lead/follow: 35% lead, 65% follow
  • Last fund: Likely still investing — raised $100M in 2024

Portfolio highlights

  • Lumosity — Challenge your mind with Lumosity, the #1 app with 50+ brain games for memory, math, vocabulary, and more. Start training today!
  • Rover — Connect with 5-star sitters and dog walkers near you who offer dog boarding, dog walking, house sitting, or doggy day care. Book and pay securely.
  • Talari Networks — Create new digital experiences with 5G and IoT business models. Let us show you how with our suite of cloud applications and network infrastructure solutions.
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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
  • Stage:Venture - Series Unknown
  • 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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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, Venture - Series Unknown
  • Geography: India, Germany, Togo

Investor stats

  • Total investments: 17
  • Round size: Seed $1M–$3.7M; Series A $5M–$14M
  • Lead/follow: 18% lead, 82% follow

Portfolio highlights

  • Secro — Digitize Negotiable Documentary Workflows , Improve Compliance , Manage Risks , All Commodities & transportation Modes With One Secure Platform Low-code SaaS to digitize & automate key trade documents. Ensure clarity before you commit with a guided process. Adapts to your...
  • Portcast — Our solution improves your supply chain resilience and profitability by accurately predicting arrival times and monitoring valuable container shipments around-the-clock.
  • 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.
Show all investments...

Internet VC funding in Iceland at a glance

Stats across 16 deals from 8 investors.

8
investors
in Iceland Internet startups
16
deals
in Iceland Internet startups
$1M
median round
in Iceland Internet startups
50%
lead investors
lead at least one round
31%
Grant
most common funding stage

Access all 8 VC funds in Iceland Internet startups.

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