Top 10 Internet VC (Venture Capital) Funds in Iceland in July 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 July 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 |
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
- 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.
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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.
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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.
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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.
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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.
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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.
- 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.
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
- Software, Information Technology, Enterprise Software
- Series B, Series A, Series C
- United States, Canada, Brazil
Portfolio highlights
- Owl AI — Transform your sports performance with cutting-edge AI analytics and real-time insights. Revolutionizing how sports are analyzed and optimized.
- OpenRouter — OpenRouter is a platform that connects AI applications with large language models and cloud hosting providers, allowing users to optimize for costs, speed, and performance. The platform supports over 180 AI models, offers a unified API, and includes functionalities like private chat and exploratory data capabilities. OpenRouter sets the newbenchmark for large-scale AI inference with its global edge infrastructure, privacy-focused design, real-time accounting, and integrated billing.
- Abacus — Abacus develops agentic infrastructure for accounting firms, focusing on deeply embedded, domain-specific automation rather than flashy user interfaces.
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
- 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.
Sukna ventures is a venture studio and fund based in Saudi Arabia.
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Investment focus
- Financial Services, FinTech, Information Technology
- Seed, Funding Round, Series A
- Saudi Arabia, United States, United Arab Emirates
Portfolio highlights
- Octa — Reduce DSO by 30%, save 20+ hours per week, and delight customers with our all-in-one platform.
- 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.
- InfiniLink — Empowering Hyperscale Datacenters Building Energy-Efficient Ultra-High-Speed Connectivity Solutions
Riverstone Ventures focuses on early stage climatetech companies.
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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.
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VC (Venture Capital) Funds in Iceland by industry
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