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Top 10 Internet VC Funds & Investors in Iceland (July 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
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, Estonia, United States Seed, Series A Software, Information Technology, SaaS $974k–$20M
Two Ravens
VC Fund
1 United States, Germany, Iceland Seed, Pre-Seed Software, Information Technology, SaaS $1.5M–$2.8M
Menlo Ventures
VC Fund
1 United States, Canada, Sweden Series B, Series A, Series C Software, Information Technology, Artificial Intelligence $6.3M–$120M
Crowberry Capital
VC Fund
1 Iceland, Denmark, Finland Seed, Series A, Pre-Seed Software, Gaming, Health Care $1k–$17M
Brunnur Ventures
VC Fund
1 Iceland, United States, Denmark Seed, Series A Software, SaaS, Gaming $1M–$16M
Innoport
VC Fund
1 India, Germany, Togo Seed, Series A Software, SaaS, Logistics $1.1M–$14M
Sukna Ventures
VC Fund
1 Saudi Arabia, United States, United Arab Emirates Seed, Series A Software, Information Technology, SaaS $100k–$12M
Riverstone Ventures
VC Fund
1 Iceland Venture - Series Unknown SaaS, Software, Marine Technology
MD ONE Ventures
VC Fund
1 United Kingdom, Israel, Iceland Seed, Series A, Pre-Seed Software, Aerospace, Machine Learning $3.5M–$20M
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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: 40
  • Round size: Seed $400k–$2.6M; Series A $450k–$3.4M
  • Lead/follow: 60% lead, 40% follow

Portfolio highlights

  • Sundra — Sundra is a translation software that helps HR teams translate their learning content so every employee feels included.
  • HorseDay — HorseDay is a mobile application to track horse activities.
  • Arcana Bio — ArcanaBio is developing realtime biosurveillance solutions that minimize workplace disruptions and support health & wellness
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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, Estonia, United States

Investor stats

  • Total investments: 40
  • 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 an AI-powered website insights tool for B2B businesses.
  • 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
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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: 6
  • Round size: Seed $1.8M–$2.8M; Pre-Seed $1.5M–$1.5M
  • Lead/follow: 67% lead, 33% follow

Portfolio highlights

  • 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.
  • 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 — AI copilots answer benefits questions instantly. Lower costs without changing carriers. Launch in under 30 days.
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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: 673
  • Round size: Series A $6.3M–$60M; Series B $10M–$78M; Series C $12M–$120M
  • Lead/follow: 35% lead, 65% follow
  • Last fund: Likely still investing — raised $100M in 2024

Portfolio highlights

  • nLIGHT — Leading the world in high-power lasers for mission-critical directed energy, sensing, and advanced manufacturing applications.
  • Scality — Object storage solutions for enterprises to store, protect, and manage data across hybrid and multi-cloud environments.
  • Socialcast — Socialcast is a leading provider of Enterprise collaboration software to facilitate real-time employee communication while analyzing the social graph for measures of productivity. Socialcast is deployed either on-premise or on-demand using activity streams to effectively accelerate information awareness amongst employees.
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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: 49
  • Round size: Seed $1.6M–$4.2M; Pre-Seed $1k–$1.3M; Series A $5.7M–$17M
  • Lead/follow: 49% lead, 51% 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.
  • Augmented Hearing — Augmented Hearing is creating game-changing technology that will be used in fields such as voice assistants, hearing health, environmental noise suppression in phone calls, and many more.
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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
  • Geography: Iceland, United States, Denmark

Investor stats

  • Total investments: 32
  • Round size: Seed $1M–$5.3M; 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 — Axelyf is a biotechnology company that offers RNA medicines through safer and more effective lipid nanoparticle delivery.
  • 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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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: 17
  • Round size: Seed $1.1M–$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.
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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, SaaS
  • Stage:Seed, Series A
  • Geography: Saudi Arabia, United States, United Arab Emirates

Investor stats

  • Total investments: 26
  • Round size: Seed $100k–$7M; Series A $10M–$12M
  • Lead/follow: 23% lead, 77% 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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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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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: Software, Aerospace, Machine Learning
  • 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

  • Januus — Januus enables cryptocurrency, working to accelerate its adoption by the global financial community. They collects data from around the internet to develop linkages between bitcoin wallets and identities, bridging the blockchain divide.
  • 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.
  • Milvus Advanced — Our Midas-touch alloys replicate the functional properties of platinum-group metals at a fraction of the cost.
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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