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Top 10 Internet VC Funds & Investors in Iceland (June 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–$2.7M
Menlo Ventures
VC Fund
1 United States, Canada, Sweden Series B, Series A, Series C Software, Information Technology, Artificial Intelligence $6.3M–$105M
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–$18M
Innoport
VC Fund
1 India, Germany, Togo Seed, Series A Software, SaaS, Logistics $1.1M–$10M
MD ONE Ventures
VC Fund
1 United Kingdom, Israel, Iceland Seed, Series A, Pre-Seed Software, Aerospace, Machine Learning $3.5M–$20M
Sukna Ventures
VC Fund
1 Saudi Arabia, United States, United Arab Emirates Seed, Pre-Seed Software, Financial Services, Information Technology $100k–$10M
Riverstone Ventures
VC Fund
1 Iceland SaaS, Software, Marine Technology
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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: 38
  • Round size: Seed $400k–$2.6M; Series A $450k–$3.4M
  • Lead/follow: 61% lead, 39% follow

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.
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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 actively 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: 5
  • Round size: Seed $1.8M–$2.7M; Pre-Seed $1.5M–$1.5M
  • Lead/follow: 60% lead, 40% follow

Portfolio highlights

  • Senvo — AI-powered parcel audit platform identifies overcharges, service failures, and damage. Automatically recover shipping costs with 100% transparency.
  • 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.
  • 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: 654
  • Round size: Series A $6.3M–$53M; Series B $10M–$75M; Series C $12M–$105M
  • Lead/follow: 35% lead, 65% follow
  • Last fund: Likely actively investing — fresh fund, raised $100M in 2024

Portfolio highlights

  • Eppo — Hypothesis-centered A/B experimentation, built for today's product and data teams.
  • Aisera — Aisera's AI Service Management (AISM) solution helps enterprises to automate IT tasks & workflows to deliver exceptional service experience.
  • Immersive — Cyber Workforce Optimization The One Platform that Powers Your Entire Organization Book a Demo Our vision What is Immersive Labs? An enterprise platform that measures and evidences the cyber security capabilities of your workforce, Immersive Labs is the leader in cyber workforce optimization. Organizations use the
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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: 48
  • Round size: Seed $1.6M–$4.7M; Pre-Seed $1k–$1.3M; Series A $5.7M–$17M
  • Lead/follow: 50% lead, 50% follow
  • Last fund: Likely still investing — fund raised in 2021

Portfolio highlights

  • Prescriby — Prescriby is a digital treatment system developer to combat the opioid crisis by improving prescription safety and monitoring.Prescriby features a treatment generator and dashboard monitor to simplify complex health information, allowing clinics to give individualized data-driven therapies and safer monitoring for their customers.
  • Dreamdata — Dreamdata is a B2B Revenue Attribution Platform that gathers, joins, cleans all revenue-related data to present transparent, actionable analysis of what drives B2B revenue. The ultimate B2B multi-touch attribution tool for multi-techstack businesses.
  • Mainframe Industries — Mainframe Industries is a Reykjavik, Iceland and Helsinki, Finland-based startup working on the development of an open world, social sandbox MMO for cloud gaming.The company will will work on an open-world, social sandbox MMO specifically designed for cloud gaming, with cross-platform play across mobile, PC, and TV. Mainframe believes that thepromise of friction-free access from social networks and streaming platforms on the device of your choice will greatly expand the creative canvas for game developers.
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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: 31
  • Round size: Seed $1M–$5.3M; Series A $1.5M–$18M
  • Lead/follow: 65% lead, 35% 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.
  • Oculis — Experience the Future of Eye Care: Oculis, a Clinical Biopharmaceutical Innovator, Pioneering Breakthrough Treatments for Ophthalmic Diseases & Transforming Lives Globally.
  • Standby Deposits — Standby Deposits is a rental security deposit replacement based on credit.
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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: 16
  • Round size: Seed $1.1M–$3.9M; Series A $5M–$10M
  • Lead/follow: 19% lead, 81% follow

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.
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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.
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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, Financial Services, Information Technology
  • Stage:Seed, Pre-Seed
  • Geography: Saudi Arabia, United States, United Arab Emirates

Investor stats

  • Total investments: 14
  • Round size: Seed $100k–$10M
  • Lead/follow: 36% lead, 64% follow

Portfolio highlights

  • MoneyHash — Emerging and Global markets first all-in-one flexible payment orchestration and revenue operations platform that covers all of your payment needs. We help you build, optimize, and scale your payment infrastructure at any stage of growth.
  • OCTA — OCTA automates accounts receivable, accounts payable, collections, and reconciliation using AI agents. Trusted by 500+ companies to reduce DSO and accelerate cash flow.
  • 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
  • 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.
Show all investments...

Internet VC funding in Iceland at a glance

Stats across 15 deals from 7 investors.

7
investors
in Iceland Internet startups
15
deals
in Iceland Internet startups
$900k
median round
in Iceland Internet startups
43%
lead investors
lead at least one round
33%
Grant
most common funding stage

Access all 7 VC funds in Iceland Internet startups.

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