Top 10 Medical Device Startup Investors in Iceland (September 2026)

Novator is an alternative investment firm founded and led by the international investor and entrepreneur Thor Bjorgolfsson.Novator's investment portfolio is focused around following sectors: Telecommunications, Pharmaceuticals, IT and Renewable Energy. In addition, Novator operates a Private Equity Fund and a Credit Opportunities Fund.Novator focuses on developing strong management teams in each of its portfolio companies. While granting them the autonomy to create value, Novator maintains a supervisory role, principally through representation on the Boards of its investee companies. Novator differentiates itself from many other private equity companies in concentrating on complex situations, either by virtue of their structure or their cross-border nature. To create value, Novator undertakes the restructuring or "de-risking" of investment opportunities through re-financing, combining acquired assets with existing businesses, through sale to strategic or financial buyers, or through flotation. Novator's investment portfolio is focused around four main sectors:Telecommunications, Pharmaceuticals, IT and Renewable Energy.

Investment focus

Industry: Software, E-Commerce, Online Games
Stage:Series B, Series C, Series A
Geography: United Kingdom, United States, Iceland

Investor stats

Total investments: 64
Round size: Series A $9M–$27M; Series B $16M–$125M; Series C $16M–$450M
Lead/follow: 39% lead, 61% follow

Portfolio highlights

Numan — Convenient care, tailored to you. Offering treatments for weight loss, diagnostics, erectile dysfunction, hair loss, and more.
Nord Security — Nord Security is the leader in the field of online privacy and security. Our security tools have earned praise from respected experts and tech outlets.
Steel City Interactive — Steel City Interactive develops gaming.

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Silicon Valley Bank is the financial partner of the innovation economy; helping individuals and investors in the innovation ecosystem achieve extraordinary outcomes.

Investment focus

Industry: Software, Health Care, Biotechnology
Stage:Debt Financing, Series B, Series A
Geography: United States, Canada, United Kingdom

Investor stats

Total investments: 708
Round size: Series A $5M–$27M; Series B $6.5M–$45M; Debt Financing $2M–$115M
Lead/follow: 43% lead, 57% follow
Last fund: May invest from a new fund soon — last raise in 2016

Portfolio highlights

Zogenix — Therapeutic Solutions for CNS Disorders and Rare Diseases
Pharming Group —
Oxford BioTherapeutics — At Oxford BioTherapeutics, we are dedicated to pioneering the next generation of oncology treatments through targeted therapies, including Antibody-Drug Conjugates (ADC), Immuno-oncology, T-Cell Engagers (TCE), and radiopharmaceuticals.

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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

Industry: Software, Information Technology, SaaS
Stage:Seed, Series A
Geography: Iceland, Estonia, United States

Investor stats

Total investments: 43
Round size: Seed $974k–$4.7M; Series A $1.2M–$20M
Lead/follow: 70% lead, 30% follow
Last fund: Likely still investing — raised $87M 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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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

Industry: Software, Health Care, SaaS
Stage:Seed, Venture - Series Unknown
Geography: Iceland, United States, China

Investor stats

Total investments: 43
Round size: Seed $400k–$2.6M; Venture - Series Unknown $1.2M–$3.8M
Lead/follow: 60% lead, 40% 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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TM is a company that provides all insurance and damage related services through call, online chats & emails.

Investment focus

Industry: SaaS, Travel, Software
Stage:Corporate Round, Venture - Series Unknown
Geography: Iceland

Investor stats

Total investments: 2
Lead/follow: 50% lead, 50% follow

Portfolio highlights

Genis — Genis is pioneering the development and application of therapeutic chitin derivatives.
Kaptio — Kaptio develops a travel reservation platform to bring digital transformation to tour operators. They provide reservation technology and incorporate marketing, operations, and finance into one central system for travel operators, along with providing travel-specific consultancy services, technical architecture, delivery, and implementation. Theyenable travel businesses to customer relationship management processes.

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Sigurgeir Gudlaugsson is the Chief Executive Officer of Genis.

Investment focus

Industry: Health Care, Biotechnology, Medical Device
Stage:Venture - Series Unknown
Geography: Iceland

Investor stats

Total investments: 1
Lead/follow: 0% lead, 100% follow

Portfolio highlights

Genis — Genis is pioneering the development and application of therapeutic chitin derivatives.

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Sigþór Sigmarsson is Finance director at Novato. He attended Háskóli Íslands.

Investment focus

Industry: Software, Health Care, Banking
Stage:Seed, Series D, Venture - Series Unknown
Geography: Iceland, United Kingdom

Investor stats

Total investments: 4
Round size: Seed $400k–$1.8M
Lead/follow: 25% lead, 75% follow

Portfolio highlights

Genis — Genis is pioneering the development and application of therapeutic chitin derivatives.
Treble — We develop next generation sound simulation and spatial audio technology for digital twins and virtual worlds.
3Z Pharmaceuticals — 3Z Pharmaceuticals provides research services intended to provide drug development services. It offers drug screening on sleep and epilepsy assays that helps in the development of drugs used to treat neurological disorders, enabling patients to get multiple drug efficacy and toxicity assays.Karl Karlsson and Haraldur Thorsteinsson founded 3ZPharmaceuticals in 2008. It based their company on their research on the sleeping patterns of the zebrafish at the Reykjavik University Neurolab in 2006.

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Yanu Holdings is a global investment firm.

Investment focus

Industry: Health Care, Biotechnology, Medical Device
Stage:Venture - Series Unknown
Geography: Iceland

Investor stats

Total investments: 1
Lead/follow: 0% lead, 100% follow

Portfolio highlights

Genis — Genis is pioneering the development and application of therapeutic chitin derivatives.

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Wellington Partners is a venture capital firm that invests in technology and life sciences companies, focusing on Digital Media, Software, Electronics & Photonics, Resource Efficiency, and Biotech/Life Sciences. It is committed to providing outstanding entrepreneurs with the necessary resources to fund their strategies. We typically leadfinancing rounds ranging from € 0.5 million to € 20 million. Depending on the maturity of the company, its own commitment can go as high as € 15 million.Wellington was established in 1998 and has offices in Munich, London, and Zurich.

Investment focus

Industry: Health Care, Biotechnology, Medical
Stage:Series A, Series B, Series C
Geography: Germany, United States, United Kingdom

Investor stats

Total investments: 209
Round size: Series A $3.3M–$36M; Series B $8.3M–$65M; Series C $5.5M–$100M
Lead/follow: 30% lead, 70% follow
Last fund: May invest from a new fund soon — raised $233M in 2019

Portfolio highlights

nyra health — nyra health is an artificial intelligence and evidence-based neurological research tablet app that offers a revolutionary form of therapy. nyra health was founded in 2020 and was headquartered in Vienna, Austria.
Nuclidium — NUCLIDIUM is a clinical-stage radiopharmaceutical company that develops novel radionuclide PET tracers for precision diagnostics. Using copper isotopes, Copper-61 for diagnostics and Copper-67 for therapeutics, the company is creating a differentiated platform with the potential to overcome existing limitations in radiotheranostics.
Beren Therapeutics — Founded to serve patients through transformative medicines

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