Top 5 Medical Device VC Funds & Investors in Iceland (October 2026)
For AI agents: Short investor table (Markdown), Detailed investor list (Markdown)
| Investor | Relevant Deals | Geography | Stage | Focus | Round Size |
|---|---|---|---|---|---|
|
Novator
VC Fund
|
5 | United Kingdom, United States, Iceland | Series B, Series C, Venture - Series Unknown | Software, E-Commerce, Online Games | $5M–$450M |
|
Silicon Valley Bank
VC Fund
|
2 | United States, Canada, United Kingdom | Debt Financing, Series B, Series A | Software, Health Care, Biotechnology | $2M–$105M |
|
New Business Venture Fund
VC Fund
|
2 | Iceland, United States, China | Seed, Venture - Series Unknown | Software, Health Care, SaaS | $400k–$3.8M |
|
Frumtak Ventures
VC Fund
|
2 | Iceland, Estonia, United States | Seed, Venture - Series Unknown | Software, Information Technology, SaaS | $974k–$14M |
|
Wellington Partners
VC Fund
|
1 | Germany, United States, United Kingdom | Series A, Series B | Health Care, Biotechnology, Medical | $3.1M–$60M |
| Access all 23 VC funds in Iceland Medical Device startups. | |||||
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Investor list
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.
Show more...Investment focus
- Industry: Software, E-Commerce, Online Games
- Stage:Series B, Series C, Venture - Series Unknown
- Geography: United Kingdom, United States, Iceland
Investor stats
- Total investments: 64
- Round size: Series B $16M–$125M; Series C $16M–$450M; Venture - Series Unknown $5M–$69M
- 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.
Silicon Valley Bank works with technology, life science, cleantech, venture capital, private equity, and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment, and international banking services to its clients worldwide through 27 U.S. offices and seven internationaloperations. Banking innovative companies and exclusive wineries, Silicon Valley Bank’s diverse financial services, knowledge, global network, and world-class service increase its clients’ probability of success. Forbes Magazine ranks SVB among America’s Best Banks, and Fortune Magazine named SVB one of the Best Companies to Work For in 2012.
Show more...Investment focus
- Industry: Software, Health Care, Biotechnology
- Stage:Debt Financing, Series B, Series A
- Geography: United States, Canada, United Kingdom
Investor stats
- Total investments: 780
- Round size: Series A $5.3M–$27M; Series B $6.5M–$45M; Debt Financing $2M–$105M
- Lead/follow: 41% lead, 59% follow
- Last fund: May invest from a new fund soon — last raise in 2016
Portfolio highlights
- JetZero — JetZero develops commercial aircraft centered on an all-wing or blended wing body design that integrates the fuselage and wings into a single structure to improve aerodynamics and reduce fuel use. The company is advancing the Z4 airplane, which targets lower fuel consumption and associated emissions compared with conventional tube-and-wing jets,and is working with industry partners on systems like engines, composites, and potential hydrogen fuel adaptations. JetZero collaborates with aerospace suppliers, research organizations, and regulatory bodies to design, test, and prepare full-scale demonstrators with the aim of advancing certification and entry into service. The company’s work includes aerodynamic simulation, structural engineering, and exploring sustainable fuel solutions to address aviation’s environmental goals.
- Zogenix — Therapeutic Solutions for CNS Disorders and Rare Diseases
- Critical Energy — Critical Energy builds modular power plants for geothermal and waste heat recovery, shipped in standard containers and installed in weeks.
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.
Show more...Investment focus
- Industry: Software, Health Care, SaaS
- Stage:Seed, Venture - Series Unknown
- Geography: Iceland, United States, China
Investor stats
- Total investments: 44
- Round size: Seed $400k–$2.6M; Venture - Series Unknown $1.2M–$3.8M
- Lead/follow: 61% lead, 39% 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
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.
Show more...Investment focus
- Industry: Software, Information Technology, SaaS
- Stage:Seed, Venture - Series Unknown
- Geography: Iceland, Estonia, United States
Investor stats
- Total investments: 46
- Round size: Seed $974k–$4.7M; Venture - Series Unknown $1.2M–$14M
- Lead/follow: 70% lead, 30% follow
- Last fund: Likely still investing — raised $87M in 2024
Portfolio highlights
- MyDello — Get instant quotes for all transportation modes. Enter a new era of freight forwarding with the MyDello logistics platform. Sign up for free
- 50skills — Bring people, information and tools together. 50skills is a hiring system and so much more.
- Treble — We develop next generation sound simulation and spatial audio technology for digital twins and virtual worlds.
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.
Show more...Investment focus
- Industry: Health Care, Biotechnology, Medical
- Stage:Series A, Series B
- Geography: Germany, United States, United Kingdom
Investor stats
- Total investments: 201
- Round size: Series A $3.1M–$36M; Series B $8.3M–$60M
- Lead/follow: 30% lead, 70% follow
- Last fund: May invest from a new fund soon — raised $222M 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
Medical Device VC funding in Iceland at a glance
Stats across 44 deals from 23 investors.
Access all 23 VC funds in Iceland Medical Device startups.
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