New Business Venture Fund
VC Fund
Reykjavík, Iceland
New Business Venture Fund is a VC fund in Reykjavík focused on Software and Health Care. 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 and development 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.
- Total investments:
- 45
- Last investment:
- Lead investor:
- 62%
Last updated:
For AI agents: llms.txt
Industries New Business Venture Fund invests in
Stages New Business Venture Fund invests in
Countries New Business Venture Fund invests in
Round sizes
Contacts
| Name | Phone | Socials | |
|---|---|---|---|
Round size
- Seed
- $400k–$2.6M
- Venture - Series Unknown
- $1.2M–$3.8M
Investment Focus
Industry
- Software 11 (24%)
- Health Care 7 (16%)
- SaaS 6 (13%)
- Medical 6 (13%)
- Information Technology 6 (13%)
Stage
- Seed 20 (44%)
- Funding Round 6 (13%)
- Venture - Series Unknown 5 (11%)
- Pre-Seed 3 (7%)
- Series A 3 (7%)
Country
- Iceland 27 (60%)
- United States 2 (4%)
- China 1 (2%)
- Japan 1 (2%)
- The Netherlands 1 (2%)
Team
| Name | Title | Investments | Links | |
|---|---|---|---|---|
| CFO | Total investments: 3 | Find email | ||
| CEO | Total investments: 7 | Find email | ||
Örn Viðar Skúlason
Investment Manager
|
Investment Manager | Total investments: 0 | Find email |
Investments
| Company | Description | Round | Links |
|---|---|---|---|
| Sowilo created Catecut, a platform-agnostic technology that leverages artificial intelligence to detect fashion products and design elements in store product photos. | Pre-Seed / Jul 21, 2026 | ||
| ArcanaBio develops advanced diagnostics systems that enable low cast, rapid and scalable biomonitoring for health & wellbeing using biophotonics and AI | $298.7K / Pre-Seed / Apr 30, 2024 | ||
| Sundra is a translation software that helps HR teams translate their learning content so every employee feels included. | $600K / Angel / Sep 08, 2023 | ||
| HorseDay is a training programme created especially for horse owners, trainers, and lovers. | $700K / Seed / Nov 23, 2022 | ||
| Spectaflow is a SaaS solution for accommodations businesses focused on improving housekeeping and maintenance workflows | $1.9M / Seed / Jan 05, 2022 | ||
| Pay equity analyses and equal pay decisions software for HR and compensation managers and Consultants. | $3.4M / Series A / Dec 30, 2021 | ||
| Evolytes is an educational platform that teaches children mathematics faster and more effectively through a mobile game. | $520K / Seed / Dec 14, 2021 | ||
| Hefring Marine is building the intelligence layer for the world’s largest untapped vehicle fleet, positioned to lead the $100B+ data-driven transformation of maritime. Our AI-powered IMAS platform delivers real-time decision intelligence to commercial, defense, recreational, and unmanned vessels, enhancing safety, fuel efficiency, and survivabilityin the most demanding environments. Already deployed across high-speed, professional, and mission-critical craft, including SAR, coast guard, defense, fisheries, pilotage, and offshore operations, IMAS is a dual-use system that combines edge AI, sensor fusion, and onboard analytics to guide operations and centralize fleet data into actionable insights. With tailored solutions for autonomy and recreational markets now underway, Hefring Marine is uniquely positioned to advance both maritime security and sustainability through deep tech innovation. We are currently raising a strategic seed extension round to grow our team and accelerate commercial momentum through 2025, with a Series A planned for early next year to scale our platform globally. | Venture - Series Unknown / May 03, 2021 | ||
| 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. | $217.4K / Seed / Oct 12, 2020 | ||
| Tyme Wear is a smart shirt that helps personalize your training by assessing your metabolic profile from your breathing. The insights offered by the Tyme Wear product conceptualize the physiological limits we aim to push past. We believe accurate data should be available to all athletes. | $1.4M / Venture - Series Unknown / Apr 14, 2020 | ||
| See all 45 investments → | |||
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FAQ
What does New Business Venture Fund invest in?
New Business Venture Fund invests primarily in Software, Health Care and SaaS startups, most often at Seed and Funding Round stage. Most of the 45 investments tracked by Shizune back companies in Iceland. The Investment Focus section breaks down every industry, stage and country in the portfolio.
What round sizes does New Business Venture Fund invest in?
New Business Venture Fund typically joins rounds of $400k–$2.6M at Seed and $1.2M–$3.8M at Venture - Series Unknown. These are whole funding-round sizes, not New Business Venture Fund's own check, which is rarely disclosed: the 10th–90th percentile of the confirmed public funding rounds New Business Venture Fund took part in.
How do I contact New Business Venture Fund?
Public channels for New Business Venture Fund include LinkedIn, X (Twitter) and the website linked on this profile. For a verified work email and phone number, create a free Shizune account — contact data is searched across 20+ sources and validated before delivery, so your outreach lands in the right inbox.
Who are the partners at New Business Venture Fund?
The team at New Business Venture Fund includes Friðrik Friðriksson (CFO), Huld Magnúsdóttir (CEO) and Örn Viðar Skúlason (Investment Manager). The Team section lists each member with their title, investment count and links.
Is Shizune's investor data accurate?
Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Oct 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.
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