# New Business Venture Fund

> New Business Venture Fund is a VC fund backing Software and Health Care. See 42 investments, check sizes, portfolio and contact details. Updated Aug 2026.

- Type: VC Fund
- Location: Reykjavík, Iceland
- Total investments: 42
- Last investment: Jul 2026
- Lead investor: 62%
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/1037205/
- X (Twitter): http://twitter.com/NB_VentureFund
- Website: http://www.nyskopun.is
- Facebook: https://www.facebook.com/Nyskopunarsjodur

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 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.

## Contacts

5 contacts available for New Business Venture Fund. Shizune tracks 3 team members at New Business Venture Fund. Sign up free to unlock them: https://app.shizune.co/sign-up/investor-profiles/find-team-emails/new-business-venture-fund?utm_source=investor_profile

## Round sizes

| Stage | Round size |
| --- | --- |
| Seed | $400k–$2.6M |
| Pre-Seed | $299k–$520k |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Software | 11 | 26% |
| Health Care | 7 | 17% |
| SaaS | 6 | 14% |
| Medical | 6 | 14% |
| Information Technology | 5 | 12% |

79 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Seed | 20 | 48% |
| Funding Round | 8 | 19% |
| Pre-Seed | 3 | 7% |
| Series A | 3 | 7% |
| Venture - Series Unknown | 2 | 5% |

8 stages tracked in total.

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Iceland | 27 | 64% |
| United States | 2 | 5% |
| China | 1 | 2% |
| Japan | 1 | 2% |
| The Netherlands | 1 | 2% |

## Team

| Name | Title | Investments | Profile |
| --- | --- | --- | --- |
| Friðrik Friðriksson | CFO | 3 | https://shizune.co/investors/profile/fri%C3%B0rik-fri%C3%B0riksson |
| Huld Magnúsdóttir | CEO | 7 | https://shizune.co/investors/profile/huld-magnusdottir |
| Örn Viðar Skúlason | Investment Manager | 0 | https://shizune.co/investors/profile/%C3%B6rn-vi%C3%B0ar-sk%C3%BAlason |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Sowilo | 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 |  |
| Arcana Bio | 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 | Sundra is a translation software that helps HR teams translate their learning content so every employee feels included. | $600K | Angel | Sep 08, 2023 |  |
| HorseDay | HorseDay is a training programme created especially for horse owners, trainers, and lovers. | $700K | Seed | Nov 23, 2022 |  |
| Spectaflow | Spectaflow is a SaaS solution for accommodations businesses focused on improving housekeeping and maintenance workflows | $1.9M |  | Jan 05, 2022 |  |
| Spectaflow | Spectaflow is a SaaS solution for accommodations businesses focused on improving housekeeping and maintenance workflows | $1.9M | Seed | Jan 05, 2022 |  |
| PayAnalytics | Pay equity analyses and equal pay decisions software for HR and compensation managers and Consultants. | $3.4M | Series A | Dec 30, 2021 |  |
| Evolytes | Evolytes is an educational platform that teaches children mathematics faster and more effectively through a mobile game. | $520K | Seed | Dec 14, 2021 |  |
| Evolytes | Evolytes is an educational platform that teaches children mathematics faster and more effectively through a mobile game. | $520K | Pre-Seed | Dec 14, 2021 |  |
| Hefring Marine | 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 |  |

10 of 42 investments shown.

## Co-investors
- [Frumtak Ventures](https://shizune.co/investors/profile/frumtak) — VC Fund, 6 deals together
- [Inventure](https://shizune.co/investors/profile/inventure-oy) — VC Fund, 2 deals together
- [Reaktor Ventures](https://shizune.co/investors/profile/reaktor-polte) — VC Fund, 2 deals together
- [Shanda Group](https://shizune.co/investors/profile/shanda-group) — VC Fund, 2 deals together
- [Angels](https://shizune.co/investors/profile/angels-113f) — VC Fund, 1 deal together
- [Baliopharm](https://shizune.co/investors/profile/baliopharm) — VC Fund, 1 deal together

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### Similar stage
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### Similar country
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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 42 investments tracked by Shizune back companies in Iceland. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is New Business Venture Fund's check size?

New Business Venture Fund typically joins rounds of $400k–$2.6M at Seed and $299k–$520k at Pre-Seed. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds New Business Venture Fund participates 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 Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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