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Top 5 Venture Capital Firms in Iceland


With a population of fewer than 400,000, Iceland is punching above its weight on many counts, and not just music or literature. Its tech ecosystem is worthy of attention, as are the VC firms backing its startups.

In this post, we’re highlighting the top 5 venture capital firms in Iceland, acknowledged for their pivotal role in driving innovation and supporting the nation’s most promising tech startups. These firms are not only providing crucial funding but also offering invaluable expertise and networks that help position Iceland as an emerging hub for technology and innovation in Europe. Let’s delve into the firms that are significantly influencing Iceland’s tech growth.

We took into account the number of deals per year to create this list.

Eyrir Venture Management

Eyrir Venture Management (EVM) focuses on growth and value creation in promising ventures, adhering to a “Buy and Build” philosophy. They invest in startup and growth companies through active ownership, emphasizing stable ownership, clear strategy, and long-term thinking. EVM also offers portfolio companies the opportunity to participate in the MIT DesignX innovation accelerator to prepare for market entry and investor pitching.

Sector focus: Software, Energy, IT, EdTech, AI

Round: Seed, Early Stage, Late Stage

Total investments: 39

Founding Year: 2015

Notable Investments: Digiphy, PayAnalytics, SagaNatura, Activity Stream, Cooori

Crowberry Capital

Crowberry Capital is a woman-led venture capital firm based in Iceland and Denmark, focusing on seed and early-stage startups in the Nordics. They aim to support companies that make a positive impact, offering initial investments ranging from €200,000 to €2 million. Crowberry Capital is committed to inclusivity and gender equity in investment opportunities and has a robust portfolio across various industries.

Sector focus: Software, Health Care, SaaS, Machine Learning, AI, IT

Round: Seed, Early Stage

Total investments: 38

Founding Year: 2017

Notable Investments: Prescriby, Scaleup Finance, Saidot, Rocky Road,

New Business Venture Fund

The New Business Venture Fund is an evergreen investment fund dedicated to fostering innovation and economic growth in Iceland by investing in promising startups and innovation-driven companies. It focuses on businesses that can provide substantial value and returns within the Icelandic economy. The fund is state-owned and aims to strengthen the Icelandic venture capital market, supporting around 35 companies in its portfolio, reinvesting proceeds to nurture new and growing businesses.

Sector focus: Software, Health Care, SaaS, Medical, IT

Round: Seed, Early Stage

Total investments: 38

Founding Year: 1998

Notable Investments: Sundra, HorseDay, Spectaflow, PayAnalytics, Evolytes

Frumtak Ventures

Frumtak Ventures is an Icelandic venture capital firm focusing on growth investments. They invest in companies with a product, customer, and turnover, emphasizing long-term partnership and support. Frumtak primarily invests locally, supporting a variety of sectors and entrepreneurs. They have a comprehensive investment process, actively participating in the strategic development of their portfolio companies.

Sector focus: Software, IT, SaaS, AI, B2B, Internet

Round: Early Stage

Total investments: 33

Founding Year: 2008

Notable Investments: Ankeri, Sidekick, Spectaflow, Tulipop, Datadwell

Brunnur Ventures

Brunnur Ventures is an Icelandic venture capital firm that invests in startups from early stage to maturity, focusing on fostering visionary startups. They are deeply involved in supporting the organization, strategy, finance, resourcing, and branding of their portfolio companies. Brunnur Ventures leverages extensive international corporate and financial networks to provide timely opportunities and resources to their companies.

Sector focus: Software, SaaS, AI, IT, Health Care, Brand Marketing

Round: Early Stage

Total investments: 27

Founding Year: 2013

Notable Investments: Laki Power, DTE, Vitar Games, Standby Deposits, PaxFlow

While our list highlights the top 5 venture capital firms by deal count, it’s important to acknowledge other key players that are also supporting Iceland’s startups. These include Iðunn, a VC fund launched in 2021 and managed by Kvika Asset Management; IceBAN, a newly created business angel network; KLAK – Icelandic Startups, a major supporter of the country’s tech scene, known for running several acceleration programs; Nordic Ignite, an angel investment firm with strong ties to Iceland; and Rannís, the Icelandic Centre for Research, which supports innovation through public grants. Together, they form a network that helps Icelandic startups find funding in their home country, which is always a welcome addition to any capital they might raise abroad.


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