TLDR:
- Icelandic early-stage investor Frumtak Ventures closed an €80.3 million fourth fund, oversubscribed and sector-agnostic
- The fund aims to support Icelandic startups in software, AI, and deeptech industries, building on the country’s historical strengths
Iceland-founded early-stage investor Frumtak Ventures has raised a €80.3 million fourth fund, Frumtak IV, in a single close. The fund was oversubscribed and follows 2021’s €52.6 million Frumtak III. Frumtak Ventures focuses on backing entrepreneurs tackling real-world problems with cutting-edge technologies, often combining software and AI with deep tech or hardware components. While sector-agnostic, the fund has historically invested in B2B SaaS startups at the seed or Series A stage.
Frumtak Ventures eyes opportunities in Iceland’s historical strengths in industries like ocean tech, logistics, healthcare, travel, energy, climate, and gender equality. The fund’s co-founder and managing partner expressed gratitude to investors for their continued support and expressed excitement to deploy Fund IV within the Nordic ecosystem. Icelandic startups have been gaining international attention, with the country’s tech landscape featuring successful companies like Sidekick Health and Controlant, both of which were early investments by Frumtak Ventures.
Sidekick Health, a digital therapeutics pioneer, recently disclosed an 80% compound annual growth rate and acquired cancer support and women’s health specialist PINK!. Controlant, a pharma supply chain innovator, is ranked by the Financial Times as one of the Top 25 fastest growing companies in Europe. Other high-growth companies in the Frumtak Ventures portfolio include Treble, Plaio, 50skills, Abler, and Alda. Frumtak Ventures’ co-founder emphasized that the fund was founded by entrepreneurs for entrepreneurs, aiming to offer a unique toolkit to empower ambitious founders to scale their companies.
