Top 10 Community Startup Investors in Iceland (October 2023)

Shanda Group is a private investment firm that was founded in 1999 by Tianqiao Chen and Chrissy Luo. The company works across venture capital, private equity, public markets, and real estate, prioritizing investments in the financial services, technology, and healthcare sectors. Shanda has offices in Shanghai, Hong Kong, New York, Singapore andMenlo Park. It invests in innovative companies and great management teams that have the vision and determination to change the world.

Investment focus

Industry: Health Care, Biotechnology, Software
Stage:Seed, Series A, Pre-Seed
Geography: United States, China, Israel

Investor stats

Total investments: 29
Round size: Seed $485k–$10M; Pre-Seed $150k–$750k; Series A $5.6M–$50M
Lead/follow: 27% lead, 73% follow

Portfolio highlights

Digift — Security Token DEX: Bridging traditional finance and DeFi.
Synchron — The endovascular brain computer interface.
Jimeng Intelligent — Jimeng Intelligent is an industrial internet platform that offers integrated big data production, management and application services.

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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.

Investment focus

Industry: Software, Health Care, Medical
Stage:Seed, Series A
Geography: Iceland, United States, China

Investor stats

Total investments: 37
Round size: Seed $400k–$2.6M; Series A $450k–$3.4M
Lead/follow: 62% lead, 38% follow

Portfolio highlights

HorseDay — HorseDay is a mobile application to track horse activities.
Spectaflow — Simple housekeeping and task management for hospitality. More effective operations without printouts, phone calls, and yellow stickers. Learn more!
PayAnalytics — PayAnalytics helps companies monitor, address and close pay gaps. Comply with regulations, use built-in reports or customize your own. Pay equity decisions made easy for HR and compensation managers as well as consultants. Used in over 75 countries for organizations of all sizes.

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Index Ventures is an international venture capital firm with dual headquarters in San Francisco and London, investing in technology-enabled companies with a focus on e-commerce, fintech, mobility, gaming, infrastructure/AI, and security.

Investment focus

Industry: Software, E-Commerce, Internet
Stage:Series A, Series B, Seed
Geography: United States, United Kingdom, France

Investor stats

Total investments: 866
Round size: Seed $1.2M–$5.8M; Series A $3.1M–$22M; Series B $6.7M–$50M
Lead/follow: 42% lead, 58% follow
Last fund: Likely still investing — fund raised in 2022

Portfolio highlights

Apron — Sort, pay and reconcile your invoices in seconds.
Worldover — Cosmetic compliance made simple
Class Companion — Class Companion is a new AI technology that allows professors to provide students with immediate, individualized feedback.

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Since 2005, Inventure has backed over 90 companies including Wolt, Swappie, Jobbatical, aiMotive, and more.

Investment focus

Industry: Software, Information Technology, Health Care
Stage:Seed, Series A
Geography: Finland, Sweden, Denmark

Investor stats

Total investments: 138
Round size: Seed $482k–$3M; Series A $1.1M–$12M
Lead/follow: 46% lead, 54% follow
Last fund: Likely still investing — raised $154M in 2022

Portfolio highlights

Haltian — End-to-end IoT solutions and world-glass product design services from Haltian
Commsignia — Commsignia specializes in the research and development, manufacturing and distribution of cooperative intelligent transportation systems. Its product line includes a V2X Communication Software Stack and Commsignia’s own security stack implementation, Hybrid V2X/ADAS Safety Applications, a V2X Simulator, On-Board Units (OBU) and Roadside Units(RSU).The company was founded in 2012 and is headquartered in Santa Clara, California.
Value.Space — Space based risk assessments & monitoring

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Reaktor Ventures has moved to the next phase by focusing its efforts to actively supporting current portfolio companies. This means that the fund has ended its investment period and is not investing into new companies. Between 2013 and 2018 we have invested into 42 different companies and one early stage fund. We will naturally keep makingfollow-up investments to current portfolio companies.

Investment focus

Industry: Software, Internet, Health Care
Stage:Seed, Pre-Seed, Series A
Geography: Finland, Germany, United States

Investor stats

Total investments: 54
Round size: Seed $129k–$1.9M; Pre-Seed $161k–$1.8M; Series A $1.7M–$6.4M
Lead/follow: 13% lead, 87% follow

Portfolio highlights

Valpas — Valpas is the hygiene protocol that reassures your future guests and keeps your hotel clean from the most uncontrollable: bed bugs
Swappie — Buy refurbished iPhones at an affordable price - Swappie offers refurbished and cheap iPhones with a free 12-month Swappie warranty.
Videoly — The easiest way for online retailers to get hand-picked and automatically embedded product videos.

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David is a technologist, the founder of Unity Technologies, non-exec director to others, and a restless entrepreneur with a passion for creating feedback loops between innovation and teams and products, applying new and old business models to changing industries, and pushing people to do the very best they can do.David's background is inprogramming, an assortment of university dabbling, creating companies, and helping entrepreneurs. He served as CEO of Unity Technologies since co-founding it in 2003 and until October 2014, with an unflinching vision to democratize game development, and to develop technology and business models for the next phase of the games industry. David Helgason attended the University of Copenhagen.

Investment focus

Industry: Software, Gaming, Information Technology
Stage:Seed, Pre-Seed
Geography: United States, Denmark, Finland

Investor stats

Total investments: 62
Round size: Seed $600k–$4.6M; Pre-Seed $230k–$2M
Lead/follow: 2% lead, 98% follow

Portfolio highlights

Isometric — Isometric is a carbon removal registry and science platform
TreesPlease Games — TreesPlease Games develops various computer and online games. The company is headquartered in London.
Scriptic — Scriptic, interactive story games on mobile.

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Frumtak (a.k.a. Frumtak Investment Fund, Frumtak I, Frumtak 1) was founded December 23rd. 2008. The objective was to invest in early stage growth companies that were post seed and had growth potential. This would result in leading companies that could deliver a good return to investors.At the close of Frumtak‘s investment period on December 31st.2012, the fund had invested in fifteen companies with nine investments still active. The remainder of lifetime of the fund is used to follow on investments and divest assets.Frumtak Ventures (Frumtak II, Frumtak 2) started in February 2015. The fund builds on the legacy of Frumtak 1. The fund invests in early stage innovative companies that are post seed and show great potential for growth. The fund invests primarily in Iceland but is allowed to invest abroad as allowed by law in connection with its portfolio investments to ensure success in foreign markets.Frumtak II emphasizes to invest in companies where growth and sales in foreign markets are the primary objective, but does not specialize in any particular industry. The fund wants to ensure that original ideas get a chance and thereby increasing the probability of creating growth and value. By doing this, it enforces the image that Icelandic innovation is profitable.Frumtak II aspires to be a trusted and popular ally. The fund strives to have a good relationship and co-operation with all stakeholders within the start-up and innovation community. The fund puts a special emphasis on co-operating with stakeholders outside Iceland.

Investment focus

Industry: Software, Information Technology, Enterprise Software
Stage:Seed, Series A
Geography: Iceland, United States, United Kingdom

Investor stats

Total investments: 29
Round size: Seed $380k–$2.7M; Series A $1.2M–$6.5M
Lead/follow: 69% lead, 31% follow
Last fund: Likely still investing — raised $57M in 2021

Portfolio highlights

50skills — Bring people, information and tools together. 50skills is a hiring system and so much more.
Spectaflow — Simple housekeeping and task management for hospitality. More effective operations without printouts, phone calls, and yellow stickers. Learn more!
Abler — Abler brings simplicity to the complexities of team management. With easy scheduling, messaging, payment, and data tools, Abler empowers users to spend more time cultivating the essential life skills and values learned through sports and other organised activities.

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David A.M. Wallerstein, SEVP of Tencent. David joined Tencent in 2001. He oversees the Company’s international business initiatives through identifying cooperation with multinational partners and he is responsible for Tencent’s operations outside mainland China. Prior to Tencent, David was the Vice President, Business Development of MIH inChina, and was involved in Internet strategy and mergers and acquisitions activities in China. Prior to that, David worked as a management consultant in China's telecommunications and IT industries.

Investment focus

Industry: Artificial Intelligence, Mobile, Agriculture
Stage:Seed, Series B, Series A
Geography: United States, Israel, Germany

Investor stats

Total investments: 12
Lead/follow: 33% lead, 67% follow

Portfolio highlights

Teatime Games — Teatime Games is an Iceland-based gaming startup that reinvents social games.
Lilium — Lilium is developing sustainable, high-speed air mobility through its electric vertical take-off and landing aircraft, vertiports and digital service.
Scaled Inference — Artificial Intelligence & Machine Learning Tools

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Atomico invests in innovative technology companies around the world.

Investment focus

Industry: Software, Information Technology, Artificial Intelligence
Stage:Series A, Series B, Series C
Geography: United States, United Kingdom, Germany

Investor stats

Total investments: 176
Round size: Series A $2.3M–$24M; Series B $7M–$100M; Series C $10M–$150M
Lead/follow: 42% lead, 58% follow
Last fund: Likely still investing — fund raised in 2023

Portfolio highlights

Corti — Corti offers a digital assistant, augmenting medics in improving patient outcomes and internal performance.
Strise — Strise is signaling a new era of enterprise software and organizational change, transforming how companies work and empowering individual growth through knowledge. We believe in the AI-enabled financial institution without data silos where users and data are working together to solve even the most complex business problems.
Opna — Opna is a financing platform for climate projects that remove carbon and protect natural ecosystems. Opna offers data, proprietary risk assessments, and efficient capital structures, helping companies to translate net-zero committed capital from financial institutions, and corporates into direct financing across a project's lifecycle.

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