Top 5 Internet Startup Investors in Iceland (May 2026)
For AI agents: Short investor table (Markdown), Detailed investor list (Markdown)
| Investor | Relevant Deals | Geography | Stage | Focus | Round Size |
|---|---|---|---|---|---|
|
New Business Venture Fund
VC Fund
|
4 | Iceland, United States, China | Seed, Series A | Software, Health Care, Medical | $400k–$3.4M |
|
Frumtak Ventures
VC Fund
|
3 | Iceland, United States, United Kingdom | Seed, Series A | Software, Information Technology, Enterprise Software | $380k–$6.5M |
|
Brunnur Ventures
VC Fund
|
2 | Iceland, United States, Denmark | Seed, Series A, Angel | Software, SaaS, Biotechnology | $1M–$5.5M |
|
Menlo Ventures
VC Fund
|
1 | United States, Canada, France | Series B, Series A, Series C | Software, Information Technology, Enterprise Software | $5M–$55M |
|
Crowberry Capital
VC Fund
|
1 | Iceland, Denmark, United States | Seed, Pre-Seed, Series A | Software, Gaming, Information Technology | $400k–$15M |
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Investor list
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.
Show more...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.
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.
Show more...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.
Brunnur Ventures invests in entities in Iceland and has the ability to invest abroad as a part of the expansion of its portfolio companies internationally. The venture firm does not have a specific industry focus. However, it investments in companies that show great growth potential in specific industry sectors. Brunnur Ventures is the GeneralPartner of Brunnur Venture Capital Fund a USD 40M fund.
Show more...Investment focus
- Industry: Software, SaaS, Biotechnology
- Stage:Seed, Series A, Angel
- Geography: Iceland, United States, Denmark
Investor stats
- Total investments: 24
- Round size: Seed $1M–$3.5M; Series A $1.5M–$5.5M
- Lead/follow: 67% lead, 33% follow
- Last fund: May invest from a new fund soon — raised $65M in 2021
Portfolio highlights
- PaxFlow — We empower tour operators to streamline operations PaxFlow helps streamline tour operations with resource management, data based workflows, customer communication and self service tools. Discover Streamlined Tour Management PaxFlow integrates with leading booking system providers and integrates booking data with operational features like resource management, shift scheduling, departure management and customer self service portal to...
- Vitar Games — A WW1 Strategy driven Management Game
- Standby Deposits — Standby Deposits is a rental security deposit replacement based on credit.
Menlo Ventures is a Bay Area venture capital firm that pursues companies with the potential to disrupt huge markets. We invest in all stages, across consumer, enterprise, and healthcare technologies.
Show more...Investment focus
- Industry: Software, Information Technology, Enterprise Software
- Stage:Series B, Series A, Series C
- Geography: United States, Canada, France
Investor stats
- Total investments: 508
- Round size: Series A $5M–$20M; Series B $8M–$43M; Series C $10M–$55M
- Lead/follow: 35% lead, 65% follow
- Last fund: May invest from a new fund soon — last raise in 2020
Portfolio highlights
- Levelpath — Levelpath provides a simple and clear way to view and collaborate on all procurement activities.
- Cartwheel — Cartwheel provides multi-tiered, evidenced-based mental health support from licensed clinicians, designed around your entire school community.
- Arc Boats — Arc manufactures and sells high-performance electric boats for watersports.
Crowberry Capital invests at seed and early stage in emerging technology ventures in the Nordics. Our mission is to back people that are good for companies and build companies that are good for people. We have a strong follow-through philosophy and commit to putting your company first.
Show more...Investment focus
- Industry: Software, Gaming, Information Technology
- Stage:Seed, Pre-Seed, Series A
- Geography: Iceland, Denmark, United States
Investor stats
- Total investments: 34
- Round size: Seed $1M–$3M; Pre-Seed $400k–$1.3M; Series A $6.1M–$15M
- Lead/follow: 50% lead, 50% follow
- Last fund: Likely still investing — fund raised in 2021
Portfolio highlights
- Embla — Embla provides an online medical weight loss treatment using prescription drugs and coaching. The company provides patients with evidence-based treatments, digital tools, medication, and coaching to facilitate sustainable weight loss. Embla was founded in 2021 and is headquartered in Copenhagen, Denmark.
- SNERPA Power — SNERPA Power develops intelligent energy services.
- Ellie.ai — Grasp your business needs and validate your product ideas before building your data pipelines. Use Ellie's conceptual data models and logical data models to design great data products.
Internet Investor funding in Iceland at a glance
Stats across 13 deals from 6 investors.
Access all 6 investors in Iceland Internet startups.
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