We need to hear from you! Take our fast AI survey and share your insights on the present state of AI, the way you’re implementing it, and what you anticipate to see sooner or later. Be taught Extra
Iceland’s early-stage investor Frumtak Ventures has raised a fourth fund that totals $84 million.
The Frumtak IV fund was oversubscribed and is a successor to 2021’s $57 million Frumtak III.
Frumtak Ventures’ high-conviction, concentrated funding philosophy is predicated on backing entrepreneurs fixing tough real-world issues utilizing cutting-edge applied sciences, unafraid of mixing software program and AI with deeptech or {hardware} parts. Whereas being sector-agnostic, the fund has beforehand positioned most of its investments in B2B SaaS startups on the seed or Collection A stage.
Frumtak Ventures eyes additional potential for Fund IV in doubling down on alternatives on the intersection of software program, AI, and deeptech in industries enjoying on Iceland’s historic strengths in areas reminiscent of ocean tech and logistics, healthcare, journey, vitality, local weather, and gender equality.
Countdown to VB Remodel 2024
Be a part of enterprise leaders in San Francisco from July 9 to 11 for our flagship AI occasion. Join with friends, discover the alternatives and challenges of Generative AI, and discover ways to combine AI purposes into your business. Register Now
Worldwide consideration is beginning to circulation to Icelandic firms and uplifting an rising innovation sector famend for its resilience, the corporate stated. Iceland’s startup ecosystem now boasts the very best invested capital per capita of all Nordic international locations. A 2023 report from the Icelandic Angel & Enterprise Capital Affiliation, Framvís, in collaboration with KPMG, discovered that overseas funding in Icelandic startups was up threefold yr over yr.
The nation’s thriving tech panorama options standout firms like digital therapeutics pioneer Sidekick Well being and pharma provide chain innovator Controlant. Frumtak Ventures invested early in each firms.
Sidekick Well being (first funding made in 2017) works with 5 of the world’s largest healthcare firms and has strategic partnerships with business behemoths together with Pfizer, Bayer, and Eli Lilly. As a part of its newest stage of growth of providers and markets, the corporate just lately acquired most cancers help and girls’s well being specialist Pink!. Sidekick Well being just lately disclosed an 80% compound annual development charge on account of profitable growth, offers, and partnerships.
Controlant (first funding made in 2011) is at present ranked by the Monetary Occasions as one of many Prime 25 quickest rising firms in Europe. The scaleup’s Icelandic headquarters helps a world community, with places of work within the US, Denmark, Poland, and the Netherlands. Controlant partnered with Pfizer on the top of the worldwide COVID-19 pandemic and performed a vital position within the distribution of vaccines.
Different excessive development Frumtak Ventures portfolio firms embrace Icelandic trailblazers Treble (first invested in 2023: sound simulation and spatial audio expertise); Plaio (first invested in 2021: visible planning answer for the generic pharma business); 50skills (first invested in 2022: hiring software program and power for onboarding, crossboarding and offboarding); Abler (first invested in 2022: sports activities administration tech); and Alda (first invested in 2022: office tradition inclusion software program answer).
Frumtak Ventures managing associate Svana Gunnarsdóttir, stated in a press release, “Frumtak Ventures was founded by entrepreneurs, for entrepreneurs. We’re proud of our portfolio companies: their success validates our belief that Frumtak Ventures offers a unique toolkit to empower ambitious founders to thrive and scale their companies.”
Gunnarsdóttir added, “Iceland has endured and thrived in spite of challenges, both man-made and natural, and we have correspondingly developed expertise in several homegrown industries – as well as learned to future-proof them by embracing innovation. Frumtak IV will be supporting the next stars from these sectors as a sector-agnostic fund. I’d like to thank our investors, new and existing, for their continued support. We are proud to have closed four funds in 15 years and provided support to some of
Iceland’s most successful companies, and the Frumtak Ventures team is excited to deploy Frumtak IV within the Nordic ecosystem, helping support the next wave of winners.”