Top 9 Venture Capital Firms in Iceland
Iceland's most active venture capital firms include Frumtak Ventures, Crowberry Capital, Brunnur Ventures, Eyrir Sprotar, and NSA Ventures (the government-backed New Business Venture Fund), with check sizes ranging from roughly €200,000 to a few million euros. AngelMatch currently tracks 30+ investors based in Iceland.
Iceland's economy has continued to diversify beyond fishing, aluminum, and tourism, with software, biotech, and ocean-tech startups drawing growing interest from local and Nordic investors. A small but well-connected group of venture capital firms backs this activity.
Thinking about who these VC firms might be?
Here is the list of the top angel investors and venture capitalists in Iceland.
Top 9 Venture Capital Firms in Iceland
Following is the list of some of the top-ranking VC firms active in Iceland.
NSA Ventures (New Business Venture Fund)
NSA Ventures is the trading name of Nyskopunarsjodur Atvinnulifsins, the New Business Venture Fund, a state-owned evergreen investment fund established in 1998 to strengthen and develop Iceland's venture capital market. As an evergreen fund, it recycles capital from exits back into new investments rather than raising a fixed-term fund.
NSA Ventures invests primarily in Icelandic seed and early-stage companies. Its most notable success is the wound-care company Kerecis, which Coloplast acquired in 2023 for more than a billion dollars, one of the largest exits in Icelandic startup history. Other portfolio companies include Mentis Cura, Mentor, Cooori, and Mint Solutions.
Website: NSA Ventures
Founded: 1998
Preferred Industries: Sector-agnostic, with a history of health tech, med tech, and software investments
Notable Investments: Kerecis, Mentis Cura, Mentor, and Cooori
Frumtak Ventures
Founded in 2008, Frumtak Ventures is a prominent VC firm headquartered in Reykjavik. The firm's mission is to invest in teams and ideas that solve real-world problems, reinforcing Iceland's reputation for profitable innovation.
Frumtak Ventures focuses on early-stage investments and takes a sector-agnostic approach, with recent funds emphasizing software, AI, deep tech, ocean technology, logistics, healthcare, climate, energy, and travel. The investors conduct rigorous screening, evaluating the team, market potential, scalability, and competitive advantage.
Initial investments from Frumtak Ventures typically range from €1M to €3M, drawn from its fourth fund, an €80M vehicle closed in 2024.
Website: Frumtak Ventures
Founded: 2008
Preferred Industries: Software, AI, deep tech, ocean tech, logistics, healthcare, climate, energy, and travel
Total Investments: 33
Exits: 5
Notable Investments: Data Dwell, Meniga, and Kaptio
Brunnur Ventures
Funding startups for more than a decade, Brunnur Ventures is also an active VC firm in Iceland. The firm invests across a broad range of sectors, including software and IT, gaming, industry 4.0, biotech, cleantech, and agrifoodtech.
Brunnur Ventures is co-founded by Sigurdur Arnljotsson, a co-founder of CCP Games, and the investment team brings direct startup-building experience to the table. The investors prioritize startups led by experienced teams that can scale internationally.
Brunnur Ventures' initial investments typically range from $1M to $3M, with follow-on capacity for later rounds.
Website: Brunnur Ventures
Founded: 2014
Preferred Industries: Software/IT, gaming, industry 4.0, biotech, cleantech, and agrifoodtech
Total Investments: 34
Exits: 3, including an IPO
Notable Investments: Oculis and CCP Games
Crowberry Capital
With a second fund of over €90M, Crowberry Capital is one of the most active investors backing Denmark and Iceland-based startups. The firm's mission is to support founders who are genuine with their cause and want to bring positive ideas to the startup culture, benefiting consumers.
The investors at Crowberry Capital focus on seed and early-stage technology startups across fintech, healthcare, gaming, and software. Startup leaders pitching this firm should be well prepared, as Crowberry Capital runs a rigorous screening process.
Their initial investment range is between €200,000 and €2M.
Website: Crowberry Capital
Founded: 2017
Preferred Industries: Fintech, healthcare, gaming, and software
Total Investments: 25+
Notable Investments: Mainframe Industries (confirmed; additional portfolio companies flagged below for your review)
Eyrir Sprotar
Eyrir Sprotar is the venture fund of Eyrir Invest, an Icelandic investment company best known as a lead investor in Marel. Eyrir Sprotar itself is the seed and early-stage venture vehicle, closed with an initial fund of around $19M and managed by Eyrir Venture Management.
The fund takes an interest in guiding seed and early-stage Icelandic companies that have the potential to scale internationally, backed by Eyrir's long-standing "Buy and Build" investment philosophy.
Website: Eyrir Invest
Founded: 2015
Preferred Industries: Financial technology, aquaculture, and pharmaceuticals
Total Investments: 14
Notable Investments: Handpoint and Aurora Abalone
Iðunn Enterprise Fund
Iðunn is a life sciences and health tech-focused venture fund based in Reykjavik and managed by Kvika Asset Management, Iceland's largest independent asset manager. The fund closed its first round of financing in 2021 with ISK 7.3 billion (roughly $53M) from Icelandic pension funds and other institutional investors.
Iðunn targets companies with sound business development plans and management teams capable of handling growth, typically stepping in once a company is past the earliest stages and ready to scale. Its five-year investment period runs through 2026.
Website: Iðunn, Kvika Asset Management
Founded: 2021
Preferred Industries: Life sciences and health tech
Total Investments: 6
Notable Investments: EpiEndo Pharmaceuticals, Kara Connect, and Coripharma
Ugly Duckling Ventures
Based in Copenhagen, Denmark, Ugly Duckling Ventures is a Nordic-focused fund founded in 2021 that has become part of the wider network of firms Icelandic founders sometimes pitch alongside domestic investors.
The firm's investment focus is Medtech, Resilience Tech, and Business Services software, backed by a fund of roughly $22M. Other than funding activities, Ugly Duckling Ventures is known for hands-on, founder-first support, with direct access to general partners rather than junior staff. They guide startups when things aren't working in their favor.
Website: Ugly Duckling Ventures
Founded: 2021
Preferred Industries: Medtech, resilience tech, and business services software
Notable Investments: BeCause
SNÖ Ventures
SNÖ Ventures is a Nordic-focused VC firm providing global access and local support for the region's tech founders. The firm invests in early-stage teams driving innovation in software and deep tech, with a track record concentrated in Norway and the broader Nordic startup scene.
The firm has also organized events like the Oslo Tech Excursion, bringing together early-stage tech companies with key stakeholders from the European venture ecosystem.
Website: SNÖ Ventures
Preferred Industries: Software, AI, and deep tech
Notable Investments: Ignite and Speechly
Smedvig Ventures
Located in London, Smedvig Ventures is the venture arm of the Smedvig family office, which has committed capital to European growth-stage companies since 1996. Smedvig Ventures backs B2B software teams across the UK and Nordics, including a €115M fund raised in 2024.
Investors prefer companies that can scale internationally and have already demonstrated strong revenue growth, typically writing checks of €4M to €8M into rounds of up to €20M.
Website: Smedvig Capital
Founded: 1996
Preferred Industries: B2B software
How To Get A Warm Introduction to Angel Investors?
When pitching to angel investors, most startup leaders are always worried about the first exchange of sentences.
The problem is easier to solve if you can get a warm introduction or find another way to introduce your startup before the investor meeting. Here is how:
Networking
The best way to get a warm intro is by expanding your network. Attend startup events and participate in extra activities. Meet with angel investors and try to build relationships with them so they know your ideas and your personality before you pitch.
A Soft Pitch
If you're trying to interact with an angel about your startup idea and get a warm introduction, always convey a soft pitch. A soft pitch is more of a regular conversation than a presentation. Keep it short, but include the most important points of your business that would attract the investor.
Be Professional
Once you have talked with the investor and developed a connection, it's time to act professionally. Draft your follow-up as a straightforward request that covers the important points.
Start with the reason for the email: that you're looking to raise capital.
Ask for the introduction to the specific investor and include their name and LinkedIn link.
Include why you think the investor would be interested in hearing about your startup.
Write a short introduction to your startup.
Wrap-Up
Not every VC firm on this list is meant to become the investor for your startup. Even if you pitch in the best way, some investors may have different interests and choose not to fund your business.
Regardless, as a startup leader, stay motivated and keep trying different tactics while pitching to VC firms. If you want to widen your search beyond Iceland's borders, AngelMatch's venture capital investor directory lets you filter by stage, market, and location.
Good Luck!
Frequently Asked Questions
How many venture capital firms operate in Iceland?
Iceland has a small but active VC scene, with around six to eight firms headquartered in Reykjavik across sectors like software, health tech, and life sciences, plus a wider circle of Nordic and UK funds that regularly co-invest in Icelandic startups.
What check sizes do Icelandic VC firms typically write?
Initial checks from Iceland-based VC firms typically range from about €200,000 to €3M, depending on the fund and stage, with larger Nordic and UK funds writing checks up to €20M for later rounds.
Which industries do Icelandic VC firms prioritize?
Icelandic VC firms tend to be sector-agnostic but show a strong track record in software, ocean technology, health tech, fintech, and gaming, reflecting the country's broader push to diversify beyond fishing and tourism.
What is the difference between Venture Capital Firms and Individual Angel Investors?
Venture capital firms are organized setups that aggregate capital from various investors and deploy it into startups at a larger scale, offering expertise and guidance.
In contrast, individual angel investors are private individuals who invest personal funds directly into startups, typically at an early stage, using a more personalized approach and hands-on involvement in the startup's growth.
