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01 August 2023·14 min read

Aleksandra Woszczyk

Editor, Vestbee

Top VC Funds in Iceland to Finance Your Startup

The climate in Iceland necessitates sturdy infrastructure, stimulating an entrepreneurial attitude amongst its citizens. This shift away from the customary employment model to a gig economy has produced a booming startup environment. 

In this article, we will investigate the leading venture capital funds in Iceland that are powering this innovative growth.

New Business Venture Fund

Geography: Iceland
Preferred Industries: Sector-Agnostic
Investment ticket:  $1M to $5M 
Company stage: Pre-seed, Seed, Series A

New Business Venture Fund is an Icelandic evergreen investment fund supporting innovation and startups in various sectors. Founded in 1998, it invests in seed and early-stage companies, contributing to Iceland's economic growth. The fund has 39 portfolio companies and has made 4 successful exits. Typical investments range from $1-5M, and it shows a higher exit rate compared to other Iceland’s based VCs.

New Business Venture Fund has shown interest in investing in various sectors, with a particular focus on Consulting and Health Diagnostics. Startups seeking investment from the fund are typically aged 4-5 years. The majority of the fund's investments are in startups based in Iceland, aligning with the location of its establishment. Among its prominent portfolio startups are Kaptio, Mint Solutions, and

Frumtak Ventures

Geography: Iceland, Global 
Preferred Industries: Sector-Agnostic
Investment ticket:  $1M to $5M 
Company stage: Late Seed, Series A

Frumtak Ventures, founded in 2008, is a leading VC firm in Iceland, investing in early-stage innovative companies with growth potential. The fund focuses on companies with sales in foreign markets and collaborates with stakeholders outside Iceland. It prefers rounds with 1-2 participants and has invested in startups like Controlant, Activity Stream, and Kaptio. The typical investment size is between $1-5M. Frumtak Ventures has made 33 investments and achieved 2 successful exits. Among the fund's favored investment areas are Retail and Machine Learning. Frumtak Ventures shows a preference for startups with 4-5 years of experience to receive their investment.

Brunnur Ventures

Geography: Iceland
Preferred Industries: Sector-Agnostic
Investment ticket: $1M to $3M 
Company stage: Pre-seed, Seed, Series A

Brunnur Ventures is a well-known venture capital firm in Iceland, established in 2013. The firm invests in early-stage companies, providing them with capital and expert advice to turn their ideas into successful businesses. Brunnur Ventures does not have a specific industry focus but looks for startups with great growth potential. Their typical initial investment ranges from $1-3M, with follow-on funding of up to $13M. They have invested in companies like GRID and Oculis, with a preference for rounds with 2-3 participants. The fund is actively involved in 2-6 deals per year and has a strong track record of successful exits.

Crowberry Capital

Geography: Nordics 
Preferred Industries: Sustainability 
Investment ticket:  €200k to €2M 
Company stage: Pre-seed, Seed, Late Seed, Early Growth

Crowberry Capital is a prominent venture capital firm based in Iceland and Denmark, investing in seed and early-stage startups across the Nordics. Their mission is to support people who are good for companies and build businesses that are good for people. With a strong track record and a new fund of €90M, they aim to partner with the next generation of Nordic tech leaders. The fund looks for startups solving real problems and making a positive impact on the world, with initial ticket sizes ranging from €200k to €2M. Founded in 2017, Crowberry Capital has been actively involved in 2-6 deals per year and focuses on industries like gaming and education. They have a history of successful exits and are committed to promoting inclusivity and diversity in the tech ecosystem.

Ugly Duckling Ventures

Geography: Nordics (specifically in Denmark and Iceland)
Preferred Industries: Mobility, XR, AR
Investment ticket:  €250k to €700k 
Company stage: Pre-seed, Seed

Ugly Duckling Ventures is a venture capital firm based in Copenhagen, Denmark, focusing on providing early-stage funding to tech startups in the Nordic region, specifically in Denmark and Iceland. The firm invests in companies operating in sectors such as MOBILITY, XR (Extended Reality), and AR (Augmented Reality). They offer capital, expertise, and real-world application to help startups grow and succeed.

The firm's investment strategy is geared towards disruptive business models, and they typically invest in companies at the seed and pre-seed stages. Ugly Duckling Ventures has a team of experienced venture capitalists and entrepreneurs who provide guidance, expertise, and resources to support the growth of the startups they back.

Currently, they are raising 150M DKK for their first fund called "The Nest," and the minimum investment for investors is €100k. When investing in companies, their initial ticket size is typically between €250-€700k , with a strong follow-up thesis for their successful investments.


Spintop Ventures

Geography: Nordics, UK 

Preferred Industries: E-commerce, and SaaS
Investment ticket:  $1M to $2M 
Company stage: Seed, Late Seed, Early Growth

Spintop Ventures is a Stockholm-based venture capital firm founded in 2010. They invest in early-stage tech companies in the Nordic, Iceland region and the UK, with a focus on software, e-commerce, and SaaS sectors. The check size for their investments ranges from $1M to $2M. They have a network of successful tech entrepreneurs and investors backing their portfolio of 26 companies, with 71 investments and 20 successful exits to date. Spintop Ventures supports startups with global appeal, commercial traction, and a strong value creation strategy. They are sector agnostic and open to diverse fields of business. 

The firm has a successful track record since making its first investment in 2010. It has backed numerous successful companies like Small Giant Games, which was acquired by Zynga Inc, MariaDB Corporation, and Crosser Technologies. Several firms in Spintop's portfolio have gone on to be acquired by global technology giants such as Bentley Systems, Cisco, and Synopsys, demonstrating the quality of Spintop's investment selections.

Snö Ventures

Geography: Nordics  

Preferred Industries: Sector-Agnostic
Investment ticket:  $600k to $5M 
Company stage: seed, late seed, series A

Snö Ventures, a venture capital firm founded in 2015 and based in Oslo, Norway, is on a mission to back early-stage, high-growth Nordic tech companies with game-changing potential. With a check size ranging from $600k to $5M, Snö Ventures focuses on startups in Norway, Sweden, Finland, Denmark, and Iceland.

Their investment strategy centers around identifying transformative technology or solutions that have the capacity to disrupt, create, or capture large markets. Snö Ventures primarily invests in tech companies operating in consumer-focused markets, companies driving innovation, and emerging marketplaces.

Having already achieved notable success, Snö Ventures can proudly count Sky Mavis as one of its portfolio unicorns, while also celebrating a portfolio exit with Confrere. By providing capital and support to startups across the Nordic region, Snö Ventures aims to be at the forefront of empowering the next generation of tech disruptors in these innovative markets.

Goose Valley Ventures (GGV)

Geography: Nordics  
Preferred Industries: FinTech
Investment ticket:  $100k to $1M 
Company stage: Pre-seed, Seed

Goose Valley Ventures (GVV) is a venture capital firm, based in Sweden, symbolizing magnificent nature and the strong belief in Nordic entrepreneurship. GVV aims to bridge the financing gap for early-stage startups and become a sector-focused investor in the Nordics. GVV invests in early-stage FinTech and Impact startups across Sweden, Norway, Denmark, Finland, and Iceland. 

Their funding stages include support for startups at the idea or patent stage, during the prototype development phase, and as they begin generating early revenues. With check sizes ranging from $100k to $1M, GVV aims to nurture and empower innovative startups, making a lasting impact in the Nordic region. GVV's conviction lies in making a positive impact, and it will be at the core of everything they do. Impact and success will go hand-in-hand in their investment journey.


Smedvig Capital

Geography: Nordics  
Preferred Industries: B2B, 
Investment ticket:  $3M to $20M 
Company stage: Series A, Series B

Founded in 1996 and based in London, United Kingdom, Smedvig Capital is a venture capital firm with a focus on investing in the best tech-enabled businesses across the UK, Nordics, Iceland and Netherlands. They specialize in leading funding rounds at Series A and B stages, with a check size ranging from $3M to $20M. With a robust portfolio count of 40 companies, Smedvig Capital's investment approach emphasizes quality over quantity. They are a later-stage investor, seeking businesses with significant revenues and a readiness to expand internationally. Their deep pockets and financial strength allow them to support companies in their growth journey. Smedvig Capital's investment interests lie in the technology and B2B sectors.

Recently, Smedvig Capital led a $15M Series A investment in Lunio, a company dedicated to protecting marketers from click fraud, fake users, and malicious bots. This investment exemplifies Smedvig Capital's commitment to backing innovative companies tackling pressing challenges.


Geography: Nordics and Baltics

Preferred Industries: B2B, SaaS, FinTech, Marketplace
Investment ticket: €200k to €5M 
Company stage: Pre-seed, Seed, Late Seed, Series A, Series B

Inventure, a Helsinki/Stockholm-based venture capital firm, is a major player in the early-stage investment scene. Founded in 2005, they have built an impressive portfolio of over 80 companies, ranging from deep tech firms like Blueprint Genetics and AImotive to consumer internet brands like Insurello, Swappie, and Wolt. This diverse portfolio showcases Inventure's commitment to investing in a wide range of sectors, from B2B SaaS and fintech to marketplaces and consumer-based startups.

Recently, Inventure announced the second close of its fourth fund, securing €144M of the targeted €150M. This new fund iteration will focus on providing funding for startups at different stages, from pre-seed to Series B. The ticket sizes for investments range from €200K to €5M, with a significant portion of the fund (60%) dedicated to follow-on funding for existing portfolio companies.

Inventure's influence extends beyond Finland, as they actively invest throughout the Nordics and Baltics, including countries such as Norway, Denmark, Iceland, Latvia, Estonia, and Lithuania.

Nordic Foodtech VC

Geography: Nordics
Preferred Industries: FoodTech
Investment ticket: $200k to $1M 
Company stage: Pre-seed, Seed, Series A

Helsinki-based Nordic Foodtech VC is on a mission to invest in early-stage Nordic and Baltic tech companies revolutionizing the global food system. Nordic Foodtech VC's investment interests span a wide spectrum, from advancements in soil to space technologies, new protein sources, to better and healthier ways of eating. 

The Nordics and Baltics have witnessed a surge in innovative foodtech startups, including well-known names like Oatly, Mathem, Mycorena, Wolt, Solar Foods, and Simple Feast. Nordic Foodtech VC invests with a check size ranging from $200k to $1M and focuses on startups in Finland, Sweden, Norway, Iceland, Denmark, Estonia, Latvia, and Lithuania. As they fuel innovation in the food industry, Nordic Foodtech VC aims to make a positive impact on global food systems and contribute to a healthier and more sustainable future.


MD One Ventures

Geography: Nordics, Europe, Israel
Preferred Industries: Cyber, Robotics, Space, Life Sciences, AI, ML, Autonomy, Drones, SaaS, MedTech, and Communications.
Investment ticket: $100k to $1M 
Company stage: Pre-seed, Seed, Series A

UK-based MD One is a venture capital firm that invests in early-stage companies across Europe and Israel. Their thematic focus covers a wide range of sectors, including Cyber, Robotics, Space, Life Sciences, AI, ML, Autonomy, Drones, SaaS, MedTech, and Communications.

The firm is committed to supporting teams that provide a technical advantage to National Security for the UK and its Allies. Their investment team boasts a unique blend of comprehensive Venture Capital Experience in various sub-sectors, along with operational expertise from the Tier One Special Forces and Intelligence Communities.

MD One's investment range from $100k to $1M, and they actively seek out promising startups in countries like the UK, France, Israel, Germany, Spain, Ireland, Switzerland, and Iceland. Through their support and backing, MD One aims to empower tech innovators who contribute to advancing critical fields and enhancing National Security capabilities. 


Geography: Nordics, UK
Preferred Industries: B2B, Sector-Agnostics
Investment ticket: $1M to $10M 
Company stage:  Seed, Series A, Series B

Idékapital is a venture capital firm based in Norway, investing in rapidly growing B2B technology companies across the Nordic region and the UK. With approximately 1.7 billion NOK (€170 million) under management, they offer growth equity, strategic advice, and scale-up support to entrepreneurs aiming to build global market leaders within their niche.

Idékapital is industry-agnostic, seeking aspiring software and tech companies in the Nordic and UK regions with inherent global potential, scalable business models, and talented management teams. Their targeted countries include Iceland, Norway, Denmark, Sweden, the UK, Germany, the USA, Singapore, and Finland. With a check size ranging from $1M to $10M, Idékapital aims to partner with innovative B2B tech companies with global aspirations and unlock their potential for exponential growth.


Karma VC

Geography: Nordics. EU, CEE
Preferred Industries: DeepTech
Investment ticket: $580k to $3.5M 
Company stage: Seed, Late Seed, Series A, Series B

Estonia-based Karma Ventures ( is an early-stage venture capital firm that specializes in late seed and Series A investments in Europe's most promising deep-tech software startups. With a check size ranging from $580k to $3.5M, Karma Ventures targets countries such as Estonia, France, Latvia, Lithuania, Finland, Germany, Sweden, Poland, Hungary, and Iceland.

Their investment approach focuses on backing companies with strong ideas supported by unique technology, customer traction, and global ambition. Karma Ventures provides comprehensive support to entrepreneurs, helping them navigate the path to growth in commercial, strategic, and technical aspects. 

The firm typically participates in investment rounds with 3-4 co-investors and frequently co-invests with organizations like EASME - EU Executive Agency for SMEs, SOSV, and Practica Capital. In later rounds, they often collaborate with Superangel, Sune Alstrup (Johansen), and SOSV.


Geography: Nordics. EU, UK
Preferred Industries: Blockchain, Web3, FinTech, GameTech, HealthTech, Wellbeing, VR/AR.
Investment ticket: $100k to $2.5M 
Company stage: Pre-seed, Seed, Series A, series B

Moonfire, UK-based venture capital firm dedicated to seed stage investing in European startups, with a focus on the future of work, AI, web3, AR/VR, health, work, finance, web3, DeFi, gaming, community, and health & wellbeing sectors. With a check size ranging from $100k to $1.8M, Moonfire supports companies that fit their "golden triangle" criteria, providing greater access, efficiency, and service-quality.

The firm's portfolio includes successful companies like Humans, Lightdash, and GOALS, which have secured significant funding in Series A rounds. Moonfire has led 23 deals and co-invested in 27 more alongside VCs like Sequoia, Accel, Index, General Catalyst.


Peak VC

Geography: Nordics, EU, UK
Preferred Industries: SaaS, Marketplace
Investment ticket: $250k to $3.5M 
Company stage: Pre-sales, Seed, Series A

Peak is a VC based in Amsterdam, Berlin, and Stockholm, specializing in funding SaaS and Platform/Marketplaces businesses in NW-Europe. Their primary focus is on companies that have some revenue and are poised to scale beyond founder sales, though they also opportunistically consider pre-revenue/pre-product deals. With a check size ranging from $250k to $3.5M, Peak targets countries including the Netherlands, Belgium, Luxembourg, Germany, Austria, Switzerland, Sweden, Finland, Norway, Denmark, Iceland, and Poland.

What sets Peak apart is their unique approach to venture capital. They are the first investment company in the world to open doors for the general public, allowing them to invest alongside leading VC funds.



Geography: Nordics, EU, UK
Preferred Industries: Sustainable Mobility, Energy
Investment ticket: $500k to $5M 
Company stage: Series A

Ponooc is a venture capital fund based in the Netherlands, specializing in investing in Sustainable Mobility startups across the European region, including the EU and the UK. They focus on companies in the mobility, transport, logistics, and mobility-related energy sectors. Ponooc primarily invests in Series A rounds where startups have around €0.5 - €1M ARR, with a check size ranging from $500k to $5M. 

Ponooc's geographic focus is on Europe and Nordics Countries,including Austria, Belgium, Netherlands, Germany, UK, Spain, Portugal, Norway, Sweden, Denmark, Estonia, France, Switzerland, Finland, Iceland, Greece, Ireland, Italy, and Luxembourg.

The fund has been active since 2018, participating in less than 2 investment rounds annually, with typical deals falling in the range of $10 - $50M. They co-invest with organizations like Capnamic Ventures, NRW.BANK, Michael Baum, and Iris Capital, focusing on driving sustainable mobility solutions and creating a positive impact on the environment and society.


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