Frumtak Ventures closes $87M Iceland investment fund 4

Early stage traders in Iceland Frumtuck Ventures Has raised fourth fund totaling $84 million.

The Frumtak IV fund was oversubscribed and is the follow-on to the $57 million Frumtak III fund in 2021.

Frumtak Ventures’ steadfast, centered funding philosophy is to help entrepreneurs leveraging cutting-edge applied sciences to resolve real-world issues, and are usually not afraid to mix software program and synthetic intelligence with deep know-how or {hardware} elements. Whereas not industry-related, the fund has beforehand made the vast majority of its investments in B2B SaaS startups on the seed or Sequence A levels.

Frumtak Ventures believes Fund IV’s additional potential lies in leveraging Iceland’s historic strengths in areas akin to marine know-how and logistics, healthcare, tourism, power, local weather and gender equality, and doubling down on alternatives on the intersection of software program, synthetic intelligence and deep know-how.

The corporate stated worldwide consideration is beginning to circulate to Icelandic firms and boosting an rising innovation {industry} identified for its resilience. Iceland’s startup ecosystem now has the best funding capital per capita of any Nordic nation. A 2023 report by Framvis, the Icelandic angel and enterprise capital affiliation, in partnership with KPMG, discovered that international funding in new Icelandic startups tripled yearly.

The nation’s booming tech scene is dwelling to standout firms akin to digital therapeutics pioneer Sidekick Well being and pharmaceutical provide chain innovator Controllant. Frumtak Ventures made early investments in each firms.

Sidekick Well being (first invested in 2017) works with 5 of the world’s largest healthcare firms and has strategic partnerships with {industry} giants akin to Pfizer, Bayer and Eli Lilly. As a part of its newest section of service and market growth, the corporate just lately acquired most cancers help and girls’s well being specialist Pink!. Sidekick Well being just lately revealed a compound annual progress price of 80% because of profitable expansions, offers and partnerships.

Controlant (first invested in 2011) is at present ranked by the Monetary Occasions as one of many 25 quickest rising firms in Europe. The expanded Icelandic headquarters helps a world community with workplaces in america, Denmark, Poland and the Netherlands. Controlant partnered with Pfizer through the top of the worldwide COVID-19 pandemic and performed an important function within the distribution of the vaccine.

Different high-growth Frumtak Ventures portfolio firms embody Icelandic pioneer Treble (first funding 2023: sound simulation and spatial info know-how); Plaio (first funding 2021: visible design options for the generic pharmaceutical {industry}); 50 Applied sciences (2022 First investments in 2022: software program and instruments for onboarding, onboarding and offboarding); Abler (first funding in 2022: sports activities administration know-how); and Alda (first funding in 2022: software program options for inclusion in office tradition).

Svana Gunnarsdóttir, managing accomplice of Frumtak Ventures, stated in a press release: “Frumtak Ventures was based by entrepreneurs, for entrepreneurs. We’re pleased with our portfolio firms: their success confirms our perception that Frumtak Ventures gives a novel Toolkit to assist formidable founders thrive and scale their firms.

Gunnarsdóttir added: “Regardless of man-made and pure challenges, Iceland has withstood and thrived, and we’ve got developed experience accordingly in a number of native industries and realized to satisfy future challenges by embracing innovation.” Frumtak IV will function an industry-agnostic fund to help the subsequent stars in these industries. I want to thank our new and present traders for his or her continued help.
Iceland’s most profitable firm and the Frumtak Ventures workforce are excited to deploy Frumtak IV inside the Nordic ecosystem and assist help the subsequent wave of winners.