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 count on 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 relies on backing entrepreneurs fixing troublesome 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 Sequence 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 equivalent to 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 learn to combine AI functions 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 12 months over 12 months.
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 lately acquired most cancers assist and girls’s well being specialist Pink!. Sidekick Well being lately disclosed an 80% compound annual development price on account of profitable growth, offers, and partnerships.
Controlant (first funding made in 2011) is at the moment ranked by the Monetary Occasions as one of many High 25 quickest rising firms in Europe. The scaleup’s Icelandic headquarters helps a world community, with workplaces within the US, Denmark, Poland, and the Netherlands. Controlant partnered with Pfizer on the top of the worldwide COVID-19 pandemic and performed an important 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 know-how); Plaio (first invested in 2021: visible planning resolution for the generic pharma business); 50skills (first invested in 2022: hiring software program and gear 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 resolution).
Frumtak Ventures managing accomplice Svana Gunnarsdóttir, stated in a press release, “Frumtak Ventures was based by entrepreneurs, for entrepreneurs. We’re pleased with our portfolio firms: their success validates our perception that Frumtak Ventures provides a novel toolkit to empower formidable founders to thrive and scale their firms.”
Gunnarsdóttir added, “Iceland has endured and thrived regardless of challenges, each man-made and pure, and now we have correspondingly developed experience in a number of homegrown industries – in addition to discovered to future-proof them by embracing innovation. Frumtak IV might be supporting the subsequent stars from these sectors as a sector-agnostic fund. I’d wish to thank our traders, new and current, for his or her continued assist. We’re proud to have closed 4 funds in 15 years and offered assist to a few of
Iceland’s most profitable firms, and the Frumtak Ventures workforce is happy to deploy Frumtak IV throughout the Nordic ecosystem, serving to assist the subsequent wave of winners.”
Supply hyperlink