iceland’s frumtak ventures raises its third, $57m, fund focusing on post-seed and series a

Frumtak Ventures Launches Third Investment Fund

Frumtak Ventures, a venture capital firm based in Iceland, has successfully closed its third fund, Frumtak III. This new fund totals $57 million, equivalent to ISK 7 billion or €48 million, and will be allocated to startups in the post-seed and Series A stages of development.

Investment Focus and Ticket Size

The firm intends to make investments ranging from $1 million to $5 million (€850,000 to €4.2 million) per startup. Frumtak III will concentrate on providing capital to companies demonstrating significant growth potential.

Rising Profile Through Key Portfolio Company

Frumtak Ventures gained wider recognition following the success of Controlant, a real-time supply chain monitoring company. Controlant’s technology played a crucial role in the distribution of the first COVID-19 vaccine shipments to New York City, with images of their monitoring solutions appearing alongside Governor Andrew Cuomo.

The company’s technology was instrumental in maintaining the integrity of the vaccine’s cold chain during global distribution.

Diverse Portfolio of Icelandic Startups

Beyond Controlant, Frumtak’s investment portfolio includes a variety of innovative companies. These include:

• Meniga: A provider of digital banking solutions.
• Sidekick Health: A digital therapeutics scaleup.
• Kaptio: A travel CRM and booking system provider.
• Activity Stream: A data analytics company focused on live events and fan engagement.
• Data Market: Acquired by Qlik in 2014.

Leadership and New Partnership

Svana Gunnarsdottir, managing partner at Frumtak Ventures, expressed pride in the achievements of the firm’s portfolio companies. She stated the team is eager to continue supporting promising startups and founders with Frumtak III.

The firm also acknowledged the continued support of its Limited Partners (LPs), many of whom have invested since the firm’s inception in 2009.

New Partner Joins the Team

Asthildur Otharsdottir has joined Frumtak Ventures as a partner and will serve as the lead investment manager for Frumtak III. Prior to this role, Otharsdottir served as Chairman of Frumtak for six years.

She also has experience serving on the boards of Marel and Icelandair Group.