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All-female led VC firm Crowberry Capital raises Iceland’s largest VC fund

Led by founders Hekla Arnardottir, Helga Valfells and Jenny Ruth Hrafnsdottir, Crowberry Capital has raised Iceland’s largest VC Fund ever and one of Europe’s largest all-female leds funds.

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Icelandic VC Fund Crowberry Capital raised $90 million for its new seed and early-stage fund, with a second $40 million close expected in July 2022. The fund’s predecessor is a $40 million vehicle launched in 2017 that has backed 15 companies.

“An incorrect assumption is that because we are women, we are only interested in supporting female founders. As our investment record shows, we support companies because they are game-changers, irrespective of the gender of their senior team members. However, we also benefit, as an all-female team, from circumspection which means that we can see potential in businesses and sectors which are typically overlooked by others in our space.”

Hekla Arnardottir

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