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Wednesday, May 25, 2022

Iceland’s gaming studio Arctic Theory raised $2M seed from Brunnur Ventures

Icelandic gaming studio Arctic Theory raised 2 million dollars in a seed round led by  Brunnur Ventures in Reykjavik, Iceland. The company was founded by Gísli Konráðsson, Matthías Guðmundsson, Snorri Sturluson and Jón Bjarni Bjarnason who are also gaming veterans known from CCP Games and EVE Online. However, you may also recognize some of them from Directive Games, EA and Epic Games. With the funding, the company is expecting to launch its first game by the end of 2023 and hire more talents to enrich its team.

Arctic Theory, Gísli Konráðsson “In the past few years, online multiplayer games such as Minecraft and Fortnite have blown open what it means to be a video game and created a foundation for the metaverse. Legacy social media, such as Facebook, are fighting to keep users and to adapt to this new world to varying degrees. We’ll use our experience to create an MMO that can lead the way in creating new metaverses.” – Gísli Konráðsson, Co-founder and Creative Director of Arctic Theory.

About Arctic Theory

They are a team of talented individuals that share a passion for creativity and innovation

Arctic Theory was founded in the summer of 2020 by game industry veterans. Having previously worked together on some of the most ambitious multiplayer games in the last decades, their mission is to push the boundaries of multiplayer gaming.

With headquarters in a historic building in the middle of one of Iceland’s many lava fields, they are surrounded by beautiful nature and inspiration, and they aim to reflect this in their work.

As a group of individuals that share a passion for video games, innovation and creativity, they strive to make our studio a place where employees can really grow and reach their potential.

About Brunnur Ventures

Brunnur Ventures GP was founded in 2014 and has since developed a rich network of co-investors. We make early and transformational investments in companies that have the potential to do great things. Our dedicated team is made up of seasoned investors who are looking to partner with hard-working, visionary entrepreneurs.

​In Iceland, conditions are extremely favorable for start-up and growth companies with its small and flexible economy, and strong infrastructure. Icelanders generally have a can-do attitude, and entrepreneurship and creativity are highly regarded. In the field of innovation it is often said that the best time to invest is on the back of a recession, and this has in fact proven to be the case in Iceland. Numerous successful start-ups have emerged since the financial crisis in 2008 and continue to emerge as Icelanders learn to appreciate their importance in the economy. 

Brunnur has two active funds that utilizes the abundance of opportunities created by Icelandic entrepreneurial spirit and good innovation environment.

Click here to read more funding news. 

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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