Icelandic software startup Transmit has closed funding from a national venture fund – New Business Venture Fund. Transmit is working on a SaaS-product called Brand Regard. Brand Regard allows companies to store their brand materials in a single place and allow access to different parties for them. With the contract, New Business Venture Fund will receive 30,6% of the company.
The amount of the investment was not disclosed, but 30,6% is a large share of a company. Nevertheless, if the funding is enough – Transmit can take Brand Regard to a few countries with it at least. The service is up and running already and is priced between $25 to $199 a month and an enterprise deal that is $10 a user monthly.
Helga Valfells, the CEO of the New Business Venture Fund stated their traction in UK convinced them to invest, “We are very pleased with our investment in Transmit. We have much faith in the company and in the team behind Brand Regard. For us as investors, it is also very positive that Transmit has already made inroads in its marketing efforts in the UK which confirms both the market’s demand for their product and the company’s growth potential.”
The company was founded by Agnar Sigmarsson, Geir Freysson and Finnur Magnússon. Below is a photo of the signing of the contract, that the team sent us.