Iceland’s Frumtak Ventures launches new $57 million fund

Icelandic venture capital firm Frumtak Ventures announced its third fund, Frumtak III, a $57 million general fund focused on post-seed and Series A startups. 

Frumtak is known for funding Nordic-born companies such as digital banking solutions provider Meniga, digital therapeutics scaleup Sidekick Health, Cold Chain as a Service logistics visibility and monitoring provider Controlant, travel CRM and travel booking system provider Kaptio, live event and fan engagement data analytics company Activity Stream, and Data Market, which was acquired by Qlik in 2014.   

Frumtak III has a broad investment mandate, targeting companies across a variety of industry sectors, sharing these common themes: ability to build exceptional teams, lead in their respective markets and show excellent international growth potential. Frumtak III’s typical ticket size will range from $1-5 million. 

“I’m thrilled to be continuing my work with Frumtak Ventures in my new capacity, where I’ll be able to more closely work with our existing and future portfolio companies, at the investment and board level, to support them in their global expansion, helping them to tackle challenges, as well as leverage opportunities as they scale.”   

Asthildur Otharsdottir. Frumtak III lead investment manager

Frumtak Ventures was founded by serial entrepreneurs Svana Gunnarsdottir and Eggert Claessen. It has invested in 21 companies since 2009, often co-investing with other local and international institutional investors.