Frumtak Ventures Closes Third Fund, At $57M

Frumtak Ventures

Frumtak Ventures, a Reykjavic, Iceland-based venture capital firm, closed its third fund, Frumtak III, at $57m (ISK 7b, €48m).

Frumtak III is a general fund, focused on post-seed and Series A Nordic-born startups. With a broad investment mandate, the fund will target 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 USD (€ 850k- 4.2m).

Founded by serial entrepreneurs Svana Gunnarsdottir and Eggert Claessen, Frumtak has invested in 21 companies since 2009, often co-investing with other local and international institutional investors. Notable investments include:

  • 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.

The team also include partners Ásthildur Otharsdóttir and CFO Rakel Sigurðardóttir.