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.