Top 14 VC Funds and Angel Investors in Iceland
- Sotirios Seridis
- Feb 5
- 8 min read
Iceland, a Nordic sanctuary in the North Atlantic, is recognized for its stunning scenery and dynamic culture. Aside from its natural beauty, Iceland has quietly established itself as a vibrant entrepreneurial hotspot. With a supportive government policy, a high rate of digitization, and a strong commitment to utilizing technology for the greater good, Iceland has been effective in producing fast-growing companies. The venture capital market in the country has broken records, with a higher rate of startup investments. In this article, we have compiled a comprehensive list of top VC Funds and Angel Investors in Iceland that can provide you with the capital and support to help you succeed!
➡️ Download the full list of VCs and Angel Investors in 100+ countries!
Venture Capitalist Funds in Iceland
The venture capital firms below are actively looking for investments in promising companies throughout various stages and sectors. The stages stated do not limit the possibility of getting funding if your company is at any stage other than what is listed.
Year of Inception: 2013
Stage: Pre Seed, Seed
Focus: Sector Agnostic
Notable Portfolio: Quest Portal, Arctic Theory, Taktikal, Overtune
Brunnur Ventures GP is a venture capital firm that focuses on early and transformational investments in businesses. Founded in 2014, the firm has a reputation for collaborating with innovative entrepreneurs and investing in Icelandic startups and growing firms. The firm's investment team combines decades of start-up expertise, including both triumphs and failures in worldwide marketplaces to provide important insights and support to the firms in which they invest, from inception and early stage through development and exit.
Year of Inception: 2021
Stage: Pre Seed, Seed
Focus: Technology
Notable Portfolio: Kollektiv, Kanda, Eupry, Leske, Veras, Læsk, YOGO, Lab08
Ugly Duckling Ventures focuses its investments on pre-seed and seed-stage Nordic enterprises. Founded by a team with vast expertise in creating and expanding businesses, the firm takes an active approach to its investees and has a proven track record of success. They are especially interested in businesses with innovative business strategies and a positive environmental impact. Ugly Duckling Ventures values founder-friendly interactions and supports its portfolio firms with funding, know-how, investor network, and real-world application.
Year of Inception: 2017
Stage: Seed, Series A
Focus: FinTech
Notable Portfolio: Klarna, Lunar, Open Payments, Receipt Hero, Indo
As a venture capital firm, Goose Valley Ventures (GVV) holds strong belief in the Nordic region and its entrepreneurs. GVV is at the vanguard of helping and growing the region's next wave of creative businesses, with a focus on FinTech and Impact investments. The company is home to successful FinTechs and acts as a Nordic Tech center. GVV has a strong investor base that includes Fortune 500 executives and serial entrepreneurs that regularly participate in early-stage enterprises. GVV provides essential tools and assistance to the entrepreneurs it invests in through its experience and network.
Year of Inception: 2020
Stage: Seed, Series A
Focus: FoodTech
Notable Portfolio: Chromologics, Melt&Marble, eniferBio, Hailia Nordic
Nordic FoodTech VC is a venture capital fund that focuses on deep foodtech startups in the Nordics and Baltics. Their objective is to assist businesses that are developing innovative technologies and using scientific findings to address significant issues in the global food chain. The VC focuses on early-stage firms and provides finance to entrepreneurs working on novel food and farming solutions. The fund's staff is made up of seasoned partners with backgrounds in business strategy, entrepreneurship, innovation, and food technology.
Year of Inception: 2017
Stage: Seed, Series A
Focus: Technology
Notable Portfolio: Mainframe, Lucinity, Garden, Avo, Monerium, Kind
Crowberry Capital specializes on seed and early-stage investments in the Nordics. The VC firm seeks exceptional teams that are establishing global enterprises based on actual technological advantages. Crowberry Capital is dedicated to assisting entrepreneurs with audacious ambitions and businesses that address real issues and have a positive effect. They emphasize their portfolio firms' best interests and have a track record of spotting value before market confirmation. Furthermore, Crowberry Capital sees the market's gender gap as an untapped investment opportunity and believes in inclusion. Their professional staff is committed to assisting businesses in reaching their full potential.
Year of Inception: 2015
Stage: Seed, Series A
Focus: Technology
Notable Portfolio: PortalOne, Sky Mavis, Presail, Speechly, Breyta
SNÖ Ventures primary focus is on investing in early-stage, transformative tech companies in the Nordic region. SNÖ Ventures seeks to help visionary entrepreneurs in Denmark, Norway, Finland, Iceland, and Sweden who are driving innovative initiatives. They look for high-growth firms with the potential to make a big market impact, with a particular concentration on the information technology industry. They provide not just financial assistance, but also strategic advice and industry knowledge to assist portfolio firms.
Year of Inception: 2009
Stage: Seed, Series A
Focus: Technology
Notable Portfolio: Adnavem, Crosser, Nomono, Worldfavor, Oneflow
Spintop Ventures is a prominent investment firm established by a group of renowned digital entrepreneurs, industrialists, and experienced investors. The firm focuses on teams that are driven to develop extraordinary businesses. Spintop Ventures generally invests in creative software-based technology firms from the Nordic region, with the goal of assisting them in becoming leaders in their respective industries. Spintop Ventures utilizes its wide network and skills to give strategic counsel and financing to its portfolio companies. The firm's track record, along with its extensive industry expertise, makes it a sought-after partner for entrepreneurs trying to expand and succeed in the digital area.
Year of Inception: 2008
Stage: Seed, Series A, Series B, Series C
Focus: Sector Agnostic
Notable Portfolio: Sidekick, Controlant, Spectaflow, Kaptio
Frumtak Ventures is a venture capital firm that invests in people and ideas that address real-world challenges and help Iceland advance its reputation for successful innovation. Frumtak has been actively involved in the venture capital market since its inception in 2008, making strategic investments in a variety of sectors. While Frumtak Ventures does not specialize in any one area, it does place a heavy emphasis on investing in firms that have a strong focus on growth and sales in international markets. The fund also emphasizes the importance of companies having a product, customers, and turnover in order to be eligible for investment.
Year of Inception: 1997
Stage: Seed, Series A, Series B, Series C
Focus: Sector Agnostic
Notable Portfolio: Evolytes, Lauf, Tulipop, Tyme Wear, 3Z
The New Business Venture Fund (Nýsköpunarsjóður), established in 2017, is a state-owned investment fund aimed at strengthening and developing the Icelandic venture capital market, as well as fostering startups and businesses in Iceland. Nsköpunarsjóur's aim is to foster innovation, entrepreneurship, and economic growth by providing financing and resources to startups, universities, research institutes, and enterprises. The firm's investments are intended to spur growth, support technical developments, and contribute to the general development of Iceland's startup ecosystem.
Year of Inception: 2004
Stage: Seed, Series A, Series B, Series C
Focus: Technology, Software
Notable Portfolio: Datek, Kogenta, Ardaq, Prediktor, Shepper
Idékapital is an Oslo-based venture capital business that invests in quickly developing B2B technology startups in the Nordics and the United Kingdom. Idékapital provides funding to assist these enterprises in growing and offers strategic guidance to help them navigate hurdles and grasp opportunities. Furthermore, they provide scale-up assistance to businesses, assisting them in becoming worldwide market leaders in their particular domains.
Year of Inception: 1996
Stage: Series A, Series B
Focus: Technology
Notable Portfolio: EdgeTier, Lunio, Mavenoid, Semble
Smedvig Capital is a prominent venture capital firm headquartered in London. They have a track record of effectively partnering with and scaling over 70 startups dating back to 1996. Smedvig Capital, which specializes in leading Series A/B rounds, seeks for and invests in fast-growing firms in the UK, Nordics, and Netherlands. They value tight collaboration with a small number of high-quality teams, as well as strong ties with the founders of the firms in which they invest. Smedvig Capital is noted for its adaptable approach to supporting and advancing long-term aspirations. They frequently invest in firms in numerous rounds, providing capital until the companies achieve their desired exit.
Year of Inception: 2018
Stage: Series A, Series B, Series C
Focus: Technology
Notable Portfolio: Hiber, Eurora, Kilo. Health, PixieRay, Fastspeed
Nordic Secondary Fund is an investment vehicle established in Denmark that is managed by Nordic Secondaries Fund. It is the first and only fund in the Nordic area that focuses only on investing in secondary markets. The fund focuses on Nordic and Baltic startups who have already completed the Series-A stage. They acquire existing holdings in established firms, providing liquidity to current shareholders, and enabling ownership transfers. The fund intends to assist the growth and development of enterprises in the area by concentrating its investments on North Europe.
Year of Inception: 2015
Stage: Seed, Series A, Series B, Series C
Focus: Sector Agnostic
Notable Portfolio: eTactica, SagaNatura, AwareGo, Ymir Technologies
Eyrir Venture Management is the venture capital arm of Eyrir Invest, a global investing firm. The VC is committed to assisting promising enterprises in expanding internationally. Eyrir Venture Management, with an emphasis on value development, provides strategic assistance, financial resources, and networking opportunities to help firms succeed. The business aspires to stimulate innovation, drive market development, and ultimately contribute to the success of its portfolio firms through its experience and broad network.
Angel Investors in Iceland
Angel investors may act as an individual or as a syndicate to fund projects of their preference, so these networks are the best opportunity for you to find a potential Angel with an aligned vision and interests.
Stage: Pre Seed, Seed
Focus: Sector Agnostic
Notable Portfolio: -
The Scandinavian Investment Network is a web-based matching platform for Nordic angel investors and entrepreneurs. This platform was created to boost the local startup ecosystem by providing a variety of features and tools to facilitate investment opportunities. Entrepreneurs may network with potential investors and present their company ideas. In addition, the platform hosts networking and knowledge-sharing events such as luncheons and pitches.
Closing Thoughts on VCs and Angel Investors in Iceland
Iceland's startup ecosystem offers a unique blend of advantages for startups looking to raise funds. From a supportive government and a close-knit startup community, Iceland provides a fertile ground for startups to grow and succeed. In recent years, there have been a growing interest from both Icelandic and foreign parties, with more funding accessible to startups than ever before. By unlocking Iceland's untapped potential, startups have the opportunity to make a global impact while enjoying the beauty and charm of this Nordic oasis.
Find VCs and Angel Investors in Europe:
Frequently Asked Questions on VCs and Angel Investors in Iceland
How developed is Iceland's venture capital and startup ecosystem?
Iceland's venture capital landscape has grown significantly since 2015, centered primarily in Reykjavík. The ecosystem includes established VC firms like Frumtak Ventures and Crowberry Capital, alongside government-backed initiatives through the New Business Venture Fund (Nýsköpunarsjóður atvinnulífsins). The startup environment benefits from Iceland's high technology adoption rate and strong innovation infrastructure, particularly in sectors like clean energy, biotechnology, and digital solutions.
What are the main funding stages available from Icelandic investors?
Icelandic investment typically follows a structured path: initial funding often comes from angel investors and seed funds (50,000-500,000 EUR), followed by early-stage VC investment (500,000-2M EUR). Later-stage funding usually involves international VC partnerships, as local VCs often collaborate with Nordic and European investors to provide Series A and beyond. The Technology Development Fund (Tækniþróunarsjóður) also offers matching grants at various stages.
What sectors do Icelandic VCs and angels typically invest in?
Icelandic investors show strong preference for sectors aligned with the country's strengths: green technology (particularly geothermal solutions), marine technology, gaming/entertainment software, health tech, and sustainable food production. There's also growing interest in fintech and blockchain technology, leveraging Iceland's strong financial services infrastructure and cryptocurrency mining presence.
What are the typical investment terms and requirements for startups seeking Icelandic VC funding?
Icelandic VCs typically look for companies with clear intellectual property rights, strong market potential beyond Iceland, and experienced founding teams. Standard terms include board representation, anti-dilution protection, and preference shares. Most VCs expect startups to have established presence in Iceland, though some are open to remote teams with significant Icelandic operations. Documentation in both Icelandic and English is often required.
How can international founders connect with Icelandic investors?
The main entry points include the Icelandic Startups accelerator program, Startup Iceland conference, and Arctic15 events. The Business Iceland (Íslandsstofa) platform provides introductions to local investors. Key networks include the Icelandic Venture Capital Association (IVCA) and Angel Network Iceland. Many Icelandic VCs maintain offices in both Reykjavík and other Nordic capitals, facilitating regional networking opportunities.
.png)
.png)
Comments