Iceland-based Frumtak Ventures has closed €80 million Frumtak IV fund to support local startups with global potential. The fund was closed in six months and serves as the successor to 2021's $57 million Frumtak III.
- Founded in 2008, Frumtak Ventures is a Reykjavik-based venture capital firm. The firm specializes in investing from early-stage through IPO, supporting entrepreneurs as they address complex real-world challenges with advanced technologies such as software, AI, deep tech, and hardware components.
- Frumtak Ventures' portfolio includes 15 startups, such as Abler, which develops sports club management software, Activity Stream, Controlant, 50Skills, and Kaptio. Additionally, the firm has successfully exited five companies, including Valka, Main Manager, Trackwell, DataMarket, and AGR.
- The latest fund launched by Frumtak Ventures aims to support Icelandic startups across diverse sectors such as ocean technology, logistics, healthcare, climate, energy, travel, and gender equality.
- In its fourth fund, Frumtak Ventures plans to make approximately 10–15 initial investments, allocating half of the fund for these purposes. The remainder will be reserved for follow-on investments. Initial investments typically range between €1 million and €3 million.
“Frumtak IV will be supporting the next stars from these sectors as a sector-agnostic fund. I’d like to thank our investors, new and existing, for their continued support. We are proud to have closed four funds in 15 years and provided support to some of Iceland’s most successful companies, and the Frumtak Ventures team is excited to deploy Frumtak IV within the Nordic ecosystem, helping support the next wave of winners,” co-founder and managing partner at Frumtak Ventures, Svana Gunnarsdóttir, stated.
