Frumtak Ventures is Iceland’s oldest active venture capital firm. See stage focus and contact routes.
Frumtak Ventures is Iceland’s oldest active venture capital firm, founded in 2008 by Eggert Claessen and Svana Gunnarsdóttir to back local innovation with global potential. The firm invests from seed through IPO, focusing on the intersection of software, AI, and deep tech in sectors aligned with Iceland’s strengths: ocean tech, logistics, healthcare, energy, climate, and travel. Its typical initial check ranges between €1 million and €3 million, and it often acts as a lead investor with a high-conviction, high-involvement approach. Notable portfolio companies include SidekickHealth, Meniga, Valka, and Kaptio, all B2B or deep-tech startups with international growth ambitions. While sector-agnostic, Frumtak has a strong track record in B2B SaaS at seed or Series A stages. The firm’s fourth fund, closed in July 2024 at $87 million and oversubscribed, is primarily backed by Icelandic pension funds, reflecting its concentrated, locally rooted capital strategy.
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