According to Odaily Planet Daily, the fourth fund of Icelandic early-stage investment institution Frumtak Ventures, Frumtak IV, has been oversubscribed, raising a total of US$84 million. Frumtak Ventures hopes to use this money to further invest in the intersection of software, artificial intelligence and deep technology, focusing on Iceland's historical advantages in marine technology, logistics, healthcare, tourism, energy, climate and gender equality.
In December 2022, Treble Technologies, an Icelandic metaverse sound experience startup, announced the completion of a €5.5 million (approximately $5.7 million) seed round of financing, led by Frumtak Ventures, with participation from Nova, the venture capital arm of Fortune 500 company Saint-Gobain, and a group of angel investors. In addition, the company received €2.5 million (approximately $2.6 million) in funding from the European Innovation Council.
