According to Odaily, Frumtak Ventures, an early-stage investment firm based in Iceland, has successfully oversubscribed its fourth fund, Frumtak IV, raising a total of $84 million. The firm plans to use this fund to further invest in the intersection of software, artificial intelligence, and deep technology. It aims to focus on Iceland's historical advantages in sectors such as marine technology, logistics, healthcare, tourism, energy, climate, and gender equality.
In December 2022, Treble Technologies, an Icelandic metaverse audio experience startup, announced the completion of a seed round of financing amounting to €5.5 million (approximately $5.7 million). The round was led by Nordic venture capital firm Frumtak Ventures, with participation from Fortune 500 company Saint-Gobain's venture capital division, Nova, and a group of angel investors. In addition, the company received a €2.5 million (approximately $2.6 million) grant from the European Innovation Council.
