According to TechFlow, Icelandic early-stage investment institution Frumtak Ventures has completed the fundraising of its fourth fund at $84 million. Frumtak IV Fund was oversubscribed and is the successor to the $57 million Frumtak III Fund in 2021.
Foreign investment in Icelandic startups has tripled year-on-year, according to a 2023 report. Frumtak Ventures made early investments in digital therapeutics pioneer Sidekick Health and pharmaceutical supply chain innovator Controlant.
It is reported that Frumtak Ventures focuses on supporting entrepreneurs who solve practical problems and mainly invests in B2B SaaS startups. The new fund will continue to focus on investment opportunities at the intersection of software, AI and deep technology, especially in Iceland's historical advantage areas such as marine technology, logistics, medical care, tourism, energy, climate and gender equality.
