Icelandic Frumtak Ventures Closes $87M Fourth Fund, Eyes Global Growth
Frumtak Ventures, an early-stage investment firm based in Iceland, has successfully closed its fourth fund, Frumtak IV, at $87 million. The new fund, though sector-agnostic, has traditionally funneled most of its investments into B2B SaaS startups at the seed or Series A stage.

Frumtak Ventures, an early-stage investment firm based in Iceland, has successfully closed its fourth fund, Frumtak IV, at $87 million. The new fund, though sector-agnostic, has traditionally funneled most of its investments into B2B SaaS startups at the seed or Series A stage.
Investors from Frumtak Ventures are setting their sights on companies operating at the intersection of software, artificial intelligence, and deep tech. The focus will be on industries where Iceland has established historical strengths, such as ocean tech and logistics, healthcare, travel, energy, climate, and gender equality.
International interest in Icelandic companies is rising, boosting the country's emerging innovation sector, known for its resilience. Iceland now boasts the highest invested capital per capita among all Nordic countries. A 2023 report by the Icelandic Angel & Venture Capital Association (Framvís), in collaboration with KPMG, highlighted a threefold increase in foreign investment in Icelandic startups compared to the previous year.
The vibrant tech landscape of Iceland includes notable companies such as digital therapeutics pioneer Sidekick Health and pharma supply chain innovator Controlant. Both companies received early investments from Frumtak Ventures. Sidekick Health has established strategic partnerships with major industry players, including Pfizer, Bayer, and Eli Lilly. Recently, as part of its expansion strategy, the company acquired PINK!, a specialist in cancer support and women's health.
Controlant has been recognized by the Financial Times as one of the Top 25 fastest-growing companies in Europe. The company’s headquarters in Iceland support a global network with offices in the United States, Denmark, Poland, and the Netherlands. During the peak of the global COVID-19 pandemic, Controlant partnered with Pfizer to play a crucial role in the distribution of vaccines.
Svana Gunnarsdottir, co-founder and managing partner of Frumtak Ventures, commented, “Frumtak Ventures was founded by entrepreneurs, for entrepreneurs. We’re proud of our portfolio companies: their success validates our belief that Frumtak Ventures offers a unique toolkit to empower ambitious founders to thrive and scale their companies. Iceland has endured and thrived despite challenges, both man-made and natural, and we have correspondingly developed expertise in several homegrown industries - as well as learned to future-proof them by embracing innovation."
She further added that Frumtak IV would support 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.”
These developments are set to propel Iceland's innovative startup ecosystem to new heights. With the support of Frumtak IV, the country’s leadership in technology and innovation is poised to strengthen even further.