Investors in Iceland

We at Frumtak encourage entrepreneurs to visit us for a “chat” because the conversation can deliver more value than an investment. As Frumtak is a growth fund, the companies we invest in need to have a product, a customer and turnover in order to be eligible for investment. Even though this is not often the case, the „chat“ enables us to get acquainted, which saves time later on if the company is considered for investment. The „chat“ establishes a foundation for a mutual understanding and to forming a band of trust which is the premise of working together in the future.

Investa is a venture capital firm specializing in start-ups and early stage investments. The firm primarily invests in companies in the technology sector offering products and solutions that have an international appeal. It seeks to invest in Iceland. The firm also provides various advisory services to companies, investors, and institutions that need help evaluating new opportunities. Investa is based in Iceland.

Seven2 sas is a private equity firm specializing in middle markets, later stage, carve-outs of business divisions from French or multinational corporations, public to private operations (PtoPs), and leveraged buyout in mid-caps and small and medium-sized companies. It seeks to invest in technologies, telecom, retail and consumer, media, healthcare, and business and financial services sectors. In information technology sector the firm focuses on high-tech goods and services, software technologies, hardware, emerging application segments, and services based on the mastery of new technologies. In specialized retail and consumer, it typically invests in home appliances, household goods and services, specialty retail chains, personal equipment, direct retail and e-commerce, business to business distribution, and consumer goods. In the media sector the firm seeks to invest in professional and technical publishing, broadcasting, business to business publishing, business, scientific and technical information, marketing, research, and design service companies, traditional and online, media agencies, rights, premium content and the supply of Internet content. It seeks to make investments in the telecommunications sector in segments including infrastructure and services, telecom operators, cable operators and technology companies, voice-data-video convergence, and development of new mobile services. The firm also invests in business and financial services in outsourced services focusing on financial services, business process outsourcing, services related to energy and environment. It makes investments in healthcare sectors with a focus on medical devices and services companies including private sector hospital treatment focusing on therapy of new medications or new forms for administering drugs, pharmaceutical laboratories, medical equipment, dermo-cosmetics, galenic development, and services and databases for health organizations, and health services including hospitalization structures, home health care, and medical analysis. The firm seeks to invest in companies based in French-speaking countries including France and Europe. It also invests in Turkey, Australia, Japan, South Korea, New Zealand, North Korea, Austria, Belgium, Denmark, Finland, Germany, Greece, Iceland, Italy, Belgium, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom, Czech Republic, Hungary, Poland, Slovakia, Mexico, Chile, United States and Canada. It prefers to invest in equity investment between €3.47 million ($3.79 million) and €250 million ($273.2 million) in Mid-Market €50 million ($54.65 million) and €250 million ($273.2 million) and Development: €15 million ($16.40 million) and €50 million ($54.65 million) with sales value between $13.34 million and $2732.9 million and enterprise value between $10.88 million and $1113.52 million. The firm may co-invest with others. It seeks to acquire majority or significant minority stakes and a board seat in its portfolio companies. It prefers minority position if the transaction is based on a genuine partnership with the management team, which confers them certain rights. The firm typically invests for a period of five to seven years on average. It seeks to exit its investments through trade sales, IPOs, secondary buyouts, as well as partial sales, and recaps. Seven2 sas was founded in 1972 and is based in Paris, France with additional offices in Europe.

Eyrir Invest is an international investment company that focuses on investments in companies which have the potential to become true global leaders, utilizing a 'Buy and Build' strategy to increase shareholder value.

Nestholma Oy is an accelerator specializing in investments in and innovations in the imaging sector startups, incubation, idea stage and pre-commercial phase companies. The firm focuses on mentoring, funding, and product development. It targets connecting startups and bigger companies. It prefers to invest in financial institution, financial consolidation and reporting software, banks and insurance companies. Each program is run with a partner company and is for a three month period. The firm targets start ups around the world, but focuses on UK, Sweden, Norway, Italy, Iceland, Germany, Finland, Denmark, Russia, Lithuania, Latvia, Estonia, Nordic, and Baltic countries. It prefers to make equity investments of € 0.10 million ($0.10 million) to € 0.15 million ($0. 15 million). Nestholma Oy is based in Helsinki, Finland.

NSA Ventures is an evergreen venture capital firm specializing in direct and fund of fund investments. For its direct investments, the firm makes equity investments in seed, startup, and early stage companies. Its fund investments focus on venture capital Icelandic funds. The firm seeks to invest in the technology and life sciences sectors. It prefers to invest in Icelandic companies. The firm also considers co-investing with investors across all investment stages from angel to growth. It makes balance sheet investments. NSA Ventures was founded in 1998 and is based in Reykjavík, Iceland.

Cathay Capital Private Equity SAS is a private equity and venture capital firm specializing in investments in growth capital, acquisition, mezzanine, PIPEs, small cap, mid-cap, leveraged buyouts, MBOs, capital increases and capital restructurings, industry consolidation, recapitalization, shareholding restructurings, and international expansion, buy-and-builds, carve-outs, co-investments. The firm seeks to invest in seed, start-ups, middle market, mature, late venture, later stage, growth stage, and midsize companies. It invests in all sectors particularly in business and industrial products and services, fintech, healthcare products and services, life sciences, telecommunication, online consumer electronics retail, online beauty care product & stores, pharmaceuticals, fertilizers, agricultural machinery, internet service, products & services, data processing & outsourced services for insurance industry, air freight, automobiles, household durables, leisure products, textiles, casino,travel & tourism, B2B commerce, insurance industry related tech hardware, beauty care services, AI software, system software for insurance industry, logistics software, property management software, automation product, security software, communication equipment, consumer brands/retail concepts, software, technology, digital, online insurance service, e-commerce software, financial software, IT consulting services to insurance industry, media, and automotive and mobility ecosystem with a focus on core technologies for cars. In China, the firm targets fast growing companies in sectors including environment, healthcare tech, online bill payment services, online trading systems, educational & training software, children-focused businesses, agri-businesses, logistics, and household equipment that capitalises on rapid urbanisation, with less focus on majority stakes. The firm targets investments globally with a focus on companies in North America, China, Europe, Asia, Africa with a focus on South and North Korea, Turkey, New Zealand, Australia, Austria, Japan, Luxembourg, Denmark, Finland, Greece, Iceland, Ireland, Italy, Netherlands, Norway, Portugal, Czech Republic, Sweden, UK, Estonia, Hungary, Poland, Slovakia, Slovenia, Mexico, Chile, Germany, France, Hong Kong, Spain, Switzerland, and German Mittelstand. It seeks to make cross border investments in mid-size French companies faced with a booming Asian economy as well as a partner for an increasing number of Chinese companies seeking a European foothold. It also invests in OECD countries. It seeks to allocate around 40 per cent each to France and China and the rest to Europe, with a core focus on Germany. The firm primarily invests between €5 million ($5.31 million) and €75 million ($79.78 million) in transactions ranging in value from €2 million ($2.12 million) and €15 million ($15.95 million). In cases of growth capital and leverage buyouts the value of each transaction is atleast €120 million ($127.66 million).It invests in companies with EBITDA between $2 million and $30 million and enterprise value of less than €100 million ($111.45 million). It invests in companies with revenues between $4.24 million and €400 million ($425.53 million) and turnover between €20 million ($21.27 million) and €400 million ($425.53 million). It seeks to have a board seat or observation right in all portfolio companies. The firm seeks to acquire minority or majority stakes alone or as part of a consortium of investors. It seeks to invest in companies whose growth can be fostered from new or enhanced cross-border and domestic development strategies. It seeks to co-invest. The firm seeks to be an ethic of sustainable development, based on social and environmental responsibility criteria. The firm holds its investments for five years. Cathay Capital Private Equity SAS was founded in 2007 and is based in Paris, France with additional offices in Shanghai, China; Beijing, China; New York, New York; San Francisco, California; Tel Aviv, Israel; Singapore, Shenzhen, China, Munich, Germany, Berlin, Germany and Madrid, Spain.

Our goal is to help Icelandic entrepreneurs turn their ideas and vision into successful companies. Since 2015 we have invested early in companies and understand that success takes hard work, dedication and sheer perseverance. We give our companies personal guidance and provide them with the resources and expert advice they need to run their vision into reality. In return for the invested capital and support Brunnur acquires a minority share. Our initial capital investment ranges from US$1-3 million, with up to US$13 million allocated for follow on investment. For seasoned entrepreneurs and stellar teams that are just getting started we have a standard term sheet for pre-seed rounds with pre-emptive rights for the next financing round to enable them to prove their business fundamentals.

Crowberry Capital invests at seed and early stage in outstanding teams building global businesses around true technology advantages. We work with our teams to build fast paced, international companies from the Nordics. We have a strong follow through philosophy. We back the best from seed to exit.

Thule Investments is a venture capital firm specializing in direct investments and secondary investments, in post-seed stage companies. It seeks to make investments in growth, bridge financing, early, mid, and late venture stages. The firm primarily invests in information technology, bio-tech, high-tech, media and energy companies. It prefers to invest in Iceland, Europe and East Coast of United States. Thule Investments was founded at the end of 2003 and is based in Reykjavik, Iceland.

Arteel Ventures Oy is a venture capital firm specializing in seed, startup, and early stage investments. The firm typically invests in internet; mobile device; and tablet based services, solution, and games. It prefers to invest in companies based in European markets such as Estonia, Latvia, Lithuania, Sweden, Finland, Iceland, Norway, Denmark. The firm seeks to make investments between €0.025 million ($0.028 million) and €0.15 million ($0.16 million). The firm prefers to invest in companies that have a strong focus on research and development and should own its core technology and IPRs of its critical technologies. It makes balance sheet investments. Arteel Ventures Oy was founded in 2010 and is based in Espoo, Finland.

InnovationsKapital is a venture capital firm specializing in investments in seed, start up, early stage, mid stage, late stage, growth, and early expansion stage. It also provides bridge financing. The firm invests in information and communications technology, healthcare, and life sciences sectors. It typically invests in the Europe with a focus on Nordic region including Sweden, Denmark, Iceland, Finland, and Norway. The firm primarily make equity investment between $1 million and $30 million. The firm seeks board seat in its portfolio companies. It exits its investments between five and seven years through trade sale or IPO. InnovationsKapital was founded in 1994 and is based in Göteborg, Sweden with additional offices in Stockholm, Sweden; Freienbach, Switzerland and New York, New York.

TeleVenture Capital AS is a venture capital firm specializing growth capital, early, mid and late venture. It seeks to invest in information and communication technology sectors, with a focus on mobile communication, wireless, broadband, and Internet related businesses. It also invest in Industrials, Software, Oil and Gas, Marine, community security, energy and environmental companies, biotechnology, civil security, life science sectors and Consumer. The firm prefers to invest in Scandinavian, Denmark, Finland, Iceland, Norway, Sweden Nordic Region, and European regions and Denmark. The firm seeks to invest between $1 million and $10 million in companies having enterprise values between $1 million and $50 million, generating revenues between $2 million and $50 million and having an EBITDA between $2 million and $50 million. It seeks to have a board seat in its portfolio companies. TeleVenture Capital AS was founded in April 1993 and is based in Oslo, Norway.

Eyrir Venture Management is a venture capital firm specializing in seed, early venture, mid venture, and late venture investments. It prefers to invest in industrial companies including healthcare, food processing, industrials, technical solutions, and oil and gas industry. The firm typically invests in Europe and Nordic countries with a focus on Northern Europe. Eyrir Venture Management was founded in 2014 and is based in Reykjavík, Iceland.

Medicxi Ventures (UK) LLP is a venture capital firm specializing in seed, Series A, Series B, early and late investments. It seeks to invest in the life sciences with a focus on therapeutics and drug development; biotech; health care, pipeline, and biopharma companies. The firm invests about 40 percent in the United Kingdom, 40 percent in Northern Europe (excluding Germany) and France, Denmark, Finland, Iceland, Ireland, Norway, Sweden, Estonia, Latvia, Lithuania, and the rest in the United States. It invests between $0.56 million and $2.2 million in seed stage investments and upto $17 million in Series A deals. Medicxi Ventures (UK) LLP was founded in February, 2016 and is based in London, United Kingdom with additional offices in Geneva, Switzerland; and Saint Helier, Jersey.

Ambient Sound Investments OÜ specializes in direct and fund of fund investment. Within direct investments, it specializes in private equity and venture capital investments in incubation, seed/startup, early venture, growth capital, and PIPEs. Within fund of fund investments, it prefers to invest in private equity funds and real estate funds. The firm avoids becoming a majority/largest shareholder in its portfolio companies. It invests in information technology, software, web, social media, and research and development companies. The firm invests in companies that have technology or technology-based service providers for their customers. It seeks to invest in companies based in the United States, Asia, and Europe including Eastern Europe with a focus on Russia, Lithuania, Denmark, Finland, France, Iceland, Norway, Sweden, and the United Kingdom. The firm invests between €0.5 million ($0.68 million) and €2 million ($2.72 million) with an average of €0.5 million ($0.68 million) in its portfolio companies. It seeks to have at least one of its Partners or Advisors on the Boards of its portfolio companies. The firm prefers to be a minority investor in its portfolio companies with a 25 percent stake. However, it prefers to take a majority stake of around 50 percent in incubators. The firm also seeks to make co-investments and has started investing in public equity. The firm invests through personal capital and balance sheet investments. Ambient Sound Investments OÜ was founded in 2003 and is based in Tallinn, Estonia.

Cottonwood Capital Partners, LLC is a venture capital firm specializing in pre-seed, seed, early, growth capital and start-up investments. The firm does not invest in consumer products, software, AI, fintech, SaaS, platforms, apps, crypto, and pharma/drug development. The firm seeks to invest in disruptive technology, tech transfer opportunities and in sectors such as healthcare, technology, microelectronics, nanoelectronics, nanotechnology, health sciences, cleantech, advanced materials, telecom, automotive, sensor technology, climate tech, energy transition, clean energy and robotics, material sciences, chemistry, photonics, advanced materials, life sciences, biosciences, biotech (devices), new energy related, information technology, big data, c, B2B hard science and deep tech (hardware), and Internet enabling products. The firm also seeks to invest in patent-based, (pre-) seed and early-stage hard science and deep tech startups. It prefers to invest in Southwestern USA (Arizona, Colorado, New Mexico, Texas, Oklahoma, Utah) and Northern Europe (The Netherlands, Belgium, Germany, Switzerland, and Nordics which includes Denmark, Finland, Iceland, Norway and Sweden, and the Faroe Islands, Greenland and Åland). The firm primarily invests in Southwest region generally bordered by Phoenix, Denver and Austin and including the Paso Del Norte region, running from Los Alamos, New Mexico to El Paso, Texas. The firm seeks to invest between $1 million to $3 million in seed stage, and between $5 million to $25 million in growth stage (between $1 million and $3 million in the first round; between $5 million and $10 million in the B-round; and between $15 million and more than $40 million in the C-round). It prefers to take a board seat on its portfolio companies. Cottonwood Capital Partners, LLC was founded in 2010 and is based in Denver, Colorado with additional offices in Santa Fe, New Mexico; Noord-Holland, Amsterdam; and Enschede, The Netherlands.

The Business Innovation Fund is an investment fund that actively participates in the development and growth of the Icelandic economy by investing in promising innovation and start-up companies. The business innovation fund is guided by investing in companies where added value and profitability can be expected from the activities for Icelandic society and a good return for the fund. The profit of the Norwegian Innovation Fund from the sale of its holdings is primarily used for new investments in promising innovative and start-up companies and to follow up the companies in the portfolio that are in a growth phase.