Frumtak Ventures gathers $57m for third fund

Frumtak Ventures, an Icelandic venture firm, has raised $57 million for its third fund.

Frumtak Ventures, an Icelandic venture firm, has raised $57 million for its third fund. Frumtak III is focused on post-seed and Series A startups.

PRESS RELEASE

REYKJAVIK, ICELAND (PRWEB) JUNE 21, 2021
Frumtak Ventures, a prominent Icelandic venture capital firm, has announced its third fund, Frumtak III, a $57 million (ISK 7b, €48m) general fund, focused on post-seed and Series A startups.

Frumtak is known for funding notable Nordic-born companies such as digital banking solutions provider Meniga, digital therapeutics scaleup Sidekick Health, Cold Chain as a Service® logistics visibility and monitoring provider Controlant, travel CRM and travel booking system provider Kaptio, live event and fan engagement data analytics company Activity Stream, and Data Market, which was acquired by Qlik® in 2014.

The fund will follow the same investment strategy as Frumtak I and Frumtak II, focusing predominantly on post-seed and Series A opportunities. Frumtak III has a broad investment mandate, targeting companies across a variety of industry sectors, sharing these common themes: ability to build exceptional teams, lead in their respective markets and show excellent international growth potential. Frumtak III’s typical ticket size will range from $1-5 million USD (€ 850k- 4.2m).

“We are proud of the accomplishments of our portfolio companies and their teams, as well as the investment decisions we made through our first two funds,” said Svana Gunnarsdottir, Managing Partner of Frumtak Ventures. “We look forward to continuing our support of high potential startups and brilliant founders with Frumtak III. We are also grateful for the confidence shown to us by our LP’s, many of whom have been with us since our first fund in 2009.”

Concurrently with the launch of Frumtak III, Asthildur Otharsdottir has joined the firm as partner and Frumtak III’s lead investment manager. Otharsdottir has served as Chairman of the Board of Frumtak Ventures for the past 6 years and has extensive board, executive and operational experience working with global growth companies, having additionally served on the Board of Directors for Marel and Icelandair Group.

“I’m thrilled to be continuing my work with Frumtak Ventures in my new capacity, where I’ll be able to more closely work with our existing and future portfolio companies, at the investment and board level, to support them in their global expansion, helping them to tackle challenges, as well as leverage opportunities as they scale,” said Asthildur Otharsdottir.

About Frumtak Ventures
Frumtak Ventures is a leading Icelandic VC firm founded by serial entrepreneurs Svana Gunnarsdottir and Eggert Claessen. The firm invests in early stage companies with high potential for growth. Frumtak has invested in 21 companies since 2009, often co-investing with other local and international institutional investors. For more information, visit frumtak.is.