IVS rakes in more than $1m to back Icelandic startups

Iceland Venture Studio has raised more than $1 million for its new fund.

Iceland Venture Studio has raised more than $1 million for its new fund. Its backers include private individuals as well as institutional funds. IVS focuses on Icelandic startups.


25 February, 2021 – Reykjavik, Iceland – Iceland Venture Studio (IVS), the first fund devoted to taking the Icelandic startup community to the next level, today announced it has received a total new capital influx of more than $1M US from a range of private individuals as well as institutional funds over the last several months as part of its growing role in the country’s tech ecosystem.

These new investments will allow IVS to continue its rapid pace of investments in both Icelandic and Nordic startups as well as with a new writ to make seed investments in startups worldwide. IVS has raised a total of 400M ISK since 2019 and has been hailed as Iceland’s premier catalyst for incubating the most innovative startups across a range of software, hardware and bio-medical vertical markets.

Nearly a dozen companies are currently represented in the IVS portfolio, including:
Retina Risk (Diabetic vision loss analysis via algorithmic diagnosis)
Flow VR (meditative VR platform)
Indo Bank (Web-first consumer banking, deposits held in Central Bank)
Nanom (Green battery technology)
Expertrons (India-based – the world’s largest AI video platform for career management)
6 Degrees (wearable consumer electronics)
Atlas Primer (EdTech)
eKosh (India-based – electronic payroll system)
Mussila (Learn music via app)
RAAD360 (Deep Supply Chain risk management and analysis platform)

“It has been a true privilege to be a part of the vibrant Icelandic startup scene for the last dozen years and we are very excited to expand our investments to a worldwide audience of technology innovators,” noted CEO and co-founder Bala Kamallakharan. “Having made a series of investments that are already seeing great results for our Fund I and Fund II investors, this fresh infusion of capital for Fund III was oversubscribed and comes with a mandate for IVS to take our proven model to new regions of the world. The vibrant Indian tech market is one we are keenly looking forward to participating in, as demonstrated by our new investments in Expertrons and eKosh.”

Iceland Venture Studio is a new kind of growth solution for entrepreneurs building the next-generation of services around decentralization of personal data, algorithms, privacy, process and data security. Based in the world’s most progressive country for open data, the Studio’s Developer and Capital Ecosystems are a multi-disciplinary team of developers, designers, marketers, analysts, scientists, investors and operators who are passionate about working with founders to solve problems and build companies. Serving startups worldwide, the Studio has a data-driven approach to developing and accepting founders into the program. Learn more at https://icelandventurestudio.com.