TechFlow reports that Icelandic early-stage investment firm Frumtak Ventures has closed its fourth fund at $84 million. The oversubscribed Frumtak IV succeeds the $57 million Frumtak III fund raised in 2021.
A 2023 report showed foreign investment in Icelandic startups tripled year-on-year. Frumtak Ventures previously backed digital therapeutics pioneer Sidekick Health and pharmaceutical supply chain innovator Controlant.
Frumtak focuses on supporting entrepreneurs solving real-world problems, primarily investing in B2B SaaS startups. The new fund will continue targeting opportunities at the intersection of software, AI, and deep tech—particularly within Iceland’s historically strong sectors such as marine technology, logistics, healthcare, tourism, energy, climate, and gender equality.
