Stage: Seed & Early-Stage (tickets ~€200k–€2M)
Focus: Broad tech — SaaS, fintech, healthtech, AI, gaming, sustainability. Strong emphasis on B2B SaaS and founder inclusivity.
Portfolio: Lucinity (AI fintech AML), Mainframe Industries (gaming), Prescriby (healthtech), Scaleup Finance (fintech).
Updates: Crowberry Capital closed Crowberry II ($90M) in 2021 and has been actively investing across the Nordics through 2024–25 with an increased focus on SaaS and AI.
Website: crowberrycapital.com

Stage: Seed, Series A (tickets €1–3M, high involvement)
Focus: B2B SaaS, AI, deeptech, digital health, revenue-generating startups with global potential.
Portfolio: Controlant (cold-chain monitoring), Meniga (fintech), Sidekick Health (digital therapeutics), Kaptio (travel tech), Data Dwell.
Updates: In 2024 Frumtak closed its 4th fund at $87M. In April 2025, led the €2M pre-seed for Optise (AI website insights).
Website: frumtak.is

Stage: Early-stage to Growth (tickets $1–3M, follow-ons up to ~$13M)
Focus: Tech startups with international growth. Active support in strategy, financing, and market access.
Portfolio: GRID (SaaS visualization), Oculis (ophthalmic biotech, now Nasdaq-listed), Laki Power (energy monitoring), Vitar Games.
Updates: Closed Brunnur Fund II at $65M in 2021. Continues backing Icelandic startups; focus unchanged.
Website: brunnurventures.com

Stage: Multi-stage (Seed to Growth; three funds REY I–III)
Focus: Software, cleantech, life sciences, industry-transforming tech. “Buy & Build” long-term approach.
Portfolio: Activity Stream (analytics), PayAnalytics (HR tech), Carbon Recycling International (cleantech), Tulipop (consumer, €1.8M in 2024).
Updates: Rebranded in 2024–25 to ReykVC, with three dedicated funds. Co-led $13.5M round in Activity Stream (2024).
Website: reykvc.is

Stage: Pre-seed & Seed (government-backed, evergreen)
Focus: Broad innovation, co-investing alongside private VCs.
Portfolio: Early backer of Kerecis, deCODE, Sling (acquired by Toast), Men&Mice, 200+ startups total.
Updates: As of Jan 2025, NSA Ventures merged into the state fund Kría, consolidating Iceland’s public VC support. Kría now manages ~ISK 25B (~€165M) across 35 active companies. A parliamentary debate on whether to continue or wind down Kría occurred in March 2025.
Website: nyskopun.is

Stage: Life sciences & healthtech (long-term growth)
Focus: Biotech, medtech, digital health. €50M+ under management.
Portfolio: Coripharma, EpiEndo, Kara Connect, PLAIO (AI pharma platform; €4.3M led by Iðunn in 2024).
Updates: Actively investing in 2024–25, with multiple rounds led in healthtech.
Website: kvikaeignastyring.is

Stage: Seed & Early-stage (blue economy specialist)
Focus: Fisheries, aquaculture, ocean biotech, marine circular economy.
Portfolio: Early investments in marine by-product valorization startups; pipeline includes AI-driven fisheries tech.
Updates: Launched in 2025 by Ocean Cluster founders Thor Sigfusson & Bala Kamallakharan. Aims to bridge financing gap for ocean startups.
Website: bluenova.vc

Stage: Seed fund (mission-driven)
Focus: Climate resilience, sustainability, impact ventures.
Portfolio: ALDIN Biodome (sustainable tourism and green tech, invested in 2024).
Updates: New entrant (2024). Positioning itself as a thematic, founder-friendly seed investor.
Website: startupiceland.com (community site led by Bala Kamallakharan; fund details often announced there)