What Frumtak Ventures does

Frumtak Ventures is an Icelandic venture capital firm founded in 2008 by serial entrepreneurs Svana Gunnarsdóttir and Eggert Claessen, headquartered in Reykjavík. The firm manages four successive early-stage investment funds (Frumtak I through IV) with combined assets under management of approximately €190 million, and has made 55 investments since inception across post-seed and Series A rounds. Its investment thesis centers on Icelandic and Nordic founders demonstrating early traction who possess potential to scale into global market leaders, with initial ticket sizes typically ranging from €1 million to €3 million.

The firm employs a concentrated, high-conviction, high-involvement approach, deliberately limiting portfolio breadth to deepen operational engagement with each company through board participation, strategic guidance, and co-investment facilitation from seed stage through IPO. Notable portfolio holdings include Sidekick Health ($55M Series B), Controlant, Meniga ($16M Series D), Activity Stream ($13.5M round), Treble Technologies (€11M Series A), and AviLabs (€8M). Revenue is generated through the standard venture capital model of management fees on committed capital and carried interest from successful fund exits, rather than product or service pricing.

Frumtak's organizational structure reflects recent expansion: Managing Partner Svana Gunnarsdóttir is supported by two General Partners (Ásthildur Otharsdóttir and Andri Heiðar Kristinsson), a CFO, a Chief Legal Officer promoted to Operating Partner in 2025, a Chairman of the Board, and two additional board members. The firm maintains active co-investment relationships with regional and international financial partners including Kvanted, Brunnur Ventures, Eyrir Venture Management, Novator Ventures, Wellington Partners, and KOMPAS VC, while distributing its brand through LinkedIn, Facebook, Instagram, and the annual Frumtak Ventures Day event.

Name

Frumtak Ventures

Legal name

Frumtak Ventures

Website

https://frumtak.is

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

1–10 employees

Short description

Frumtak Ventures is an Icelandic early-stage venture capital firm managing four funds (~$190M AUM) that invests €1M–€3M tickets in post-seed and Series A Nordic founders with global scaling potential.

Ownership category

akta.pro rank

Product category

Venture Capital

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282)

akta.pro primary industry

Early-Stage Venture Capital (Pre-Seed/Seed) (FSANAAAA)

Keywords

• Venture capital funding
• Early-stage investing
• Seed stage capital
• Series A investing
• Fund management services

Headquarters

HQ city

Reykjavík

HQ country

Iceland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Distribution channels1 record

Marketing channels5 records

Core offering

Frumtak Ventures is an early-stage venture capital firm that invests seed and Series A capital into Nordic/Icelandic startups across multiple sectors, with typical initial ticket sizes of €1-3 million. The firm manages four successive funds (Frumtak I-IV) representing approximately €190M in assets under management and provides portfolio companies with strategic guidance, board involvement, operational support, and access to a co-investor network spanning Iceland and international markets.

Product overview

Frumtak Ventures is an Icelandic venture capital firm that does not offer a technology product or software platform. As an early-stage VC firm, it provides investment capital, strategic guidance, and operational support to portfolio companies. The firm's offering consists of investment management services across multiple funds (Frumtak I through IV), with initial ticket sizes ranging from €1 million to €3 million, targeting post-seed and Series A stage companies in the Nordic region with global expansion potential.

Differentiator

Problem solved

Functional benefit

Brands

• Frumtak I: First fund managed by Frumtak Ventures
• Frumtak II
• Frumtak III
• Frumtak IV

Products and services

• Frumtak I Frumtak's inaugural venture capital fund, which initiated the firm's investment activity in Icelandic startups in 2009.
• Frumtak II Frumtak's second venture capital fund, active from 2016, deployed into Icelandic startups such as Data Dwell, Kaptio, Tulipop, and Arctic Trucks.
• Frumtak III Frumtak's third venture capital fund — a $57M general fund announced in June 2021 targeting post-seed and Series A startups across industry sectors, with typical ticket sizes of $1-5M USD.
• Frumtak IV Frumtak's fourth and largest venture capital fund — an oversubscribed $87M fund closed in 2024, backing entrepreneurs at seed or Series A stage with a high-conviction, concentrated investment philosophy.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators6 records

Recent moves3 records

Expansion highlights5 records

Direct peers

• Kvanted: Icelandic early-stage VC firm that co-leads seed rounds alongside Frumtak, including the €2M Euler round in 2025. Operates with similar ticket sizes and a comparable Icelandic/Nordic focus.
• Brunnur Ventures: Icelandic early-stage venture capital firm focusing on healthcare, gaming, traveltech, and fintech. Brunnur is one of the only direct Icelandic VC peers to Frumtak and has co-invested with it in AviLabs (€8M, 2024).
• Eyrir Venture Management: Icelandic venture capital manager that co-led the $13.5M Activity Stream round with Frumtak in January 2024. Comparable mandate in Icelandic early-stage growth companies.
• New Venture (NV) / NV3: Icelandic early-stage VC firm with a comparable post-seed/Series A focus on Icelandic founders. Direct domestic peer competing for the same limited Icelandic deal flow.

Regional players

• Seed Capital Denmark: Nordic seed-stage investor active in Denmark and Iceland (co-invested in Activity Stream alongside Frumtak). Comparable early-stage ticket size and sector-agnostic approach but operates from Denmark.
• ByFounders: Pan-Nordic pre-seed and seed VC backed by Nordic unicorn founders. Operates with comparable ticket sizes to Frumtak and a similar high-involvement thesis, but across the broader Nordic region rather than Iceland-centric.
• Heartcore Capital: Pan-Nordic consumer and digital health-focused early-stage VC. Comparable stage and ticket size, often participating in Nordic seed-to-Series A rounds that overlap with Frumtak's portfolio verticals.

Broad incumbents

• Creandum: Pan-Nordic early-stage venture firm with a much larger fund size. Broader incumbent across Nordic markets; competes with Frumtak for the strongest Icelandic/Nordic deals at Series A.
• Northzone: Established pan-Nordic VC with multi-stage capabilities. A larger incumbent that increasingly sources Nordic Series A deals, including in Iceland, posing a competitive threat to Frumtak at the upper end of its ticket range.
• Novator Ventures: London-based pan-Nordic VC and existing Frumtak co-investor (led Sidekick Health's $55M Series B alongside Frumtak). Broader international mandate but comparable Nordic sourcing approach.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/frumtak
• LinkedInlinkedin.com/company/frumtak
• Instagraminstagram.com/frumtak?igsh=Z3ltcTZkMHk0Ymx6

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments41 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Frumtak Ventures