What Brunnur Ventures does

Brunnur Ventures GP ehf. is an Icelandic venture capital firm founded in 2014 (originally as SA Framtak) that operates as the general partner of three successive early-stage venture funds: Brunnur I (USD 40 million, 2015), Brunnur II (USD 65 million, 2021), and Brunnur III (ISK 7.2 billion / approximately USD 58 million, launched February 2026). Combined assets under management exceed ISK 20 billion (approximately USD 160 million). The firm invests at the idea, incubation, and venture stages in Icelandic startups with international growth potential, targeting sectors including bio and healthtech, SaaS, fintech, cybersecurity, traveltech, climate and Industry 4.0, gaming, AI, deep tech, B2B/B2C software, energy, and food technology. Initial ticket sizes typically range from USD 1–3 million per portfolio company, with capacity for follow-on investment.

The firm's business model is classic fund management: it earns management fees (industry-standard ~2% annually) on committed and invested capital across its three funds, plus performance-based carried interest on successful exits. Limited partner capital is dominated by eleven Icelandic pension funds, supplemented by the state-backed innovation fund Kría and Silfurberg ehf. in Brunnur III. The firm co-invests routinely alongside a network of more than 140 foreign VC funds active in Iceland, and portfolio outcomes include the dual Nasdaq listing of Oculis, the rapid scaling of Hopp to 56 micro-mobility franchises, and notable co-investments in DTE, AviLabs, and Axelyf.

Brunnur is headquartered at Laugavegur 7, Reykjavik, with a 6-person core team comprising two Founding Partners (Á rni Blöndal and Sigurður Arnljótsson), one Venture Partner, two Investment Directors, and one Associate. Deal sourcing is community-led and relationship-driven, anchored by an inbound 'Submit your startup' funnel, partner networks across Icelandic universities and research facilities, and active participation in the Framvís (Icelandic VC Association) ecosystem where Founding Partner Sigurður Arnljótsson serves as Chairman. The firm takes board seats in select portfolio companies and frames itself as a 'partner in growth' providing strategic guidance alongside capital.

Name

Brunnur Ventures

Legal name

Brunnur Ventures GP ehf.

Website

https://brunnurventures.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

1–10 employees

Short description

Brunnur Ventures is an Icelandic venture capital GP operating three early-stage funds (Brunnur I, II, III) with combined AUM of approximately USD 160 million, investing USD 1–3 million tickets in Icelandic startups across biotech, SaaS, fintech, traveltech, climate, gaming, and AI, backed by Icelandic pension funds and Kría.

Ownership category

akta.pro rank

Product category

Venture Capital Fund Management

NAICS

All Other Financial Investment Activities (52399), Other Investment Pools and Funds (5259)

akta.pro primary industry

Early-Stage Venture Capital (Series A/B) (FSANAAAB)

Keywords

• Venture capital funds
• Early-stage startup investing
• Fund management services
• Startup funding
• Private equity backing

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, Technology or R&D, Others

Revenue model

1. Venture fund management (management fees & carried interest): Brunnur Ventures operates three venture funds (Brunnur I, II, III) and earns recurring management fees on assets under management, plus performance-based carried interest on successful exits. Combined AUM exceeds ISK 20 billion (approximately USD 160 million). Limited partners include eleven Icelandic pension funds, the state-backed innovation fund Kría, and Silfurberg ehf.

Pricing tiers

Go-to-market motion3 records

Core offering

Brunnur Ventures operates as the general partner of three successive early-stage venture capital funds (Brunnur I, II, III) that invest initial equity tickets of typically USD 1-3 million — with follow-on capacity — into Icelandic startups at the idea, incubation, and venture stages. Portfolio investments span bio & healthtech, SaaS/fintech/cybersecurity, traveltech, climate & industry 4.0, gaming, deep tech, AI, energy, food technology, and B2B/B2C software, complemented by strategic guidance, board participation, and access to an international co-investor network.

Product overview

Brunnur Ventures is a single-line venture capital firm operating a platform-plus-funds architecture: the firm's core offering is its three successive early-stage venture funds — Brunnur I (USD 40M, launched 2015), Brunnur II (USD 65M, launched 2021), and Brunnur III (USD 56M, launched 2026) — which collectively deploy capital into Icelandic startups at the idea, incubation, and venture stages across healthcare, biotech, SaaS/fintech/cybersecurity, gaming, deep tech, traveltech, climate & industry 4.0, and B2C entertainment software. The funds form a unified investment vehicle; portfolio companies (e.g., Oculis, DTE, AviLabs, Axelyf, Taktikal, Hopp, Nanitor, Grid, Avo, Laki Power, Smitten, Porcelain Fortress, Paxflow, Overtune, Quest Portal, Standby Deposits, Bunkhouse Games, Vitar Games, Kosmi, SkyrBiotics, Glaze, ATMO Select, EpiEndo, IMS Vintage Photos, ARK Technology, Ghostlamp) are investees rather than Brunnur's own products. Complementary non-investment offerings include a submit-your-startup intake form, an advisory board of industry experts, and active board participation in portfolio companies.

Differentiator

Problem solved

Functional benefit

Products and services

• Brunnur I Venture Fund Brunnur's first early-stage venture capital fund providing initial equity investments of typically USD 1-3 million plus follow-on capacity to Icelandic startups at the idea, incubation, and venture stages; the fund invested in 11 companies and is currently focused on growing and exiting its portfolio companies.
• Brunnur II Venture Fund Brunnur's second early-stage venture capital fund that invests in startups and growth companies at the idea, incubation, and venture stages, with plans to invest in up to 20 companies across sectors such as SaaS, fintech, cybersecurity, traveltech, gaming, and bio/healthtech.
• Brunnur III Venture Fund Brunnur's third early-stage venture capital fund that invests in startups and growth companies at the idea, incubation, and venture stages, targeting up to 10 companies with backing from eleven Icelandic pension funds, the state-backed innovation fund Kría, and Silfurberg ehf., focused on AI, biotech, gaming, fintech, deep tech, B2B/B2C software, energy, and food technology.

Quantifiable outcome

• Hopp scaled from 1 franchise to 56 franchises in 24 months (micro-mobility portfolio company)
• +5 more outcomes

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered minor and core.

• 76Bio, Inc.minorStrategic or Co-development Partner · 1 August 2025Axelyf's proprietary RNA-LNP technology includes assets acquired from 76Bio, Inc., enabling superior potency, biodegradability, and extrahepatic delivery capabilities. This asset transfer was a key enabler of Axelyf's seed round in which Brunnur invested.
• NoveliscoreStrategic or Co-development Partner · 1 December 2023Novelis, an aluminum industry leader, was a strategic co-investor in DTE's $10M first close of Series A2. Brunnur Ventures was also a co-investor alongside Novelis, Metaplanet, the EIC Fund, and Chrysalix Venture Capital. DTE's technology partnership with industry leaders like Novelis supports the company's global sales expansion in metal manufacturing.
• Framvís - Venture Capital Association of IcelandcoreStrategic or Co-development Partner · 1 November 2023Brunnur's founding partner Sigurður Arnljótsson serves as Chairman of the Board at Framvís, the Icelandic Venture Capital Association. The association hosts an annual morning conference on the Icelandic startup ecosystem where Brunnur contributes speakers and insights.

Scale indicators10 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Frumtak Ventures: Icelandic early-stage venture capital fund investing in Icelandic/Nordic tech startups. Most direct peer to Brunnur in the Icelandic venture ecosystem; co-invested alongside Brunnur in AviLabs and is mentioned as a peer in fund-formation and ecosystem contexts.
• Eyrir Vöxtur: Icelandic growth investor participating alongside Brunnur in DTE's $16M Series A2 round. Operates in the same Icelandic VC ecosystem with a comparable focus on growth-stage Icelandic companies.
• byFounders: Nordic early-stage venture fund (Danish roots) mentioned in the Framvís Icelandic VC ecosystem conference alongside Brunnur. Comparable as a Nordic early-stage fund that co-invests in Icelandic startups alongside local VCs.
• New Business Venture Fund: Icelandic state-backed venture fund and a sibling institutional vehicle to Brunnur's pension-funded vehicles. Operates in the same Icelandic early-stage ecosystem with a public-policy orientation comparable to Brunnur's Kría partnership.
• Omega VC: Co-investor in Axelyf's $2.6M seed round (led by Brunnur) and other early-stage deals in the Icelandic/Nordic region. Operates a comparable early-stage Nordic tech thesis.
• Metaplanet: Early-stage VC co-invested with Brunnur in DTE's Series A2. Operates a comparable early-stage European tech thesis and frequently partners with Brunnur on Icelandic and cross-border deals.
• Chrysalix Venture Capital: Venture capital firm co-invested with Brunnur in DTE's Series A2 round. Has an industrial-tech and energy focus that overlaps with Brunnur's Climate & Industry 4.0 vertical.

Broad incumbents

• Northzone: Established Nordic venture capital firm with broader geographic and stage coverage than Brunnur. Comparable as a Nordic early-to-growth investor that frequently co-invests in the same Icelandic/Nordic startups Brunnur backs.
• Creandum: One of the most established Nordic early-stage VCs. Comparable in stage focus (Seed/Series A) and sector breadth, and a natural broader incumbent peer to Brunnur in Nordic tech investing.

Regional players

• Icebreaker.vc: Finnish early-stage venture fund with a Nordic/Northern European mandate. Comparable in stage focus and ticket size, and a natural geographic peer to Brunnur within the broader Nordics venture ecosystem.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/brunnur/?originalSubdomain=is
• Xx.com/brunnur

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

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

M&A

Investments31 records

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

Frequently asked questions about Brunnur Ventures