What Crowberry Capital does

Crowberry Capital is a Nordic venture capital firm founded in 2017 and headquartered in Reykjavík, Iceland, with regional offices in Copenhagen and Stockholm. It invests at the seed and early stage in startups across the Nordics, deploying initial tickets of €200,000 to €2,000,000. The firm's second fund, Crowberry II, closed at €90M in 2021 with the European Investment Fund (via InnovFin Equity, under the EU's Horizon 2020 Financial Instruments) as a disclosed anchor LP. To date, Crowberry reports investments in more than 25 portfolio companies spanning gaming (Social First), B2B marketing analytics (Dreamdata), digital health (Hemi Health), AI/deeptech (Augmented Hearing), and quantum/multiphysics simulation (Quanscient).

The firm operates a direct-investment go-to-market: founders pitch via the firm's website (Typeform-integrated), followed by pitch meetings, technology and market due diligence including customer calls, term-sheet negotiation, and legal/financial review before fund transfer. Co-investments are syndicated with a broad Nordic and European investor set including EIFO, 55 North, B&C Group, PeakSpan Capital, Play Ventures, Maki.vc, QAI Ventures, First Fellow Partners, Business Finland, and Swiss Health Ventures. Crowberry positions itself as a female-led firm with an explicit 'Opportunity in Inclusivity' / gender-lens thesis and a stated commitment to backing founders at the earliest, pre-validation stage. The team comprises three Founding Partners (Hekla Arnardóttir, Helga Valfells, Jenny Ruth Hrafnsdottir) plus a General Counsel, Head of Data & Modeling, Platform Manager, Venture Partners, and an Associate.

Revenue mechanics for a fund manager of this profile derive from a combination of recurring management fees on committed capital (typically ~2% on a €90M fund) and lumpy carried interest contingent on portfolio exits. No revenue, AUM growth, or realized exit figures are disclosed in the available data.

Name

Crowberry Capital

Legal name

Crowberry Capital

Website

https://crowberrycapital.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Crowberry Capital is a Nordic venture capital firm headquartered in Reykjavík with offices in Copenhagen and Stockholm, investing €200K-€2M tickets at seed and early stage across the Nordics through its €90M Crowberry II fund.

Ownership category

akta.pro rank

Product category

Venture Capital

NAICS

Portfolio Management and Investment Advice (52394), Other Financial Vehicles (525990)

SIC

Investment Advice (6282)

akta.pro primary industry

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

akta.pro secondary industry

Impact Investing & Social Finance (Funds, CDFIs, Microfinance) (BPAGALAA)

Keywords

• Venture capital funding
• Seed stage investing
• Early stage startups
• Nordic tech investing
• Portfolio investment services

Headquarters

HQ city

Reykjavík

HQ country

Iceland

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Venture Capital Returns: Crowberry Capital generates returns through equity investments in seed and early-stage Nordic startups. The firm takes ownership stakes in portfolio companies and returns capital to Limited Partners through successful exits. Their second fund has €90M in capital to deploy across investments.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Crowberry Capital is a Nordic venture capital firm that makes seed and early-stage equity investments in startups across the Nordics. Through its second fund of €90M (Crowberry II, launched in 2021 with support from InnovFin Equity and the European Investment Fund), the firm writes initial tickets ranging from €200,000 to €2,000,000 and supports portfolio companies from seed stage through exit, having invested in 25+ companies to date. It operates from headquarters in Reykjavík, Iceland with regional offices in Copenhagen, Denmark and Stockholm, Sweden.

Product overview

Crowberry Capital is a Nordic venture capital firm offering a single unified investment service. The firm provides venture capital funding and portfolio support to seed and early-stage startups across the Nordics, with offices in Reykjavík, Copenhagen, and Stockholm. Their investment approach focuses on backing entrepreneurs at the seed stage with ticket sizes of €200,000-2,000,000, and they maintain a portfolio of 25+ companies spanning sectors including gaming, B2B analytics, healthcare technology, fintech, and enterprise software.

Differentiator

Problem solved

Functional benefit

Products and services

• Venture Capital Investment Services (Crowberry II Fund) Seed and early-stage venture capital funding provided to Nordic startups in the form of equity investments, with initial ticket sizes ranging from €200,000 to €2,000,000. The fund supports founders building globally ambitious technology businesses across the Nordics from seed stage through exit, with additional strategic guidance, network access, and portfolio support provided by the Crowberry team.

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 indicators3 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Maki.vc: Finnish early-stage venture fund investing in deep tech and science-based startups. Comparable stage focus and Nordic footprint; has co-invested with Crowberry in Quanscient.
• Icebreaker.vc: Nordic seed-stage VC with a portfolio-first philosophy. Direct competitor for early-stage Nordic deals with similar ticket sizes.
• byFounders: Nordic-focused early-stage VC investing in seed and Series A startups across the region. Directly comparable to Crowberry in geography, stage focus, and ticket size.
• Voima Ventures: Nordic early-stage fund focused on deep tech and science-driven companies. Comparable in stage focus and regional concentration, particularly relevant given Crowberry's deep tech investments (Quanscient, Augmented Hearing).
• Futuristic.vc: Nordic/Northern European seed-stage fund with a founder-friendly, hands-on platform approach. Directly comparable in stage and ticket size.
• Inventure: Nordic early-stage VC investing across Finland and the broader region. Comparable in stage focus and Nordic geography.

Broad incumbents

• Creandum: One of the most established Nordic VCs across seed through growth stages. Comparable regional focus but with larger funds and broader stage mandate than Crowberry.
• Northzone: Pan-Nordic venture firm investing from seed to growth. Operates in the same geography as Crowberry but at materially larger fund size and broader stage range.
• EQT Ventures: Large Nordic VC operating across early- and growth-stage. Competes for the same deal flow as Crowberry but with substantially larger fund size and brand recognition.
• Heartcore Capital: European/Nordic consumer and technology-focused venture firm investing across stages. Overlaps with Crowberry on consumer-facing Nordic deals.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

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

M&A

Investments49 records

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

Frequently asked questions about Crowberry Capital