Icelandic VC closes $87M fund as country’s startup scene comes of age

Amid increasing interest in Iceland’s tech ecosystem, Reykjavik-based Frumtak Ventures has closed a $87M fund aimed at local startups. This is the venture capital firm’s fourth fund, following a $57mn predecessor in 2021. While sector-agnostic, Frumtak Ventures has so far mostly invested in B2B SaaS startups at the seed or Series A stage. The new fund will focus on the intersection of AI, software, and deeptech. It will especially target historically strong industries in Iceland, such as ocean tech, life sciences, logistics, travel, energy, and gender equality. “While the venture capital scene is relatively young compared to mature ecosystems such…

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