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Frumtak Ventures

Investor type Government Office
Founders Eggert Claessen Svana Gunnarsdottir

Overview

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This summary is composed by our algorithm based on the analysis of the deals. If you think that some of this information is not accurate, please let us know about it and provide any supporting evidences if possible. Such cases will be analyzed by our ML-algorithm and implemented in our database, which will improve this summary.
Total investments 30
Average round size
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The average size of a deal this fund participated in
$5M
Portfolio companies 21
Rounds per year 2.14
Lead investments 13
Follow on index
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How often the fund supports its portfolio startups at next rounds
0.30
Exits 2
Key employees 4
Stages of investment
Early Stage Venture

Areas of investment

  • Software
  • SaaS
  • Mobile
  • Information Technology
  • Data Integration
Summary

In 2008 was created Frumtak Ventures, which is appeared as VC. The venture was found in Europe in Iceland. The main office of represented VC is situated in the Reykjavu00edk.

The standard case for the fund is to invest in rounds with 1-2 partakers. Despite the Frumtak Ventures, startups are often financed by Technology Development Fund, Velocity Capital Private Equity. The meaningful sponsors for the fund in investment in the same round are New Business Venture Fund, Velocity Capital Private Equity, Kju00f6lfesta. In the next rounds fund is usually obtained by EASME - EU Executive Agency for SMEs, Technology Development Fund, Velocity Capital Private Equity.

The fund has specific favorite in a number of founders of portfolio startups. When startup sums 1 or 5+ of the founder, the probability for it to get the investment is little. Among the most popular portfolio startups of the fund, we may highlight Controlant, Activity Stream, Kaptio. For fund there is a match between the country of its foundation and the country of its the most frequent investments - Iceland. We can highlight the next thriving fund investment areas, such as Retail, Machine Learning. Besides, a startup needs to be aged 4-5 years to get the investment from the fund.

The current fund was established by Eggert Claessen, Svana Gunnarsdottir.

The usual things for fund are deals in the range of 1 - 5 millions dollars. The important activity for fund was in 2016. Considering the real fund results, this VC is 48 percentage points more often commits exit comparing to other organizations. The fund is constantly included in less than 2 deals per year. Comparing to the other companies, this Frumtak Ventures performs on 24 percentage points less the average number of lead investments.

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Notable deals

CompanyIndustryRound SizeDateInvestorsLocation

Empower

Consulting
Software
$2M18 May 2022 Reykjavík, Gullbringusysla, Iceland

50skills

Data Integration
Enterprise Software
Human Resources
Information Technology
Recruiting
Software
$2M13 May 2022 Reykjavík, Gullbringusysla, Iceland

SidekickHealth

Health Care
Health Diagnostics
Medical
Mobile
$55M05 May 2022 Gothenburg, Västra Götaland County, Sweden

Spectaflow

Hospitality
Information Technology
Internet
SaaS
Software
$1M05 Jan 2022 Reykjavík, Gullbringusysla, Iceland

Ankeri Solutions

Application Performance Management
Business Information Systems
SaaS
Software
$2M13 Oct 2021 Iceland, Iceland

Meniga

Banking
Data Integration
Financial Services
FinTech
Software
$11M25 Mar 2021 London, England, United Kingdom

SidekickHealth

Health Care
Health Diagnostics
Medical
Mobile
$20M28 Oct 2020 Västra Götaland County

Controlant

Developer APIs
Internet
Internet of Things
Mobile
SaaS
Software
Supply Chain Management
$15M30 Sep 2020 Iceland, Iceland

Meniga

Banking
Data Integration
Financial Services
FinTech
Software
$10M28 May 2020 London, England, United Kingdom
News
Digital banking solutions provider Meniga closes additional €10M investment

– Meniga, a London fintech that provides digital banking technology to leading banks, has closed €10m in additional funding.
– The round is led by Velocity Capital and Frumtak Ventures.
– Also participating are Industrifonden, the U.K. Government’s Future Fund and existing customers UniCredit, Swedbank, Groupe BPCE and Íslandsbanki.
– The funding will be used for continued investment in R&D, and in particular further development of green banking products — building on its carbon spending insights product.
– In addition, the fintech will bolster its sales and service teams.

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