Frumtak Ventures' fourth fund has raised $84 million, focusing on the intersection of AI and deep technology

2024-07-10 14:27:09

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ChainCatcher news, Icelandic early-stage investment firm Frumtak Ventures has completed the fundraising of $84 million for its fourth fund. The Frumtak IV fund was oversubscribed and is the successor to the $57 million Frumtak III fund from 2021.

A report from 2023 shows that foreign investment in Icelandic startups has tripled year-on-year. Frumtak Ventures has previously invested early in digital therapeutics pioneer Sidekick Health and pharmaceutical supply chain innovator Controlant.

It is reported that Frumtak Ventures focuses on supporting entrepreneurs who solve real-world problems, primarily investing in B2B SaaS startups. The new fund will continue to seek investment opportunities at the intersection of software, AI, and deep tech, particularly in Iceland's historically strong sectors such as marine technology, logistics, healthcare, tourism, energy, climate, and gender equality.

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