Frumtak 2

Frumtak 2 is an early-stage venture capital firm based in Reykjavík, Iceland, founded in 2008. The firm focuses on investing in technology companies, particularly in the software and artificial intelligence sectors, as well as deep technology and hardware components. Frumtak 2 aims to support founders who have shown early traction and the potential to become global leaders. The firm employs a concentrated and high-involvement investment strategy, collaborating closely with its portfolio companies from the seed stage through to initial public offerings. Its typical investment size ranges from €1 million to €3 million, allowing it to engage with a select number of promising startups.

Eggert Claessen

Founding Partner

Svana Gunnarsdottir

Founding Partner

Ásthildur Otharsdóttir

Partner

Rakel Sigurðardottir

CFO

37 past transactions

Optise

Pre Seed Round in 2025
Optise is an AI-powered website insights tool for B2B businesses.

Moombix

Seed Round in 2024
Moombix provides online music education via a feature-rich marketplace that includes a timeline that records all interactions, a booking and payment system, and teacher profiles.

Treble

Series A in 2024
Treble Technologies develops advanced wave-based sound simulation products tailored for the architecture, engineering, and construction (AEC) industry. The company specializes in acoustics design software that enables the creation of visually accurate and realistic virtual acoustics. By streamlining the processes of importing, exporting, and reconfiguring models, Treble's solutions help reduce risk and ensure that designs meet regulatory and certification requirements. Their technology is applied across various sectors, including automotive, building design, immersive reality, and artificial intelligence. Through its innovative platform, Treble empowers studios and artists to lower costs, mitigate risks, and enhance client engagement while delivering high-quality designs.

Activity Stream

Venture Round in 2024
Activity Stream makes your organization better and more efficient by turning underutilized business data into actionable intelligence and insights - in real time. It does so by observing the actions and activity taking place across your organization's business systems to construct a complete, synthesized, picture of everything happening with business relevance. With this complete view and full context Activity Stream can recognize patterns, opportunities and threats as they present themselves. It then provides right-time Intelligence to appropriate stakeholders so that these observations can be proactively dealt with or taken advantage of. Activity Stream is an Operational Intelligence Layer that can be implemented unobtrusively on top of current IT infrastructure, without having to rip-and-replace any of your existing systems.

Treble

Seed Round in 2022
Treble Technologies develops advanced wave-based sound simulation products tailored for the architecture, engineering, and construction (AEC) industry. The company specializes in acoustics design software that enables the creation of visually accurate and realistic virtual acoustics. By streamlining the processes of importing, exporting, and reconfiguring models, Treble's solutions help reduce risk and ensure that designs meet regulatory and certification requirements. Their technology is applied across various sectors, including automotive, building design, immersive reality, and artificial intelligence. Through its innovative platform, Treble empowers studios and artists to lower costs, mitigate risks, and enhance client engagement while delivering high-quality designs.

Abler

Seed Round in 2022
Abler operates an all-in-one team management platform that simplifies the organization, communication, and payment processes for sports teams and clubs. By offering easy-to-use tools for scheduling, messaging, and data management, Abler enhances the overall service experience for users. The platform is designed to streamline the complexities of team management, allowing individuals and organizations to focus on developing essential life skills and values through sports and other organized activities.

50skills

Seed Round in 2022
50skills is a developer of cloud-based HR software designed to enhance the employee onboarding process across various high-turnover industries, including retail, hospitality, and technology. The platform centralizes employee data, which reduces the time it takes for new hires to become productive members of the team. By eliminating repetitive data entry tasks and integrating seamlessly with existing tools and services used by employers, 50skills streamlines essential onboarding activities. These activities include creating and e-signing necessary paperwork, managing training videos, and setting up user accounts in systems like payroll and time registration. This systematic approach enables organizations to simplify their HR processes in a cost-effective manner.

Sidekick

Series B in 2022
Sidekick is a patient-centric digital care platform designed to manage and prevent chronic and lifestyle-related conditions. It offers a scalable solution that enhances healthcare by developing digital health products aimed at empowering patients and digitizing healthcare processes. The platform combines an evidence-based clinical approach with elements of behavioral economics and gamification, creating a more engaging healthcare experience. Sidekick's integrated platform supports multi-chronic condition management and personalized care, facilitating connections between users and clinicians while providing valuable data insights. The company collaborates with international pharmaceutical companies, payers, and healthcare providers to prioritize patient needs and improve health outcomes.

Spectaflow

Funding Round in 2022
Spectaflow offers integrated SaaS solutions to the hotel and accommodations industry. One of the most difficult and time-consuming aspects of hospitality management, managing deskless workforces in hotel and vacation rental operations is the focus of Spectaflow. Spectaflow mitigates staffing issues, and interdepartmental miscommunications, and improves cleaning and maintenance workflows for significantly improved guest services and experiences. The company does this by strategically integrating with existing systems and utilizing AI for predictive planning.

PLAIO

Seed Round in 2021
PLAIO is an AI-powered planning platform designed specifically for the pharmaceutical industry, aiming to transform how companies manage their supply chain and operations. The platform replaces traditional, spreadsheet-based planning methods with advanced artificial intelligence, machine learning, and real-time data analytics, thereby optimizing demand, manufacturing, and purchasing processes. PLAIO seamlessly integrates with existing ERP systems, enhancing data-driven decision-making, improving forecast accuracy, and streamlining planning workflows. It is tailored for small to medium-sized pharmaceutical manufacturers and virtual pharma companies, allowing them to reduce risks, lower costs, and increase efficiency in a highly regulated and competitive environment. Key features include visual and capacity planning, advanced constraint calculations, what-if analysis, and AI-based automation, enabling clients to conduct agile manufacturing operations and achieve precise product output.

Ankeri

Seed Round in 2021
Ankeri develops cloud based software solution focusing on ship performance from the perspective of charter parties i.e. contracts. Ankeri is a team with extensive experience from over 25 combined years of marketing, designing and developing software products for the shipping industry. Ankeri was founded on 1st December 2016.

Meniga

Venture Round in 2021
Meniga Ltd is a company that specializes in developing white-label digital banking solutions aimed at enhancing personal finance management. Founded in 2013 and based in London, the company provides a range of services including data aggregation, automated real-time notifications, predictive analytics, and personalized customer engagement. Meniga's platform also offers marketing products that feature card-linked offers and consumer data analytics, helping banks and businesses better understand their customers' financial behaviors. By focusing on advanced data consolidation and meaningful customer interactions, Meniga aims to improve the online and mobile banking experience for financial institutions, ultimately fostering stronger customer relationships and creating new revenue opportunities.

Sidekick

Series A in 2020
Sidekick is a patient-centric digital care platform designed to manage and prevent chronic and lifestyle-related conditions. It offers a scalable solution that enhances healthcare by developing digital health products aimed at empowering patients and digitizing healthcare processes. The platform combines an evidence-based clinical approach with elements of behavioral economics and gamification, creating a more engaging healthcare experience. Sidekick's integrated platform supports multi-chronic condition management and personalized care, facilitating connections between users and clinicians while providing valuable data insights. The company collaborates with international pharmaceutical companies, payers, and healthcare providers to prioritize patient needs and improve health outcomes.

Controlant

Series B in 2020
Controlant specializes in real-time supply chain monitoring and visibility for regulated industries, including pharmaceuticals, life sciences, and food and beverage sectors. The company aims to enhance product flow and quality while minimizing waste through its automated Cold Chain as a Service solution. Controlant utilizes IoT technology, cloud-enabled analytics, and API connectivity to provide comprehensive cold chain management, ensuring security and quality control from manufacturing to sale. Its wireless sensor network enables automatic monitoring and location traceability of perishable goods, helping clients reduce significant losses in the global cold chain. By leveraging these advanced technologies, Controlant empowers organizations to optimize their operations, achieve substantial cost savings, and improve overall efficiency.

Meniga

Corporate Round in 2020
Meniga Ltd is a company that specializes in developing white-label digital banking solutions aimed at enhancing personal finance management. Founded in 2013 and based in London, the company provides a range of services including data aggregation, automated real-time notifications, predictive analytics, and personalized customer engagement. Meniga's platform also offers marketing products that feature card-linked offers and consumer data analytics, helping banks and businesses better understand their customers' financial behaviors. By focusing on advanced data consolidation and meaningful customer interactions, Meniga aims to improve the online and mobile banking experience for financial institutions, ultimately fostering stronger customer relationships and creating new revenue opportunities.

Controlant

Venture Round in 2020
Controlant specializes in real-time supply chain monitoring and visibility for regulated industries, including pharmaceuticals, life sciences, and food and beverage sectors. The company aims to enhance product flow and quality while minimizing waste through its automated Cold Chain as a Service solution. Controlant utilizes IoT technology, cloud-enabled analytics, and API connectivity to provide comprehensive cold chain management, ensuring security and quality control from manufacturing to sale. Its wireless sensor network enables automatic monitoring and location traceability of perishable goods, helping clients reduce significant losses in the global cold chain. By leveraging these advanced technologies, Controlant empowers organizations to optimize their operations, achieve substantial cost savings, and improve overall efficiency.

Kaptio

Seed Round in 2018
Kaptio ehf. is an enterprise Software-as-a-Service provider focused on the travel industry, offering solutions to help travel companies manage various aspects of their operations. Established in 2012 and based in Kopavogur, Iceland, with a presence in Heidelberg, Germany, Kaptio's main product, Kaptio Travel, supports a diverse range of travel service providers, including tour operators, hotels, and travel agencies. The platform facilitates the Proposal-to-Operation lifecycle and enhances relationship management with customers, agents, and suppliers. Kaptio also offers a suite of consultancy services, including technical architecture, implementation, integration development, and cloud management, aimed at streamlining reservation processes and improving customer relationship management for travel businesses.

Meniga

Venture Round in 2017
Meniga Ltd is a company that specializes in developing white-label digital banking solutions aimed at enhancing personal finance management. Founded in 2013 and based in London, the company provides a range of services including data aggregation, automated real-time notifications, predictive analytics, and personalized customer engagement. Meniga's platform also offers marketing products that feature card-linked offers and consumer data analytics, helping banks and businesses better understand their customers' financial behaviors. By focusing on advanced data consolidation and meaningful customer interactions, Meniga aims to improve the online and mobile banking experience for financial institutions, ultimately fostering stronger customer relationships and creating new revenue opportunities.

Sidekick

Seed Round in 2017
Sidekick is a patient-centric digital care platform designed to manage and prevent chronic and lifestyle-related conditions. It offers a scalable solution that enhances healthcare by developing digital health products aimed at empowering patients and digitizing healthcare processes. The platform combines an evidence-based clinical approach with elements of behavioral economics and gamification, creating a more engaging healthcare experience. Sidekick's integrated platform supports multi-chronic condition management and personalized care, facilitating connections between users and clinicians while providing valuable data insights. The company collaborates with international pharmaceutical companies, payers, and healthcare providers to prioritize patient needs and improve health outcomes.

Valka

Venture Round in 2017
Valka is a manufacturer specializing in advanced equipment for the fish processing industry. The company designs high-tech hardware and software solutions that enhance productivity for its clients. Its product portfolio includes systems for whole-fish grading, X-ray-guided cutting and portioning, packing technology, feed-dispersing systems, and inventory control. Valka's team, composed of experienced professionals from the seafood sector, is dedicated to addressing critical challenges faced by customers with innovative and effective solutions. Under the leadership of founder and CEO Helgi Hjálmarsson, Valka has established a reputation for high-quality products and holds multiple patents, with more pending. The company is committed to continuous improvement and innovation, ensuring that its offerings evolve in line with client needs while expanding its international customer base.

Meniga

Venture Round in 2016
Meniga Ltd is a company that specializes in developing white-label digital banking solutions aimed at enhancing personal finance management. Founded in 2013 and based in London, the company provides a range of services including data aggregation, automated real-time notifications, predictive analytics, and personalized customer engagement. Meniga's platform also offers marketing products that feature card-linked offers and consumer data analytics, helping banks and businesses better understand their customers' financial behaviors. By focusing on advanced data consolidation and meaningful customer interactions, Meniga aims to improve the online and mobile banking experience for financial institutions, ultimately fostering stronger customer relationships and creating new revenue opportunities.

Data Dwell

Seed Round in 2016
Data Dwell specializes in sales enablement software tailored for Salesforce users, enhancing the way organizations manage and utilize digital content. The company's solutions integrate seamlessly with various popular platforms, allowing for efficient storage, organization, and retrieval of marketing materials. By employing advanced features such as indexing, auto-tagging, and facial recognition, Data Dwell empowers users to optimize their marketing efforts and streamline collaboration among sales teams, designers, and clients. Through its hands-on approach, the company supports businesses in developing effective sales strategies while providing valuable insights and guidance to improve overall performance.

Tulipop

Series A in 2016
Tulipop is a unique Icelandic children's lifestyle brand that offers an enchanting range of products inspired by nature. Founded by Signy, a mother of two, and her best friend Helga, the brand features a collection of original characters, including Bubble, a shy mushroom boy, and Gloomy, an adventurous mushroom girl, both of whom challenge traditional gender stereotypes. Through its online retail platform, Tulipop provides a diverse assortment of collectible vinyl figurines, plush toys, lamps, stationery, tableware, cutlery, and key chains. The brand aims to create a magical world for children, making its products both appealing and accessible at reasonable prices.

Kaptio

Seed Round in 2016
Kaptio ehf. is an enterprise Software-as-a-Service provider focused on the travel industry, offering solutions to help travel companies manage various aspects of their operations. Established in 2012 and based in Kopavogur, Iceland, with a presence in Heidelberg, Germany, Kaptio's main product, Kaptio Travel, supports a diverse range of travel service providers, including tour operators, hotels, and travel agencies. The platform facilitates the Proposal-to-Operation lifecycle and enhances relationship management with customers, agents, and suppliers. Kaptio also offers a suite of consultancy services, including technical architecture, implementation, integration development, and cloud management, aimed at streamlining reservation processes and improving customer relationship management for travel businesses.

Activity Stream

Seed Round in 2015
Activity Stream makes your organization better and more efficient by turning underutilized business data into actionable intelligence and insights - in real time. It does so by observing the actions and activity taking place across your organization's business systems to construct a complete, synthesized, picture of everything happening with business relevance. With this complete view and full context Activity Stream can recognize patterns, opportunities and threats as they present themselves. It then provides right-time Intelligence to appropriate stakeholders so that these observations can be proactively dealt with or taken advantage of. Activity Stream is an Operational Intelligence Layer that can be implemented unobtrusively on top of current IT infrastructure, without having to rip-and-replace any of your existing systems.

Watchbox

Seed Round in 2015
Watchbox combines technology and the elements of team-building to unite local and distributed teams. Employees capture all the great things at work or outside of work, with photos and videos. These moments vary from random highlights at work, events, celebrations, and conferences to something interesting in employees’ personal lives outside of work. Posts can be viewed in the app, but are also displayed 24/7 in dedicated Watchbox display units, placed in common areas across the office. Watchbox provides fun Concepts designed to motivate diverse content creation that reinforces positive culture.

Controlant

Funding Round in 2015
Controlant specializes in real-time supply chain monitoring and visibility for regulated industries, including pharmaceuticals, life sciences, and food and beverage sectors. The company aims to enhance product flow and quality while minimizing waste through its automated Cold Chain as a Service solution. Controlant utilizes IoT technology, cloud-enabled analytics, and API connectivity to provide comprehensive cold chain management, ensuring security and quality control from manufacturing to sale. Its wireless sensor network enables automatic monitoring and location traceability of perishable goods, helping clients reduce significant losses in the global cold chain. By leveraging these advanced technologies, Controlant empowers organizations to optimize their operations, achieve substantial cost savings, and improve overall efficiency.

Arctic Trucks

Venture Round in 2015
Arctic Trucks, founded in Iceland in 1990, specializes in the re-engineering and conversion of four-wheel drive vehicles designed for extreme conditions. The company has developed significant expertise in enhancing vehicle handling, safety, and reliability for both on and off-road applications. Their engineers have participated in numerous expeditions, gaining firsthand experience of the challenges faced in harsh environments. This knowledge has enabled Arctic Trucks to effectively address conditions that competitors often overlook. Their vehicles have been utilized in demanding settings, including journeys to both the North and South Poles, with notable achievements such as the fastest recorded journey to the South Pole in 2010. Arctic Trucks' offerings cater not only to polar explorers but also to those seeking adventure in diverse terrains, from rural landscapes to urban environments.

Meniga

Series A in 2013
Meniga Ltd is a company that specializes in developing white-label digital banking solutions aimed at enhancing personal finance management. Founded in 2013 and based in London, the company provides a range of services including data aggregation, automated real-time notifications, predictive analytics, and personalized customer engagement. Meniga's platform also offers marketing products that feature card-linked offers and consumer data analytics, helping banks and businesses better understand their customers' financial behaviors. By focusing on advanced data consolidation and meaningful customer interactions, Meniga aims to improve the online and mobile banking experience for financial institutions, ultimately fostering stronger customer relationships and creating new revenue opportunities.

Cintamani

Venture Round in 2013
Cintamani Ltd. is an Icelandic company specializing in the manufacture and sale of outdoor clothing for men, women, children, and infants. Founded in 1994 and based in Garðabær, Iceland, Cintamani offers a wide range of products including coats, jackets, jumpers, dresses, pants, and accessories such as backpacks, hats, and gloves. The company focuses on providing technologically advanced and functional clothing designed to withstand the severe Arctic weather, thereby ensuring comfort and protection for outdoor enthusiasts and everyday users alike. Cintamani distributes its products through its own stores as well as various retailers and distributors in countries including Austria, Denmark, Canada, Norway, Switzerland, and Germany. Over the years, it has grown to become one of the leading outdoor brands in Iceland, known for its commitment to quality and performance.

DataMarket

Series A in 2011
DataMarket is an online platform that assists professionals in finding and comprehending various types of data. By consolidating complex and diverse datasets into a single, accessible format, it enables users to search, compare, visualize, and share information effectively. This service provides enterprises with a comprehensive understanding of their business environment by offering access to syndicated, proprietary, and public data. DataMarket's technology helps information companies deliver data more efficiently and enhance user engagement. The platform operates as a white-label SaaS solution, catering to both enterprises and data publishers, and provides seamless access to an expanding collection of data from leading global providers. Users can create free accounts to explore public domain data, upload their own datasets, purchase premium content, and share their insights.

InfoMentor

Venture Round in 2010
InfoMentor's primary ambition is for all pupils to reach their full potential. This is achieved by creating the right conditions for learning. InfoMentor is a leading provider of teaching and learning solutions - online and mobile. It brings together in one platform, the most important stakeholders - the pupils, the teacher and the parents.

MainManager

Venture Round in 2010
MainManager software has been facilitating the operation and maintenance of thousands of properties, while at the same time providing customers with a comprehensive and up-to-date overview of their property portfolio. Their software gives you the ability to maintain and manage your properties completely, as well as keep an eye on your energy usage and expenditures. It also allows you to store and access all documents and data and link these directly to the relevant property.

AGR Dynamics

Funding Round in 2009
AGR Dynamics is a company that specializes in supply chain management software, particularly through its flagship product, AGR. This software features tools for exception management, inventory optimization, and sales management, aimed at enhancing operational efficiency for businesses. Founded in 1997, AGR Dynamics has built a strong team of 43 employees across Iceland, the UK, and Denmark, focusing on consulting, implementation, and maintenance of supply chain solutions. The company serves a diverse clientele, including prominent wholesale and retail firms, and has experience working with over 30 international customers. As a Microsoft Certified Partner, AGR Dynamics has expertise in business solutions, particularly in the implementation of Microsoft Dynamics NAV and LS Retail, contributing to some of the largest system deployments globally. By continually acquiring knowledge and fostering strong customer communication, AGR Dynamics strives to improve business operations and drive innovation within the supply chain sector.

Trackwell

Seed Round in 2009
Trackwell Ltd is an Icelandic company established in 1996, developing solutions for wireless communication networks. Trackwell has a proven track record in developing mission-critical systems for telecom operators, governmental institutions and other organisations. An innovative team of professionals with vast experience has established the company as a leading provider of Mobile Resource Management (MRM) solutions delivered as software as a service (SaaS) for enterprises. Trackwell MRM provides companies with tools to manage their resources: employees, vehicles, vessels and other mobile assets including functionality like time-, task-, and fleet management. Hundreds of companies manage thousands of employees and over ten thousand land, sea and air-borne vehicles via the Trackwell MRM systems, every day. The Trackwell Mobile Resource Management offer state of the art services to manage their fleet and workforce.
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