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

Past deals in Iceland

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.

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.

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.

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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