New Business Venture Fund

The New Business Venture Fund is an evergreen investment fund that actively contributes to the development and growth of the Icelandic economy by investing in promising innovation and start-up companies. The New Business Venture Fund invests at seed and early stage in promising growth companies with great business ideas and strong management and development teams. The New Business Venture Fund is a state owned investment fund intended to strengthen and develop the Icelandic venture capital market along with promoting startups and business in Iceland thus encouraging economic growth.

Friðrik Friðriksson

CFO

Past deals in Iceland

Hefring Marine

Venture Round in 2021
Hefring Marine is an Icelandic startup based in Reykjavík that specializes in advanced marine technology. The company offers the Intelligent Marine Assistance System (IMAS), an AI-driven software solution designed to enhance safety and efficiency for both manned and unmanned vessels. IMAS utilizes artificial intelligence, machine learning, and Internet of Things (IoT) technologies to provide real-time navigation guidance, helping operators minimize risks associated with inexperience and improving situational awareness. The system significantly reduces fuel consumption and carbon emissions, with potential savings of up to 25%, and mitigates wave slamming impacts by as much as 70%. This approach not only protects crew and passengers but also minimizes damage to vessels and equipment, ensuring a safer and more comfortable marine experience.

Kara Connect

Seed Round in 2019
Kara Connect ehf. is a telepractice platform based in Reykjavík, Iceland, established in 2014. The platform connects service providers in healthcare and education with patients and organizations seeking professional assistance. It offers a customized wellness hub designed specifically for companies, enabling employees to access high-quality coaching, counseling, and therapy services tailored to their individual needs. By facilitating access to a diverse range of professionals, including therapists and educators, Kara Connect aims to enhance the availability of support in the health, welfare, and educational sectors, thereby empowering individuals and organizations to improve their well-being and potential.

Hefring Marine

Venture Round in 2019
Hefring Marine is an Icelandic startup based in Reykjavík that specializes in advanced marine technology. The company offers the Intelligent Marine Assistance System (IMAS), an AI-driven software solution designed to enhance safety and efficiency for both manned and unmanned vessels. IMAS utilizes artificial intelligence, machine learning, and Internet of Things (IoT) technologies to provide real-time navigation guidance, helping operators minimize risks associated with inexperience and improving situational awareness. The system significantly reduces fuel consumption and carbon emissions, with potential savings of up to 25%, and mitigates wave slamming impacts by as much as 70%. This approach not only protects crew and passengers but also minimizes damage to vessels and equipment, ensuring a safer and more comfortable marine experience.

Dohop

Seed Round in 2016
Dohop Ltd. is a technology provider based in Reykjavik, Iceland, specializing in travel and aviation solutions since its founding in 2004. The company operates a travel search engine that enables users to find the most affordable flights, hotels, and car rentals. Its offerings include Dohop Connection Search, which customizes flight searches for specific airlines or airports, and a flight search solution designed for airlines and airport websites. Additionally, Dohop provides GatwickConnects, allowing passengers to book connections between flights from different airlines at Gatwick Airport in a single transaction. Recognized for its innovative approach, Dohop develops solutions in virtual interline technology and has collaborated with various airlines and alliances, streamlining the process of creating connecting itineraries and enhancing travel connectivity.

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.

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.

NordicPhotos

Seed Round in 2002
NORDICPHOTOS was established in 2000 in Iceland, and grew rapidly by the acquisitions of legendary, Swedish picture agencies Mira and Tiofoto. Today the direction is mainly contemporary Scandinavian photography, with unique selections of vintage photography by famous and less well known Swedish photographers, and an eclectic blend of foreign image collections. NORDICPHOTOS has offices in Reykjavik and Stockholm and is established world wide by a network of international agencies.
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