Tag: crowberry

VR startup Aldin raises $1m led by Crowberry Capital, Announces New VR Product

Aldin, the virtual reality company behind Waltz of the Wizard, just announced a $1m funding round led by Crowberry Capital with participation from Investa. In addition to the funding, the company announced a new VR experience aimed at consumers.

“Believable reality experiences are unlike anything that’s been possible in the past, offering the accessibility of movies and interactivity beyond conventional games,” says Hrafn Th. Thorisson, CEO and co-founder of Aldin. “Since nothing can play on our emotions like reality, believable virtual realities are set to become the most emotionally engaging format in entertainment history.”

Aldin’s previously made several VR apps, including Waltz of the Wizard, a VR experience where people experience having magical powers. To date, it is one of the highest rated VR titles on Steam with over 250,000 users. Their next title, whose name hasn’t been announced yet, will let users step into a fantastical world and become acquainted with a character in ways that, according to their press release, could only happen in VR, powered by XR AI systems that help form personal connections with characters beyond what’s possible with screenbound entertainment.

“We are delighted to be investing in Aldin. The company has proprietary technology to further the development of VR and AR.” said Helga Valfells, Managing Partner of Crowberry Capital who will take a seat on the board of directors. “The Aldin team has an intuitive understanding of VR as a medium as well the right mix of creative talent and technology skills to deliver exciting content in alternative realities.”

Over the years, Aldin has built proprietary tooling and mixed reality (XR) technologies they use to power their own production. Among those are Ghostline, an analytics solution that enables quantitative and qualitative analysis of the user experience. and Telepath, a locomotion system designed to offer engaging movement in VR.

“We’ve been at the forefront of VR since 2013, focusing on content and technologies that bring immersion and presence to the level that justifies VR and gives people a reason to want it.” commented Gunnar Steinn Valgardsson, CTO & co-founder of Aldin, “We’re now at the next frontier and we are going to deliver experiences that place users in worlds that are only possible in VR.”

Crowberry Capital has raised $38m for its debut fund

Crowberry Capital – the new early stage VC fund founded by former NSA Ventures veterans Helga Valfells, Hekla Arnardóttir and Jenný Ruth Hrafnsdóttir – just announced they had raised $38m (4bn ISK) for the funds first close. Final close is at $48m (5bn ISK).

“We’ve been working on preparing and raising the fund since December 2016, and are grateful for the trust our investors have shown us,” says Crowberry Capital cofounder and GP Helga Valfells, former CEO of NSA Ventures. “Our investors are both individuals and pension funds, with individuals contributing around 20% of the fund, and pension funds 80%.”

The fund has a lifetime of 7-10 years and will invest in up to 15 startup companies during its investment period. According to the press release, the founders see much potential in investing in startup companies in Iceland and will focus on tech companies – foodtech, fintech, B2B enterprise solutions, videogames, and more. According to Helga, they foresee their first investment to take place this fall. “We’ve already started getting pitches,” she added.

Jenný Ruth Hrafnsdóttir, previously an investment manager at NSA Ventures and cofounder of Crowberry said: “We look forward to creating value and participating in the growth and development of the companies of the future, by investing in Icelandic innovators. Our hope is that Icelanders will not only use technology, but participate in creating the technologies of the future.”

The fund will become part of a growing ecosystem of private investors in the Icelandic startup scene. It will most likely be a welcome addition to the four funds that have been active in the past years, as three of them are mostly unable to participate in new investment opportunities.

“The cooperation between entrepreneurs and investors is important to success, and the benefit can be great for all participants, not least the society as a whole,” said Hekla Arnardóttir, cofunder of Crowberry and former investment manager at NSA Ventures.

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