Tag: funding (Page 1 of 3)

Florealis closes $3.8m funding round led by NSA Ventures

Pharmaceutical company Florealis just announced it had closes a $3.9m funding round, led by NSA Ventures. Former investors, Einvala, and other private investors also took part in the funding round.

“Exciting times ahead for us, following the addition to our investor group,” said Kolbrún Hrafnkelsdóttir, CEO of Florealis, in a statement. “Our first products have been received very well in Iceland, and we’re ramping up marketing and sales efforts in the Nordics.”

The company, which produces herbal medicines, recently closed a deal with leading pharmaceutical chains in Sweden, that will carry Florealis’ products. The funding will be used to support marketing and sales efforts, as well as developing more products later in the year.

Huld Magnúsdóttir, CEO of NSA Ventures, said in a statement: “Florealis falls well in line with the fund’s investment strategy and are excited to lead a group of investors to this deal.”

The Q2/2017 Funding Analysis

The second quarter of the year brings the first funding report we do in 2017. The reason: we only recorded one investment in Q1, so there’s no need for a special report on that. This report also is the first one since we started our big Icelandic startups scene data project which means that the data we’re using now is augmented with data from Crunchbase.

Four funding rounds, $14m

This quarter we recorded four funding rounds: Meniga, Takumi, TripCreator, and Mink Campers.

This quarter was much more active than the one before (which only had one investment – Goodlifeme / SidekickHealth), and has the same amount of investments as the year before (Q2/2016).

The main difference between the years is the amount invested; the amount invested increased by over 240%, mainly due to two rather big rounds; Meniga and Takumi.

This leads to a (rather obvious) next chart: the majority of capital invested came from outside the country; around 70%.

The bigger picture

In 2015 we had a big influx of capital; three funds that started and were very active in the first quarters. Those rounds were in general fairly small (never above 500m ISK or between $4-5m) and early stage. As we’ve talked about for some time now, two of those funds have stopped investing in new companies, which leaves only one active Icelandic fund at the moment.

Naturally, the rate of investment will slow down. Hopefully for the ecosystem, the sizes of rounds will increase (because the companies that raised before are raising follow-on rounds). In fact, three of the four companies that raised money in Q2 2017 had at least 2 funding rounds before the one they announced this quarter.

There are also some interesting takeaways in regards of the capital coming in. It’s mostly foreign – when our startup companies need growth money they venture abroad to get it. Which makes complete sense; the Icelandic funds aren’t big enough to be able to go as big as the bigger foreign funds.

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Meniga raises €7.5m led by Industrifonden

Fintech company Meniga just announced a €7.5m funding round led by Nordic investment fund Industrifonden. Previous investors – Velocity Capital, Frumtak Ventures and Kjölfesta – also participated in the round.

From TechCrunch:

“Today’s banks are under pressure to innovate and improve their customer experiences online and yet they are beholden to legacy processes and legacy systems and are usually ill equipped to provide their customers with world class user experience in digital banking,” Meniga co-founder and CEO Georg Ludviksson tells me.

“Meniga has built a reputation as a strong innovation partner to banks and its software solutions help some of the world’s largest banks utilise their data to make their online and mobile banking more personalised and inspiring”.

Ludviksson’s coining of Meniga as an “innovation partner” to banks isn’t simply startup speak, nor is it bluster (the Meniga founder talks in soft, considered Icelandic tones). The company holds five-day onsite design sprints with its banking clients, and last year it conducted more than 80 user testing sessions in four countries — again, many of them in partnership with the banks.

€3m for UK MedEye implementation

Mint Solutions, along with partners in Belgium and the UK, has received a €2.4m grant from the EU’s Horizon 2020 Fast Track to Innovation. Total cost of the project, including contribution from partners, is €3m.

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SidekickHealth maker Goodlifeme raises $1.5m round led by Frumtak Ventures

Frumtak Ventures just announced a $1.5m investment into Goodlifeme AB, maker of Sidekick Health. Other participants in the round include Tennin ehf. and other investors.

This investment gives our team of physicians, psychologists, public health professionals and game developers the opportunity to deepen SidekickHealth’s global reach, particularly in the United States,” said Tryggvi Thorgeirsson, co-founder and CEO of Goodlifeme said in a statement.

sidekickhealth_banner

Sidekick Health is a lifestyle companion app, utilizing insights from behavioral economics, artificial intelligence, and evidence based guidelines from the US CDC, to enhance the effectiveness of lifestyle education and coaching.

According to the statement, the app has shown great benefit to its users:

To date, companies and health organizations that have augmented in-person Diabetes Prevention Programs (DPPs) and employee fitness initiatives with SidekickHealth have seen an 82% retention rate among participants over a 4-month period, 76% increase in participant weight loss, and a 65% reduction in soda consumption.

Eggert Claessen, managing partner of Frumtak Ventures: “SidekickHealth’s solution … presents a significant opportunity to positively impact the wellbeing of employees and patients, while also reducing health-related overhead costs for enterprise companies and organizations globally.”

Picture is of Sidekick Health co-founders Tryggvi Þorgeirsson and Sæmundur Oddsson.

Mint Solutions raise €5m Series B

Mint Solutions, developer of the medication safety system MedEye, just announced a €5m Series B round led by Brabant Development Partners and LSP (Life Sciences Partners), and Seventure Partners. Other shareholders, including Icelandic NSA Ventures, and smaller private shareholders, also participated in the round.

“This investment comes at a crucial time for our MedEye product,” Gauti Reynisson, CEO of Mint Solutions said in a written statement. “We are experiencing strong demand from Dutch hospitals and we see ample growth opportunity in other care segments, including long-term care, as well as international markets.”

Mint Solutions is an Dutch-Icelandic company that was established to improve medication safety. It’s main product, MedEye, uses computer vision to ensure that patients get the right medication, in the right dosage, at the right time.

Greenqloud raises $4m from investor Kelly Ireland

kelly ireland

Kelly Ireland

Greenqloud, the maker of cloud management software Qstack, just announced a $4m investment from investor Kelly Ireland. Kelly will join the board of directors of the company. This was announced by Viðskiptablaðið today, and Kelly on Twitter a week ago.

In a conversation with Viðskiptablaðið, Jónsi Stefánsson CEO of Greenqloud said this was a very important partnership. “We are moving into the American market, and partnering with a seasoned expert in the technology industry is very good for us,” Jónsi said (translated from Icelandic).

The company (for the lack of a better word) pivoted in 2015, when they moved from providing environmentally friendly cloud hosting solutions, to selling cloud management software.

Previous investors in the company include NSA Ventures, Keel investments and Novator.

Data Dwell secures $1.2m in funding

Digital asset management (DAM) company Data Dwell has secured a $1.12m (140m ISK) funding round by Frumtak Ventures. The company also received a $80K (10m ISK) marketing grant from the Technology Development Fund.

“We think Data Dwell has enormous growth potential and like the product offering,” Eggert Claessen, GP at Frumtak Ventures, said in a statement. Following the investment, Eggert takes a seat on the board of directors as chairman.

The company’s list of Icelandic clients includes Marel, Coca-Cola Iceland, and Vodafone Iceland. They also service Cartoon Network, and will use the capital to fund an expansion into the British market.

Data Dwell Signing Photo

From the signing. Left to right: Eggert Claessen (Frumtak), Ólafur Helgi Þorkelsson (Data Dwell), Svana Gunnarsdóttir (Frumtak), Skarphéðinn Steinþórsson (Data Dwell).

“The investment will help us grow in foreign markets, and speed up product development,” said Ólafur Helgi Þorkelsson, CEO of Data Dwell, in a statement.

Data Dwell is digital asset management software and was founded in 2012 by Ólafur Helgi Þorkelsson and Skarphéðinn Steinþórsson. It now employs nine people, and has customers in Iceland and the UK.

Norðurskautið covers the Icelandic Startup and Tech scene. Follow us on Twitter or sign up for our mailing list to keep up to date. You can also join our Slack community – http://bit.ly/slack-is

 

Pharmaceutical company 3Z raises $400K seed round

3Z pharmaceuticals has closed a $400K seed round. The investors were Swiss biotech companies Baliopharm and Probiocon, as well as previous investors NSA Ventures and Sigþór Sigmarsson.

“3Z offers a unique technology to speed up the development of innovative drugs for the treatment of all kind of neurological disorders,” says Andreas Hermann of Baliopharm and Probiocon, who will join the company’s board of directors.

3Z pharmaceuticals is a contract research company focusing on the discovery of Central Nervous System (CNS) drugs. It provides pharmaceutical companies with expert services in high throughput screening of small molecule libraries for CNS effects diseases like epilepsy, Parkinson‘s disease, Insomnia and ALS.

Dr. Andreas Hermann and Dr. Karl Ægir Karlsson

Dr. Andreas Hermann and Dr. Karl Ægir Karlsson

The company was founded in 2008 by Karl Ægir Karlsson and Haraldur Þorsteinsson with support of Reykjavik University Resarch Lab. With the investment, the company aims at focusing on sales, as well as preparing for an A round.

“For 3Z this is a giant step towards bringing to market what we believe is an excellent solution for a large number of companies,” Karl says. “After years of R&D, proof-of-principle studies we are ready for take-off.”

Norðurskautið covers the Icelandic Startup and Tech scene. Follow us on Twitter or sign up for our mailing list to keep up to date. You can also join our Slack community – http://bit.ly/slack-is

 

Tulipop closes $2m Series A round led by Frumtak Ventures

Tulipop, maker of Tulipop world and character branded products, just announced a $2m financing round led by Frumtak Ventures. Þorbergur ehf., a previous investor, also participates in the round.

“Tulipop is an exciting investment opportunity. [It] is a company built on Icelandic ingenuity which has a huge potential for international growth,” says Svana Gunnarsdóttir, GP and co-founder at Frumtak Ventures. Svana will be joining the company’s board as chairman.

The company was established in 2010 by Helga Árnadóttir and Signý Kolbeinsdóttir. In 2015 the company was named Highly Commended for Best Newcomer in the Smallish Design Awards. Its products feature characters like Mr. Tree and Bubble from the magical island of Tulipop. This August the company will unveil a new line of Tulipop products licensed to Toynami, an American maker of quality toys.

Photo by Axel Sigurðsson.

Photo by Axel Sigurðsson.

“Since founding Tulipop six years ago, our goal has been to bring the world of Tulipop and its characters to kids around the world,” Helga, who is CEO of the company, says.

Tulipop’s products are sold in more than 120 stores in 14 countries. With the investment, the company aims to accelerate its international growth.

Tulipop has previously received an undisclosed investment by Þorbergur ehf., as well as a total of ~$120K in marketing grants from TDF.

Norðurskautið covers the Icelandic Startup and Tech scene. Follow us on Twitter or sign up for our mailing list to keep up to date. You can also join our Slack community – http://bit.ly/slack-is

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Nortstack – Reporting and analysis of the Icelandic startup scene