Innovation, Startups and Venture Capital in Iceland

Kara Connect raises €1.2 million funding round from The New Business Venture Fund

Kara Connect, the only GDPR compliant online therapy and practice management platform in Iceland, just raised a €1.2 million funding round, bringing in The New Business Venture Fund with a 10% share. This is the second round of VC funding for Kara Connect after an investment by Crowberry Capital in early 2018

All prior investors participate as well, in addition to two Swedish investor groups; Poleved Industrial Performance AB and Skogsliden Finance AB. 

“Investment from these strong partners is of great importance to Kara Connect and will help support further growth, especially when it comes to sales and marketing efforts, alongside further market penetration in Denmark. We are currently seeing a very positive uptake in the Icelandic market, and various exciting and progressive projects that are built on the Kara platform are in the making,“ says Thorbjorg Helga, CEO of Kara Connect, in a statement. 

Approximately 700 specialists are currently using the Kara platform for safe and secure handling of client information, payments, and data storage. It offers easy session scheduling and reminder functions and provides specialists with an overview of past and future appointments, whether online or in-person. Tens of thousands of online therapy sessions have been conducted via the platform as of yet, and the total number of system users amounts to over 4300 individuals, which is more than double the number at the start of the year.

“Kara Connect’s operations and product offerings are a prime example of innovation in action, and additional funding will allow further advancement into new markets. We look forward to being a part of that journey,” commented Huld Magnusdottir, CEO of The New Business Venture Fund.

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