Innovation, Startups and Venture Capital in Iceland

Frumtak sells its 11.33% stake in Controlant for $14.5m

Svana Gunnarsdóttir

Svana Gunnarsdóttir, Managing Partner at Frumtak Ventures

Frumtak 1, one of the funds under management by Frumtak Ventures, has sold its 11.33% stake in Controlant for around $14.5m (a little under 2000m ISK, the exact amount is undisclosed), to a group of Controlant’s current investors led by Investco ehf. The transaction values the company at around $130m. Arion banki managed the sale, which received between 10 and 20 offers from both local and foreign investors.

Controlant, which recently raised a $15m Series B round, has seen much growth in the past two years, and the companies technology has been used to transfer Covid-19 test kits.

“We’re selling the shares of Frumtak 1 as the fund is reaching end of lifetime,” Svana Gunnarsdóttir, Managing Partner at Frumtak Ventures told Northstack. “This was a significant exit for the fund with very favorable return. Frumtak 2 remains a shareholder and we’re very excited about Controlant’s continued growth.”

Frumtak 1 first invested in Controlant in 2011 with a 90m ISK (~700k at today’s exchange rate) seed investment.

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