Frumtak Ventures has closed a new 57m$ (7 billion ISK) VC fund, Frumtak III, which will invest in startups that are in their first stages of financing and are deemed to have growth opportunities in international markets.
According to a press release, the new fund will not specialize in any particular field, but invest in a similar way as the previous two Frumtak funds, with an emphasis on innovation driven tech companies. Frumtak III has a goal of investing in companies with teams that can become leading in their field.
Frumtak Ventures expects the new fund to invest in 8-10 companies for around 1.6-4.1m$ (200-500 million ISK) in each. The investment period of the new VC fund is five years and it’s going to operate for 10 years.
Svana Gunnarsdóttir, the CEO of Frumtak Ventures, says that the experience from the two previous Frumtak VC funds have shown that investing in innovation can be very profitable, both for investors and the community as a whole.
She comments that Frumtak is grateful for the continued support and trust of investors, as most of them have been associated with Frumtak Ventures since the first VC fund, Frumtak I, closed in 2009.
Ásthildur Otharsdóttir, which recently joined Frumtak Ventures as a partner, will be Frumtak III’s fund manager.