Kría, a public innovation fund that invests in VCs as an LP, has announced its first round of investments into local VCs.
(disclaimer: Kiddi, the founder of Northstack is the chairman of Kría)
The vehicle, dubbed an Icelandic Venture Initiative will invest around $16,800,000 over the next three years into three different VC Funds, Frumtak III, Crowberry II and Eyrir Vöxtur. Kría will invest 6,100,000 into both Frumtak III and Crowberry as well as 4,700,000 into Eyrir Vöxtur.
“Kría’s investment into the three funds will enable them to further support the development of knowledge and experience in venture investments which is a key factor in building up knowledge-driven export” says Kristinn Árni Lár Hróbjartsson, chairman of Kría,
Eyrir Vöxtur is a $45M fund focused on the growth stage while Frumtak III is a $53M fund focusing on startups in the earlier stages and Crowberry II is an $87M fund focused on Icelandic and Nordic tech startups. The three funds were all started in 2021 and have a 10-year life span.