Innovation, Startups and Venture Capital in Iceland

Kara Connect raises $6.3m from Idunn Venture Fund

Icelandic health tech company Kara Connect, which was founded in 2015, has completed a $6.3m financing round, led by Idunn venture fund, with the aim to support further growth in Europe. 

Kara Connect is a multilevel engine connecting professionals in health and welfare support to clients looking for help. Kara empowers these professionals by providing them with the secure digital tools they need to manage bookings, save sensitive information about clients, get paid for services and conduct secure meetings online or offline.

Idunn Venture Fund, a venture capital fund managed by Kvika Asset Management, led the investment round alongside private investors. The investment will support Kara’s growth in Europe. According to the company, over two hundred thousand individuals in Iceland and Ireland already have accessed vital help via Kara’s platform.

Following the investment, Idunn becomes the largest shareholder of Kara Connect. The investment round is the largest to-date for Kara, having received previous rounds of capital from both The New Business Venture Fund and Crowberry Capital as well as from private investors.

Thorbjorg Helga, CEO Kara Connect

“The pandemic radically transformed attitudes and drastically heightened demand for accessible healthcare and welfare services worldwide. Simple, speedy, and secure digital access quickly became vital – and that’s just what Kara does best.  Kara is first and foremost an accessibility solution, a secure platform for human connection” says CEO Thorbjorg Helga Vigfusdottir. She goes on to say that “Kara […] serves as a virtual receptionist, accountant, and assistant for professionals, freeing up their valuable time so that they can better serve their clients. The Kara team is proud to have built a secure and powerful software solution that makes access a lot easier”

Petur Richter, Idunn’s Investment manager, will join the Kara Connect board of directors. “Kara’s products and vision fit very well with Idunn’s investment strategy. The company has demonstrated the need for digital tools and connections in a large health- and welfare market and is ready to scale into new markets. We are enthusiastic about joining Kara’s team on the journey forward” says Petur Richter, with Idunn Ventures.

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