Eyrir Sprotar almost fully deployed – $17.2 million in ten companies
The last of the three venture funds, Eyrir Sprotar, announced it had raised 2.5bn ISK early 2015, and then closed its fund on $3.5bn in November. The fund has been active since 2012, which makes it the oldest of the three funds.
Investments
Eyrir Sprotar has invested in ten companies in its lifetime. The most recent investment is Key Natura, which is also the only investment where the amount was disclosed. Örn Valdimarsson, managing director of Eyrir Sprotar, says the fund doesn’t disclose individual investment amounts. The decision on whether to disclose it or not should be in the hands of the companies. We reached out to the companies and at the date of publishing have answers from Handpoint. Other companies didn’t reply or declined to comment.
The fund supplied Norðurskautið with total invesment amounts, as well as what they’ve commited to. They didn’t confirm the annual management fee, but said we could use the same 2% approximate as we’ve used with the other funds.
| Company | Quarter / Year | Amount ISK / ~$ |
| Handpoint | Q3 / 2015 | 260m ISK / $2m |
| Saga Medica | ?? / ???? | Undisclosed |
| Remake Electric | Q3 / 2010 | Undisclosed |
| Info Mentor | ?? / 2014** | Undisclosed |
| Mure | Q1 / 2015 | Undisclosed |
| Activity Stream | Q4 / 2015 | 270m ISK / $2.1m* |
| Sæbýli | Q3 / 2013 | Undisclosed |
| Key Natura | Q1 / 2016 | 311m ISK / $2.4m |
| Cooori | ?? / ???? | Undisclosed |
| Lífdísill | ?? / ???? | Undisclosed |
| Total: 10 | 2.230m ISK / $17.2m |
*The total amount invested in Activty Stream was 270m ISK. We do not have information on how much of that was by Eyrir Sprotar. Frumtak invested 116m ISK which puts Eyris investment south of 150m ISK.
**Based on annual reports from NSA we derive that Eyrir Sprotar joined the shareholders of InfoMentor in 2014.
Available funds
Eyrir Sprotar has been the most active of the VC funds we’ve covered, to the extent that it’s almost at full capacity. Counting in management fees and commitments, leaves about 220m ISK in the fund for further investment. Örn says they have capacity for 1-2 moderately sized projects but their main objective is to follow up with the companies in their portfolio.
As a proportion of total available capital, we can see that the fund has around 8% available for either followup or fresh investments.
These numbers mean that we shouldn’t expect much new activity from Eyrir in the coming years, leaving the ecosystem with two active VC funds. Eyris main project over the coming months and years will be to follow up with their investments and maximising the returns of the funds LP’s.
Picture by Moyan Brenn
Norðurskautið covers the Icelandic Startup and Tech scene. Follow us on Twitter or sign up for our mailing list to keep up to date. You can also join our Slack community – http://bit.ly/slack-is
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