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… Read More Frumtak closes a third VC fund at 57m$
Last year, Adversary, an Icelandic company revamping security education to minimize cybercrime, was acquired by the Australian based secure coding company Secure Code Warrior. Now, more than a year later, Secure Code Warrior has embedded both Adversary’s staff and technologies into its platform and is currently looking to expand its Reykjavik team. Adversary was a… Read More A year on, Secure Code Warrior has fully integrated Adversary and looks to expand its Reykjavik team
Genki Instruments, a design-driven technology company based in Iceland, is now marketing a new version of its product. The product is built on the existing Wave smart ring, which is a wearable MIDI controller. While the original Wave smart ring was designed for musicians, the new version, called Wave for Work, is designed for everyone… Read More Genki’s smart ring is back with new functions for pandemic times
Meniga has closed a $11.8m (€10m) strategic investment round led by institutional investors, Velocity Capital Fintech Ventures, and Frumtak Ventures. Other participants in the round include Industrifonden, the UK Government’s Future Fund, and existing customers UniCredit, Swedbank, Groupe BPCE, and Íslandsbanki. The company says the funding will be used for continued investment in Meniga’s R&D… Read More Meniga closes a $11.8m investment round led by Velocity Capital and Frumtak Ventures
Icelandic Venture Studio (IVS) is leading the Icelandic EdTech company Mussila into a financing round via Funderbeam, an online investment platform. Mussila wants to collect at least €600k in this round but sets its goal even higher and aims to collect €1.2m from investors. Jon Gunnar Thordarson, CEO of Mussila, which has created a musical… Read More Mussila aims to scale up through an IVS led Funderbeam campaign
Twitter is looking for front-end programmers to work out of Iceland, according to Haraldur Thorleifsson, which started working for Twitter out of Iceland recently after Twitter aquired Ueno, a design firm he founded in 2014. Haraldur tweeted about this earlier today, in Icelandic. “Icelandic front-end programmers: Twitter is hiring in Iceland. Send me a DM,”… Read More Twitter is hiring in Iceland
Twitter has set up a corporate entity in Iceland, but Twitter Netherlands B.V. registered a branch in the Icelandic company directory in late January. The move follows Twitter’s purchase of the Icelander founded design agency Ueno. Haraldur Thorleifsson, founder of Ueno and now, a Twitter employee, said on Twitter last Friday night that he had… Read More Twitter sets up a corporate entity in Iceland
The Icelandic video game developer CCP was sold to the South-Korean company Pearl Abyss at $225 million, which is $200 million lower than the maximum agreed price in the purchase contract. This was first reported by Viðskiptablaðið. Pearl Abyss bought CCP in 2018 for $225 million, but agreed to pay the previous owners $100 million… Read More Price of CCP not to include $200 million earn out due to delay in Chinese gaming permits
GRID, the SaaS startup that wants to revolutionize how people work with data and numbers, announced on Thursday that it would launch its product in a few weeks time, but GRID has been running a Beta program since November 2019. “In late March, our Beta-baby will be officially grown up and ready to hit the… Read More GRID to launch in late March
Teatime Games, the Icelandic startup that is best known for a hit mobile game called Trivia Royale, has ceased operations. According to Thor Friðriksson, one of Teatime’s founders, the revenue stream from the company’s products hasn’t proved sufficient and talks regarding further funding have broken down. Teatime was founded in 2017 by key staff from… Read More Teatime Games to close
