frumtak 2

Watchbox secures $380K funding from Frumtak 2

AppolloX, the makers of Watchbox, just announced a ISK 50 million (~$380,000) funding from venture fund Frumtak 2. The investment will be used to boost development of Watchbox, which by now is the company’s main product. This January, the team will move to the United States to focus their efforts.

Watchbox allows people to share pictures and short videos within groups. “It’s estimated that more than 3 trillion photos will be shared with smartphones this year. That’s more than the total photos captured on film, ever. This market is rapidly growing and we see great opportunities in new distribution methods for this type of content,” says Davíð Örn Símonarson, co-founder and CEO of AppolloX.

“We’ve been watching the AppolloX team for several years now, and believe they will do great things. We’re excited to join them on their journey,” says Eggert Claessen, CEO of Frumtak, who will take a board seat on AppolloX’s board.

Previous investor, Kjartan Örn Ólafsson of Volta Labs, will retain his seat as chairman of the board. Total investment in AppolloX now totals around $540,000 (ISK 70 million).

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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