Frumtak IV, the fourth fund of Icelandic early-stage investment institution Frumtak Ventures, has been oversubscribed, raising a total of US$84 million.
Frumtak Ventures hopes to use the fourth fund to further invest in the intersection of software, artificial intelligence and deep technology, focusing on Iceland's historical advantages in marine technology, logistics, healthcare, tourism, energy, climate and gender equality. (VentureBeat)
Previously in December 2022, Treble Technologies, an Icelandic metaverse sound experience startup, announced the completion of a 5.5 million euro (about US$5.7 million) seed round of financing, led by Nordic venture capital Frumtak Ventures, and participated by Nova, the venture capital department of Fortune 500 company Saint-Gobain, and a group of angel investors.
In addition, the company received 2.5 million euros (about US$2.6 million) in funding from the European Innovation Council.