A magical character goods brand, which develops quality gift items for kids and licenses its property to renowned manufacturers and entertainment companies.

– Tulipop



Developing turn-key services for cold chain monitoring and quality control; from manufacturing, through transportation, storage and sale.

– Controlant



Developing mission-critical tools to manage resources, employees, vehicles, vessels and other mobile assets.

– Trackwell



Designing software and hardware to greatly increase productivity, improve yield and maximize accuracy.

– Valka



A global market leader of white-label Personal Finance Management (PFM) and next-generation online banking solutions.

– Meniga



The next generation CRM & Booking Software that places customer experience at the heart of the travel economy.

– Kaptio



Developing online solutions to help schools plan their curriculum for formative assessment and mastery learning.

– InfoMentor



Developing a complete, pre-certified, cloud-based NextGenPOS solution for cash registers.

– Handpoint



Developing a professional IWMS solution for owners and operators of facilities- and real estate portfolios.

– Mainmanager



Using innovative engineering to develop the ultimate solutions for off road driving in all conditions.

– Arctic Trucks



Empowering employees by delivering the right information to the right people at the right time, in an actionable format.

– Activity Stream



Watchbox is a platform for companies to increase unity between employees and to make the workplace more fun.

– Appollo X



Offering both supply chain management solutions and Microsoft NAV to reduce costs within the supply chain.

– AGR Dynamics





SidekickHealth is a gamified health-behavior change platform and app for predicting, managing and preventing chronic and lifestyle-related conditions such as obesity, heart disease, prediabetes and type-2 diabetes.

– SidekickHealth



pGeneral Information

Frumtak was founded December 23rd. 2008. The objective was to invest in early stage growth companies that were post seed and had growth potential. This would result in leading companies that could deliver a good return to investors.

At the close of Frumtak‘s investment period on December 31st. 2012, the fund had invested in fifteen companies with nine investments still active. The remainder of lifetime of the fund is used to follow on investments and divest assets.

Investment Committee

The board of Frumtak appoints a special seven man investment committee. Its role is to further define the funds investment criteria within the fund‘s bylaws and shareholder agreement.It deals with interpretation of the shareholder agreement or any other issues that could stem from conflict of interest. The committee does not discuss individual investments.

Board of Directors
  • Huld Magnúsdóttir Chairman
  • Hálfdan Karlsson Deputy Chair
  • Margrét G. Valdimarsdóttir
  • Hallfríður Kristjánsdóttir
  • Davíð Rudolfsson
  • Anna María Ágústsdóttir
  • Snæbjörn Sigurðsson
  • Nýsköpunarsjóður Atvinnulífsins, Government fund
  • Lífeyrissjóður Starfsmanna Ríkisins, Pension fund
  • Lífeyrissjóður Verslunarmanna, Pension fund
  • Gildi-lífeyrissjóður, Pension fund
  • Arion Banki, Bank
  • Íslandsbanki, Bank
  • Landsbankinn, Bank
  • Birta lífeyrissjóður, Pension fund
  • Stapi-lífeyrissjóður, Pension fund
  • Söfnunarsjóður Lífeyrisréttinda, Pension fund

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pGeneral Information

Frumtak II started in February 2015. The fund builds on the legacy of Frumtak. The fund invests in early stage innovative companies that are post seed and show great potential for growth. The fund invests primarily in Iceland but is allowed to invest abroad as allowed by law in connection with its portfolio investments to ensure success in foreign markets.

Frumtak II emphasizes to invest in companies where growth and sales in foreign markets are the primary objective, but does not specialize in any particular industry. The fund wants to ensure that original ideas get a chance and thereby increasing the probability of creating growth and value. By doing this, it enforces the image that Icelandic innovation is profitable.

Frumtak II aspires to be a trusted and popular ally. The fund strives to have a good relationship and co-operation with all stakeholders within the start-up and innovation community. The fund puts a special emphasis on co-operating with stakeholders outside Iceland.

Investment Committee

The board of Frumtaks 2 makes all investment decisions and decides on various aspects of the investments process, both, buy and sell, based on suggestions from the fund‘s investment managers.

Investment size is typically ISK 100-500 million. No one investment can exceed 15% of committed capital, unless specially approved by the board.

Typical holding time is three to five years and that the fund has divested all its assets within the seven year lifetime of the fund. Return on individual investments should be 30% p.a. at minimum.

Board of Directors
  • Ásthildur OtharsdóttirChairman
  • Gunnar V. Engilbertsson
  • Magnús Þór Torfason
LP Committee
  • Sigurbjörn Sigurbjörnsson – Söfnunarsjóður Lífeyrisréttinda – formaður
  • Björn Hjaltested – LSR
  • Davíð Rudolfsson – Gildi lífeyrissjóður
  • Anna María Ágústsdóttir – Lífeyrissjóður Verzlunarmanna
  • Margrét G Valdimarsdóttir – Landsbankinn
  • Lífeyrissjóður Verzlunarmanna, Pension fund
  • Gildi lífeyrissjóður, Pension fund
  • Lífeyrissjóður starfsmanna ríkisins, Pension fund
  • Birta lífeyrissjóður, Pension fund
  • Stapi lífeyrissjóður, Pension fund
  • Landsbankinn hf., Bank
  • Söfnunarsjóður lífeyrisréttinda, Pension fund
  • Almenni lífeyrissjóðurinn, Pension fund
  • Lífsverk lífeyrissjóður, Pension fund
  • Íslenski lífeyrissjóðurinn, Pension fund
  • Brú lífeyrissjóður, Pension fund
  • Frumtak Ventures ehf., Private limited company

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Our Investment Process

When we find an exciting investment project we discuss this at our partner meeting and decide whether to present this to the board, which decides on investments. Board meetings are usually once a month. The board presentation includes a 50 minute session with the entrepreneur where we expect at least 10-15 minutes for Q&A. It is important that the entrepreneur can clearly and effectively explain himself and the investment opportunity.

After the meeting, there is a decision to do one of three things, reject the project, investigate more or move to a term sheet. As paperwork takes time, especially due diligence, it is important that the company has done its homework in terms of preparing and collecting all the necessary documentation. If this is done properly it makes things go smoother. Frumtak has a policy of having the investment process, from board introduction to payment, stay within 90 days.

This would seem like the end of the process but this is only the start of a journey that is intended to reap results. That is why it is important that there is a mutual understanding of expectations and contribution from stakeholders. In particular the entrepreneur needs to understand that the investment fund can be an important ally with its advice and connections but is not responsible for day to day operations or funding. The investor has a strategic role where he supports the entrepreneur in achieving his goals. In the same way as the entrepreneur puts this support to good use, he needs to realize that the fund has a pre-determined time frame for the investment and may have to sell its holdings sooner than the entrepreneur. This ensures a win-win situation for all stakeholders.

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Meet the Team


Eggert Claessen
Managing Partner

Eggert is the Managing Partner and co-founder of Frumtak Ventures. Being a serial entrepreneur, he has extensive experience in founding and operating start-ups in the IT sector from 1981-2006. He has promoted the IT industry in Iceland by serving on various boards and committees, among them being the chairman of the Icelandic IT companies Association. He has specialized in realizing intangible values in IT companies and participated in cross borders projects on the subject. He has a doctorate in Knowledge Management from Brunel University/Henley Management College in the UK where he specialized in the effects of managing intangible assets in order to improve performance in small IT companies. He sits on the board of the companies in the Frumtak portfolio and is very active in the start-up community.

+354 8970892

Svana Gunnarsdóttir

Svana is Co-founder and General Partner of Frumtak Ventures. She has overseen several mergers and acquisitions internationally and has extensive experience founding and leading startups. Before returning to Iceland in 2009, Svana studied, lived and worked in The Netherlands, South Africa, Brazil and the United States. Svana has an international MBA from Nyenrode University in The Netherlands with program studies at the Kellogg School of Management in the US and at the Stellenbosch University in South Africa. She holds several Board of Directors positions in companies across the Frumtak portfolio.

+354 8669520


Rakel Sigurðardóttir
Chief Financial Officer

Rakel is the Chief Financial Officer of Frumtak Ventures. She has a BSc. from Reykjavík University 2011 but before that she had worked for years with the courts and at a legal partnership and has also worked on accounting and other office related tasks. She handles the finances of the Frumtak funds and is responsible for the portfolio company reporting and also the reporting to Frumtak shareholders.

+354 6957989

Board of Directors


Ásthildur Otharsdóttir

Asthildur is an independent consultant and board member. She is Chairman of the Board of Directors of Marel hf. and a board member at Icelandair Group hf., Marorka ehf. as well as the Research Center for Business Ethics at the University of Iceland and the Court of Arbitration of the Icelandic Chamber of Commerce. She has prior business experience as Global Director of Corporate Development at Össur hf., Senior Account Manager at Kaupthing Bank and consultant at Accenture. Asthildur has an MBA/MBI degree from Erasmus University/Rotterdam School of Management in the Netherlands and a Cand. Oecon. degree from the University of Iceland.


Gunnar Engilbertsson

Gunnar is an independent advisor and investor. He advises banks, pension funds, private investors and businesses on corporate finance matters and manages his own investments. His prior experience is grounded in corporate finance where he was Executive Director of Distressed Assets at Glitnir (Glitnir Bank Estate), Managing Director of Landsbanki Ventures and the Icelandic Software Fund, Staff Accountant at Deloitte (Stod-endurskodun). He has served on the board of directors of a number companies, both public and private. Gunnar has a BS degree in Accounting and Finance and has completed a Securities Dealers Exam.


Magnús Þór Torfason

Magnus is an Assistant Professor at the University of Iceland School of Business, where he heads the Masters Program in Innovation and Entrepreneurship, which is a joint program of the Business and Engineering Schools at the University. Before that, he was an Assistant Professor at Harvard Business School, teaching Entrepreneurship in the MBA program. He has also taught Executive Education courses in the United States, Europe, and China. Magnus is a founder and board member of Handpoint. He holds a Ph.D. from Columbia Business School and undergraduate degrees in Electric Engineering and Computer Science from the University of Iceland. Engineering and Computer Science from the University of Iceland.


Talking to Frumtak

We at Frumtak encourage entrepreneurs to visit us for a “chat” because the conversation can deliver more value than an investment. As Frumtak is a growth fund, the companies we invest in need to have a product, a customer and turnover in order to be eligible for investment. Even though this is not often the case, the „chat“ enables us to get acquainted, which saves time later on if the company is considered for investment. The „chat“ establishes a foundation for a mutual understanding and to forming a band of trust which is the premise of working together in the future.

The simplest way to contact us is to send us an e-mail requesting the meeting. Please be advised that we only invest locally here in Iceland.

Contact Details

Feel free to send us Any message or requests via Any Means using the information below.

+354 510 1850
Kringlan 7, 103 Reykjavik, Iceland

Send Us a Message

You may also simply fill up the form below and we will get back to you as soon as possible.


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