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.


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


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


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


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


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


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


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


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


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


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


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



Frumtak I

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.

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

Ellert Arnarson

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

Frumtak II

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.

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 Otharsdóttir – Chairman

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

Frumtak Ventures 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.

Meet the Team

Svana Gunnarsdóttir
Managing Partner

Svana is Co-founder and Managing 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.


Eggert Claessen

Eggert is the General 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.


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. 



Board of Directors

Ásthildur Otharsdóttir

Gunnar Engilbertsson

Magnús Þór Torfason


Tulipop featured on Kidscreen Cartoon Forum issue

Tulipop featured on Kidscreen Cartoon Forum issue

Icelandic brand Tulipop is thrilled to be featured on the front cover of Kidscreen - the only trade publication dedicated solely to children’s media – for their Cartoon Forum issue. Tulipop CEO Helga Arnadottir said: “We are delighted that...

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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.

Kringlunni 7, 103 Reykjavík, Iceland

+ 354 510 1850

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