Cloud based platform for ship owners and charterers to manage and share ship data and collaborate
Patient centric digital care platform that is scalable across a wide range of chronic illnesses
Real-time supply chain visibility solution, delivered as a service
Integrated SaaS solution for managing deskless operations in hotel operations
Sales Enablement Software for Salesforce, Digital Asset Management (DAM)
Re-engineering the world’s best 4×4 vehicles to give the same driving experience whatever the adventure
Digital banking platform that helps banks, businesses and individuals manage their financial data
Digital travel platform for reservations, operations and customer service
A marketing platform made exclusively for the event industry
Visual planning solution for the generic pharma industry
Fantasy world and lifestyle brand from Iceland
Human Resource SaaS solution focused on streamlining onboarding of new hires
Diversity, Equality and Inclusion specialist with solutions for workplaces globally
Diversity, Equality and Inclusion specialist with solutions for workplaces globally
Andri Heiðar Kristinsson is joining Frumtak Ventures as partner and investment manager where he will play a key role in further Frumtak Ventures out as a leading venture capital firm in Iceland. Andri will lead Frumtak‘s new investments as well as support the...
A news article from tech.eu For all the hype that AR, VR, and MR receive, particularly regarding their applications in the metaverse, rarely is an ear lent to the “other” part of the equation, the sonic experience. Amongst those addressing this missing piece of the...
Abler, a sports management technology company and creator of Sportabler, announced today it has raised €3.7 million in post-seed funding from Icelandic VC firm Frumtak Ventures. Abler simplifies the complexities of sports participation by digitising and greatly...
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 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.
Andri Heiðar Kristinsson
Andri Heiðar Kristinsson is a general partner and investment manager at Frumtak Ventures. Andri has an extensive experience in software development, technology and innovation through his two decades working in Europe and Silicon Valley. Prior to joining Frumtak Ventures, Andri served as the CEO of Digital Iceland (government CIO) and was a senior product lead at LinkedIn in San Francisco, responsible for the LinkedIn newsfeed ecosystem and the SlideShare mobile apps. Furthermore, Andri was the founder and CEO of Travelade as well as the founder and CEO of Klak Icelandic Startup (previously Innovit), a catalyst for Iceland‘s entrepreneurial ecosystem. Andri has also served on several boards and was an active angel investor. Andri has a B.Sc. degree in electrical- and computer engineering from the University of Iceland and an MBA from Stanford University.
Ásthildur is a partner and investment manager at Frumtak Ventures. Before joining the partner group, she was Chairman of firm‘s Board of Directors from 2015-2021. She has served on several boards, including Marel from 2010-2021, thereof the last seven years as Chairman, and Icelandair Group from 2012-2019. Ásthildur has lead Global Business Development at Össur, where she managed mergers and acquisitions as well as funding, and worked as a management consultant at the global consulting firm, Accenture. She has an MBA degree from the Rotterdam School of Management in The Netherlands and a business degree from the University of Iceland. Along with serving on boards of Frumtak portfolio companies, she is on the board of Business Iceland, the Board of Governors of the University of Iceland and the Advisory Board of Boards Impact Forum.
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.
Brynja Í. Eyjólfsdóttir
Brynja is a financial analyst at Frumtak Ventures. She has a BSc. from the University of Iceland in Business Administration majoring in finance and is currently working on her MSc. in Corporate Finance. Brynja first joined the Frumtak team in 2019 as an intern.
Frodi Steingrimsson is Frumtak‘s General Counsel. He attends to all legal matters of Frumtak and provides support and legal advice to portfolio companies. Before joining Frumtak, Frodi was an independent advisor to multiple innovation and emerging companies, both in Iceland and abroad, as well as working as corporate counsel to both CCP Games and Siminn. Frodi has an LL.M. degree from Columbia Law School and a Cand. Jur. degree from the University of Iceland. Frodi is furthermore an Adjunct Professor at the Bifrost University’s Department of Law and a Lecturer at Reykjavik University.
Eggert is a General Partner Emeritus 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.
Board of Directors
Magnús Þór Torfason
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.
+ 354 510 1850