NEWS AND INSIGHTS

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BRUNNUR VENTURES LAUNCHES US$65M SECOND FUND

March 16, 2021

REYKJAVIK, ICELAND – 16 March 2021 -- Brunnur Ventures GP (www.brunnurventures.com) is pleased to announce the launch of Brunnur II, its second venture fund of US$65 million (ISK 8.3 billion). The new fund's Limited Partners include ten of Iceland’s leading pension funds and Landsbanki.

Brunnur II is a lead investor targeting seed and early-stage investments in Iceland with a focus on start-up companies with extraordinary entrepreneurial talent, innovative, high-growth and scalable business models. The fund’s sector focus is primarily within software/IT, gaming, Industry 4.0, biotech, cleantech, marine tech, agrifoodtech and other high technology sectors that have a competitive edge through patentable technology or proprietary know-how.

“We are delighted to be announcing the close of Brunnur II and our enlarged team which brings together a real concentration of expertise in seeking out, participating in and drive the growth of the most promising and scalable start-ups,” commented Arni Blondal, Managing Partner of Brunnur Ventures GP, “We are continuing a strategy of catalyzing the growth and internationalization of our portfolio companies through leveraging our hands-on start-up experience and network. I am also pleased to welcome our two new Partners, Margret O. Asgeirsdóttir and Kjartan Olafsson, who bring a wealth of additional expertise to further guide the leadership of our portfolio.“

Brunnur Ventures GP debut fund, Brunnur I, a 2015 vintage, has invested in a range of exciting companies that include Oculis, DT Equipment, Grid, Laki Power, Nanitor, IMS and Avo Software. Brunnur Ventures' co-investors include Earlybird, NEA, Chrysalix, Blue Yard, GGV Capital, Y Combinator, Novartis Venture Fund and others.

Brunnur II intends to invest in a portfolio of up to 20 companies with initial investments ranging from US$ 1-3 million, with capital pre-allocated for follow on investments.

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MARGRÉT ORMSLEV ÁSGEIRSDÓTTIR JOINS BRUNNUR VENTURES AS PARTNER

June 3, 2020

REYKJAVIK, ICELAND – 3 June 2020 -- Brunnur Ventures GP (www.brunnurventures.com) is pleased to announce the appointment of Margrét Ormslev Ásgeirsdóttir, as Partner. Margrét has been at Carbon Recycling International since 2015 and a member of the executive team since 2017, most recently as deputy CEO.

“I am delighted to be joining Brunnur," commented Ms. Ásgeirsdóttir, "In the last decade, the experience of venture capitalists in Iceland has changed drastically. Today’s environment is ripe for investments in startups, whether that’s from a regulatory, support, experience or startups’ access to talent perspective. This offers an ideal situation for new investment opportunities in innovation.”