Brunnur Launches ISK 7.2 Billion Fund, Brunnur III
Brunnur III invests in startups and growth companies, with the goal of supporting strong teams building international companies out of Iceland.
Brunnur Ventures has launched a new ISK 7.2 billion (approximately USD 58 million) venture fund, Brunnur III, with backing from eleven Icelandic pension funds, the state-backed innovation fund Kría, and Silfurberg ehf.
Brunnur III invests in startups and growth companies, with the goal of supporting strong teams building international companies out of Iceland.
A continuation of Brunnur's strategy
As with the previous funds, Brunnur III will invest in startups and growth companies at the idea, incubation, and venture stages. The focus is on companies based in Iceland, led by outstanding entrepreneurs, that are foreign-currency generating with scalable operations, and that are built on intellectual capital in fields including artificial intelligence, biotech, gaming, fintech, high tech, deep tech, B2B and B2C software solutions, and energy and food technology. The fund draws on a professional framework and the decades of experience, relationships, and expertise of its investment directors.
"Important that new venture funds are created regularly"
"This is very welcome news for Icelandic innovation," said Árni Blöndal, co-founder and Investment Director at Brunnur. "It is important that new venture funds continue to be created in Iceland on a regular basis. Since 2015, eleven venture funds have now been established with participation from Icelandic pension funds, the innovation fund Kría, and other professional investors. This asset class has proven its value in terms of returns, and at the same time this activity creates valuable knowledge-based jobs and drives intellectual-property-led economic growth."
"We welcome the participation of the innovation fund Kría in the fund," said Sigurður Arnljótsson, co-founder and Investment Director at Brunnur. "Kría is testament to how government involvement helps create continuity in the operation of venture funds in Iceland. There are unique opportunities to invest right now, because artificial intelligence is transforming industries, creating new markets, and shaping the next generation of leading companies."
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