Investments

A growing venture company

Brunnur Ventures GP was founded in 2014 and has since developed a rich network of co-investors. We make early and transformational investments in companies that have the potential to do great things. Our dedicated team is made up of seasoned investors who are looking to partner with hard-working, visionary entrepreneurs

Brunnur has three active funds that utilize the abundance of opportunities created by Icelandic entrepreneurial spirit and strong ecosystem

Investments

Venture fund III

A USD 56 million venture fund launched in 2026, with plans to invest in up to 10 companies

Board of directors
Chairman
Guðrún Tinna Ólafsdóttir
Board Director
Guðbjörg Edda Eggertsdóttir
Board director
Rögnvaldur J. Sæmundsson
Investments
All portfolio
Brunnur III was founded in 2026 and we are actively looking for investments.

If you are a visionary entrepreneur with an early-stage company looking for funding please reach out to us.
Investments

Venture fund II

A USD 65 million venture fund launched in 2021, with plans to invest in up to 20 companies

Board of directors
Chairman
Guðbjörg Edda Eggertsdóttir
Board director
Rögnvaldur J. Sæmundsson
Board director
Rut Steinsen
Alternate
Ólafur Andri Ragnarsson
Alternate
Sæunn Björk Þorkelsdóttir
Investments
All portfolio
Bio & Healthtech
Pre-seed/Seed
Axelyf

Developing the Next Generation of RNA Medicines.

axelyf.com
SaaS, Fintech & Cybersecurity
Early
Taktikal

Visualise and automate your customer onboarding processes.

taktikal.com
Traveltech
Pre-seed/Seed
Trip to Japan

Plan your Japan travel with Trip To Japan: custom packages, hotels, ryokans, JR Passes, and day tours for a seamless and unforgettable journey.

triptojapan.com
Traveltech
Growth
Hopp

Hopp is the sustainable transportation solution for the world’s modern city. Enabling you to travel around your area without leaving a carbon footprint.

hopp.bike/franchise
Traveltech
Early
AviLabs

AviLabs is revolutionizing how airlines handle disruptions with industry expertise and passenger-first solutions. Our products help airlines reduce disruptions, enhance customer experiences, optimize operations, and foster industry collaboration to solve key challenges.

avilabs.is
B2C & Entertainment software
Early
Smitten

Have fun finding your next crush! Whether you’re looking for a short-term or long-term relationship, Smitten is here to help you have fun while finding your next one.

smitten.fun
Gaming
Pre-seed/Seed
Porcelain Fortress

Porcelain Fortress was founded by a small band of romantics in the summer of 2016 in Reykjavik, Iceland. Their mission is to develop simple, fun and well-polished games for the PC market.

porcelainfortress.com
Traveltech
Pre-seed/Seed
Paxflow

Empowering Tour & Activity operators to streamline operations. PaxFlow’s suite of tools helps to streamline, automate and increase operational efficiency, so tour operators can focus on their most important work.

paxflow.io
B2C & Entertainment software
Pre-seed/Seed
Overtune

Overtune equips you with the tools you need to make songs and short-form music content in only a few minutes.

overtune.com
Gaming
Pre-seed/Seed
Quest Portal

Quest Portal is the virtual tabletop for Game Masters who want to boost their storytelling and be confident about the games they run.

questportal.com
SaaS, Fintech & Cybersecurity
Early
Standby Deposits

An affordable alternative to traditional security deposits where landlords keep the same level of protection and renters keep their cash.

standby.io
Gaming
Pre-seed/Seed
Bunkhouse Games

Bunkhouse Games is an Icelandic game studio founded by industry veterans with a passion for gaming, creativity, and innovation. Our mission is to create multiplayer experiences that are all about collaboration, social connections and most importantly — having fun.

bunkhouse.games
Gaming
Pre-seed/Seed
Vitar Games

Vitar Games is developing a management strategy game, Dig In, for PC designed from the ground to bury the “myth” that World War 1 does not work in the genre. The Great War is an untapped pool of both ingenuine, as well as sinister ideas and technology that has not yet been fully implemented for gamers.

vitargames.com
B2C & Entertainment software
Pre-seed/Seed
Kosmi

Kosmi is a virtual entertainment hub for you and your friends or co-workers.

kosmi.io
Bio & Healthtech
Pre-seed/Seed
SkyrBiotics

SkyrBiotics® is dedicated to becoming the go-to solution for consumers and companies alike looking to experience the delicious joys of inner health. Many products like skyr and yogurt, though fermented, often lack identified, researched biotic strains with science-backed health benefits unless explicitly listed on the label. SkyrBiotics® bridges this gap by providing a clear solution, adhering to industry definitions, and documenting the specifics of strains to empower customers and companies alike!

skyrbiotics.com
SaaS, Fintech & Cybersecurity
Pre-seed/Seed
Glaze

Glaze is an easy way to build beautiful sales experiences for hospitality businesses. If your business has guests, you need Glaze!

glaze.is
Investments

Venture fund I

A USD 40 million venture fund launched in 2015 that invested in 11 companies. Brunnur I is currently working on growing and exiting its portfolio companies

Board of directors
Chairman
Guðbjörg Edda Eggertsdóttir
Board director
Hjörleifur Pálsson
Board director
Guðrún Tinna Ólafsdóttir
Alternate
Rut Steinsen
Alternate
Rögnvaldur J. Sæmundsson
Investments
All portfolio
Bio & Healthtech
IPO
Oculis

Oculis is a global biopharmaceutical company (Nasdaq/XICE: OCS) purposefully driven to save sight and improve eye care. Oculis’ highly differentiated pipeline comprises multiple innovative product candidates in development.

oculis.com
Climate & Industry 4.0
Growth
DTE

Real-world improvements in process efficiency, sustainability and safety for metal manufacturing and recycling. Until now, process control in the metal industry has been limited by the need to manually cast a solid sample from the melt for off-line analysis, delaying the feedback of vital information about the chemical composition of the molten metal.

dte.ai
SaaS, Fintech & Cybersecurity
Early
Nanitor

With the Nanitor solution you focus on improving your cybersecurity fundamentals systematically. Enable effective collaboration from top-level management with IT teams and remove the need for guesswork. Nanitor brings clarity to cybersecurity.

nanitor.com
SaaS, Fintech & Cybersecurity
Early
Avo

Avo helps data and product teams guarantee event data quality upstream, so they can build great user experiences.

avo.app
Climate & Industry 4.0
Early
Laki Power

Laki Power offers innovative, line-powered solutions for overhead transmission line monitoring, tackling key challenges faced by utilities globally.

lakipower.com
SaaS, Fintech & Cybersecurity
Early
Grid

Spreadsheets run the world...and GRID run spreadsheets. Their cutting-edge engine, fully compatible with Excel and Google Sheets, is the most advanced independent engine available today. For years it has powered interactive web models and calculators, and now they're leading the way in integrating spreadsheets with AI.

corporate.grid.is
B2C & Entertainment software
Exited
ATMO Select

Specializing in custom music atmosphere, sound integration systems and natural scent solutions for hospitality and branded retail.

atmoselect.com
Bio & Healthtech
Growth
EpiEndo Pharmaceuticals

A clinical-stage biopharmaceutical company with a unique approach to developing drugs for chronic inflammatory diseases, focusing on enhancing the epithelium.

epiendo.com
B2C & Entertainment software
Exited
IMS Vintage Photos

Preserving history and helping archives around the world by digitizing their physical images, photos, or prints! Experts in the digitization process of physical photographs, partnering with newspaper archives all over the world.

imsvintagephotos.com
Climate & Industry 4.0
Exited
ARK Technology

ARK Technology works on the development and implementation of solutions that increase sustainability and reduce waste at all levels.

B2C & Entertainment software
Exited
Ghostlamp

Giving users the insights they need to boost revenue, cut costs, and supercharge performance. Ghostlamp is an influencer marketing platform, supporting leading agencies in gaining competitive advantage in serving their customers by enabling them to set up a hyperlocal influencer campaign anywhere in the world.

linkedin.com/company/ghost-lamp/
Investments

Advisory board

Our advisory board is composed of experts from various industries and is available to us and our portfolio companies when needed. This access ensures that we receive valuable insights and advice when we face new challenges or projects.

Members
Advisory Board Member
Stefán Jökull Sveinsson
Advisory Board Member
Ragnhildur Ágústsdóttir
Advisory Board Member
Gunnhildur Arnardóttir
Advisory Board Member
David Helgason
Advisory Board Member
Prof. Þórarinn Guðjónsson
Advisory Board Member
Eyþór Jónsson
Advisory Board Member
Guðjón Már Guðjónsson
Advisory Board Member
Svanhvít Friðriksdóttir
Advisory Board Member
María Kristjánsdóttir