Crowberry Capital

Crowberry Capital is a venture capital firm established in 2017 and based in Reykjavik, Iceland. The firm specializes in investing in seed and early-stage technology startups in the Nordic region. With a focus on outstanding teams building globally competitive businesses, Crowberry Capital emphasizes a strong follow-through philosophy, supporting companies from initial funding through to exit. The founding partners have a long-standing collaborative history, having worked together for over seven years. The team has extensive experience, having managed over 51 technology startups, negotiated 15 exits, and made 17 seed investments. Crowberry Capital's members bring a global perspective, having lived and worked in eight countries across four continents.

Hekla Arnardóttir

Founding Partner

Jenný Ruth Hrafnsdóttir

Founding Partner

Aron Jóhannsson

Analyst

Jack Peters

Investor

Helga Valfells

Founding and Managing Partner

26 past transactions

Lucinity

Series B in 2022
Lucinity Holding ehf. is a company that specializes in anti-money laundering (AML) solutions, offering a platform called ClearLens designed for financial institutions. Founded in 2018 and headquartered in Reykjavík, Iceland, with an additional office in New York, Lucinity focuses on helping clients detect suspicious behavior patterns and enhance operational efficiency in their AML efforts. The ClearLens platform supports surveillance teams by enabling them to identify suspicious activities, conduct pre-evaluations, review cases, and produce case summaries. It also facilitates the collection of micro-feedback to improve performance over time. By streamlining compliance processes, Lucinity aims to empower banks, fintech companies, and payment service providers to effectively combat money laundering and reduce false positives in their investigations.

Garden

Series A in 2022
Garden is a Kubernetes testing platform for every step of the development process. The widespread adoption of cloud native technologies such as containers and Kubernetes has made it easier than ever to operate and scale applications. But important developer workflows have been overlooked or neglected along the way. Many developers find that they’re now less productive than they were before the cloud native era. Testing is a critical part of the development process and one that’s in need of a major upgrade. Modern cloud native testing practices are largely driven by what’s feasible rather than what’s useful. Developers working on distributed microservices applications have been left without an efficient way to build, run tests, and troubleshoot in a production-like environment. Garden makes it easy to spin up ephemeral testing and preview environments for integration tests, manual QA, and development. With Garden, developers get fast feedback exactly when they need it, and DevOps teams are no longer bogged down with provisioning and managing ad hoc environments. The open source Garden Core is available on GitHub: https://github.com/garden-io/garden We also offer a fully supported enterprise edition: https://garden.io/product/

Rocky Road

Seed Round in 2022
Rocky Road is a developer focused on creating social games that promote player interaction and relationship building. The company's flagship product aims to be the first casual open-world mobile game utilizing real-world map data. This innovative approach allows players to navigate a familiar environment while engaging with others in a simple, accessible format. By emphasizing ease of use, Rocky Road provides a platform where gamers can socialize, meet new people, and foster long-lasting connections in an immersive gaming experience.

Mainframe

Series B in 2021
Mainframe Industries is a Reykjavik, Iceland and Helsinki, Finland-based startup working on the development of an open world, social sandbox MMO for cloud gaming.The company will will work on an open-world, social sandbox MMO specifically designed for cloud gaming, with cross-platform play across mobile, PC, and TV. Mainframe believes that the promise of friction-free access from social networks and streaming platforms on the device of your choice will greatly expand the creative canvas for game developers.

Elsa

Seed Round in 2021
Elsa Science AB, founded in 2017 and based in Stockholm, Sweden, operates a digital health platform focused on rheumatoid arthritis. The company empowers patients to take an active role in their healthcare by providing tools that facilitate personal research into their condition. Through its application, users can monitor symptoms, diet, and lifestyle factors, gaining insights into how these elements influence their disease activity. Elsa collaborates with the Riskminder foundation and scientific studies at Karolinska Institutet to deliver reliable data and research findings. By enabling patients to track their responses to medications and overall health status, Elsa supports healthcare professionals in managing chronic diseases more effectively, improving treatment personalization and proactive care.

1939

Venture Round in 2021
1939 Games ehf. is an indie game development studio based in Reykjavík, Iceland, founded in 2015 by former veterans of CCP. The company specializes in creating World War II-themed gaming experiences, with a primary focus on developing a digital collectible card game titled KARDS. This game integrates familiar elements from the card game genre while incorporating classic World War II themes, aiming to deliver an engaging and action-packed experience for players. By blending historical facts with gameplay, 1939 Games seeks to provide a unique role-playing experience that appeals to both card game enthusiasts and history buffs alike.

Clutch

Pre Seed Round in 2021
Clutch uses on-device AI to turn every smartphone into the world's best virtual coach and the first social platform for racket sports. The co-founders come from the intersection of pro badminton and tech.

Fractal 5

Seed Round in 2021
Fractal 5 is a Reykjavik-based startup founded in 2020 by Gudmundur Hafsteinsson, recently emerging from stealth mode to launch a new social media platform. This platform aims to blend social networking with practical utility, facilitating interactions among users while helping creators expand their networks effectively. By focusing on meaningful connections and updates, Fractal 5 seeks to enhance the user experience in the digital social landscape.

Katla

Pre Seed Round in 2020
Manufacturer of sustainable loungewear intended to offer environmentally friendly clothing for women. The company provides a variety of clothing options for women like dresses, jumpsuits, skirts, and tops among others, enabling customers to purchase eco-friendly, ethically sourced, and animal-friendly clothing options digitally and get them delivered to their doorstep.

Dreamdata

Seed Round in 2020
Dreamdata is a Copenhagen-based company that specializes in B2B revenue attribution through its software solution, designed to help enterprises track and optimize their marketing channels and activities. Founded in 2018, Dreamdata addresses the challenges marketers face in connecting their activities to revenue amidst complex buyer journeys and numerous touchpoints. The platform integrates various commercial data sources with behavioral data to provide a comprehensive view of the customer journey, enabling users to analyze the effectiveness of individual campaigns and their return on investment. Dreamdata empowers small to midsize B2B companies to make data-driven decisions by offering actionable insights into marketing performance, helping them identify which campaigns to scale or discontinue. Its user-friendly interface allows for detailed attribution analysis across pipeline stages, fostering alignment between marketing and sales teams. With Dreamdata, organizations can enhance transparency in their revenue generation efforts, often resulting in significant improvements in marketing ROI.

Garden

Seed Round in 2020
Garden is a Kubernetes testing platform for every step of the development process. The widespread adoption of cloud native technologies such as containers and Kubernetes has made it easier than ever to operate and scale applications. But important developer workflows have been overlooked or neglected along the way. Many developers find that they’re now less productive than they were before the cloud native era. Testing is a critical part of the development process and one that’s in need of a major upgrade. Modern cloud native testing practices are largely driven by what’s feasible rather than what’s useful. Developers working on distributed microservices applications have been left without an efficient way to build, run tests, and troubleshoot in a production-like environment. Garden makes it easy to spin up ephemeral testing and preview environments for integration tests, manual QA, and development. With Garden, developers get fast feedback exactly when they need it, and DevOps teams are no longer bogged down with provisioning and managing ad hoc environments. The open source Garden Core is available on GitHub: https://github.com/garden-io/garden We also offer a fully supported enterprise edition: https://garden.io/product/

Avo

Seed Round in 2020
Avo creates one source of truth for analytics events and generates personalized tracking libraries that give developers dev time validation that implementation is correct. Avo is a toolbox (UI and dev tool) to define event based analytics, and generate personalized tracking libraries that provide dev time validation of correct implementation. It's like a spell-checker for people to define quality data, and a type-checker for developers to make sure they send analytics according to design.

Avo

Seed Round in 2020
Avo creates one source of truth for analytics events and generates personalized tracking libraries that give developers dev time validation that implementation is correct. Avo is a toolbox (UI and dev tool) to define event based analytics, and generate personalized tracking libraries that provide dev time validation of correct implementation. It's like a spell-checker for people to define quality data, and a type-checker for developers to make sure they send analytics according to design.

Lucinity

Series A in 2020
Lucinity Holding ehf. is a company that specializes in anti-money laundering (AML) solutions, offering a platform called ClearLens designed for financial institutions. Founded in 2018 and headquartered in Reykjavík, Iceland, with an additional office in New York, Lucinity focuses on helping clients detect suspicious behavior patterns and enhance operational efficiency in their AML efforts. The ClearLens platform supports surveillance teams by enabling them to identify suspicious activities, conduct pre-evaluations, review cases, and produce case summaries. It also facilitates the collection of micro-feedback to improve performance over time. By streamlining compliance processes, Lucinity aims to empower banks, fintech companies, and payment service providers to effectively combat money laundering and reduce false positives in their investigations.

1939

Venture Round in 2020
1939 Games ehf. is an indie game development studio based in Reykjavík, Iceland, founded in 2015 by former veterans of CCP. The company specializes in creating World War II-themed gaming experiences, with a primary focus on developing a digital collectible card game titled KARDS. This game integrates familiar elements from the card game genre while incorporating classic World War II themes, aiming to deliver an engaging and action-packed experience for players. By blending historical facts with gameplay, 1939 Games seeks to provide a unique role-playing experience that appeals to both card game enthusiasts and history buffs alike.

Mainframe

Series A in 2020
Mainframe Industries is a Reykjavik, Iceland and Helsinki, Finland-based startup working on the development of an open world, social sandbox MMO for cloud gaming.The company will will work on an open-world, social sandbox MMO specifically designed for cloud gaming, with cross-platform play across mobile, PC, and TV. Mainframe believes that the promise of friction-free access from social networks and streaming platforms on the device of your choice will greatly expand the creative canvas for game developers.

Elsa

Seed Round in 2020
Elsa Science AB, founded in 2017 and based in Stockholm, Sweden, operates a digital health platform focused on rheumatoid arthritis. The company empowers patients to take an active role in their healthcare by providing tools that facilitate personal research into their condition. Through its application, users can monitor symptoms, diet, and lifestyle factors, gaining insights into how these elements influence their disease activity. Elsa collaborates with the Riskminder foundation and scientific studies at Karolinska Institutet to deliver reliable data and research findings. By enabling patients to track their responses to medications and overall health status, Elsa supports healthcare professionals in managing chronic diseases more effectively, improving treatment personalization and proactive care.

Mainframe

Seed Round in 2019
Mainframe Industries is a Reykjavik, Iceland and Helsinki, Finland-based startup working on the development of an open world, social sandbox MMO for cloud gaming.The company will will work on an open-world, social sandbox MMO specifically designed for cloud gaming, with cross-platform play across mobile, PC, and TV. Mainframe believes that the promise of friction-free access from social networks and streaming platforms on the device of your choice will greatly expand the creative canvas for game developers.

Lucinity

Seed Round in 2019
Lucinity Holding ehf. is a company that specializes in anti-money laundering (AML) solutions, offering a platform called ClearLens designed for financial institutions. Founded in 2018 and headquartered in Reykjavík, Iceland, with an additional office in New York, Lucinity focuses on helping clients detect suspicious behavior patterns and enhance operational efficiency in their AML efforts. The ClearLens platform supports surveillance teams by enabling them to identify suspicious activities, conduct pre-evaluations, review cases, and produce case summaries. It also facilitates the collection of micro-feedback to improve performance over time. By streamlining compliance processes, Lucinity aims to empower banks, fintech companies, and payment service providers to effectively combat money laundering and reduce false positives in their investigations.

Kind

Seed Round in 2019
We want all healthcare providers to enjoy the benefits of modern communication. Kind is a secure cloud platform for communication and knowledge sharing. We meet the needs of organizations of all sizes with our flexible subscription model.

Monerium

Seed Round in 2019
Monerium ehf. is a regulated financial services company based in Reykjavik, Iceland, specializing in the issuance of asset-backed, redeemable electronic money on blockchains. Founded in 2015, Monerium aims to make currency transactions more accessible, secure, and straightforward by allowing individuals to store and utilize virtual currency without relying on traditional financial institutions. The company operates in Sweden, the United States, and the United Kingdom, and its platform supports both traditional and decentralized finance. Monerium has developed e-money tokens (EMTs) for use on blockchain networks, with its first release, Smart Money, launched on Ethereum in 2019. The company has raised $2 million in funding from investors, including ConsenSys and Crowberry Capital, to further its mission of providing a seamless alternative to fiat currency transactions.

Elsa

Seed Round in 2018
Elsa Science AB, founded in 2017 and based in Stockholm, Sweden, operates a digital health platform focused on rheumatoid arthritis. The company empowers patients to take an active role in their healthcare by providing tools that facilitate personal research into their condition. Through its application, users can monitor symptoms, diet, and lifestyle factors, gaining insights into how these elements influence their disease activity. Elsa collaborates with the Riskminder foundation and scientific studies at Karolinska Institutet to deliver reliable data and research findings. By enabling patients to track their responses to medications and overall health status, Elsa supports healthcare professionals in managing chronic diseases more effectively, improving treatment personalization and proactive care.

1939

Seed Round in 2018
1939 Games ehf. is an indie game development studio based in Reykjavík, Iceland, founded in 2015 by former veterans of CCP. The company specializes in creating World War II-themed gaming experiences, with a primary focus on developing a digital collectible card game titled KARDS. This game integrates familiar elements from the card game genre while incorporating classic World War II themes, aiming to deliver an engaging and action-packed experience for players. By blending historical facts with gameplay, 1939 Games seeks to provide a unique role-playing experience that appeals to both card game enthusiasts and history buffs alike.

Aldin

Seed Round in 2018
Aldin® is an Icelandic VR software company founded in early 2013, focused on creating believable virtual reality experiences and technologies to sustain presence & immersion. Since its founding, the Aldin team has passionately worked towards capturing experiences that are only possible in VR, in ways that entertain and inspire diverse audiences. To achieve believable reality experiences Aldin has built a base of new XR technologies, design methods and production techniques over the course of several years. A cornerstone of the company’s technological foundation is behavior analysis, enabling more convincing VR AI character reactions and powering the Ghostline® XR toolsuite to enhance design and production of immersive content. Over 250,000 users have played Waltz of the Wizard®, Aldin's most recent experience, which was an honoree in the 2016 Proto Awards for Best Interaction Design and held the #1 spot as the highest rated VR app on Steam in 2017.

Kara Connect

Seed Round in 2018
Kara Connect ehf. is a Reykjavík-based company founded in 2014 that specializes in a tele practice platform designed to connect service providers in healthcare and education with patients and organizations seeking professional assistance. The platform facilitates remote access to a range of services, allowing clients to receive support from therapists, healthcare specialists, and educators through a web-based solution, thus promoting more flexible treatment options. In addition to individual access, Kara Connect offers customized wellness hubs for companies, catering to the diverse needs of their employees. By providing access to various professionals across multiple countries, the company aims to enhance the availability of therapy, education, and other services, ultimately empowering human potential across health and welfare sectors.

Travelade

Seed Round in 2017
Travelade, Inc. is a travel platform that assists millennials in discovering and booking travel activities tailored to their preferences. Founded in 2016 and headquartered in Reykjavik, Iceland, with an additional office in Palo Alto, California, the company enables users to plan their trips using insights from travel bloggers and professional tour operators. Travelade offers the world's largest collection of crowdsourced travel guides, allowing users to create and customize their own Wanderguide, which can be shared and monetized by reselling local tours and activities. The platform aims to enhance the travel experience by making it easier for individuals to access authentic holiday activities and recommendations.
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