Crowberry Capital

Crowberry Capital is a venture capital firm based in Reykjavik, Iceland, focused on seed and early-stage technology startups across the Nordic region. The firm backs teams with strong technology advantages and supports building fast-growing, international companies that can scale beyond the Nordics. It emphasizes a hands-on approach throughout the investment cycle, from seed to exit. The team combines extensive experience in managing technology startups and exits with a global outlook gained from work in multiple countries. Investments span sectors such as health tech, software-as-a-service, fintech, gaming and consumer products, reflecting a broad tech mandate in the Nordic ecosystem.

Hekla Arnardóttir

Partner

Jenny Ruth Hrafnsdottir

Partner

Aron Jóhannsson

Analyst

Jack Peters

Investor

Helga Valfells

Managing Partner

43 past transactions

Quanscient

Series A in 2024
Quanscient develops multiphysics simulation software that leverages cloud computing and quantum algorithms to enhance simulation technology. Its platform integrates advanced solvers, cloud computing, and future quantum integration, offering engineers a significant increase in simulation throughput. This enables fully digital R&D processes across industries such as fusion energy, semiconductors, biomedical engineering, automotive, and aerospace.

Porcelain Fortress

Seed Round in 2024
Porcelain Fortress is a video game developer based in Reykjavik, Iceland, founded in 2016 by a small group of romantics. The company focuses on creating simple, fun, and well-polished PC games, aiming to provide players with a convenient and hassle-free gaming experience. Its offerings include games and related gaming consoles or platforms, highlighting a commitment to accessible and enjoyable gameplay for personal computer users.

Tiimo

Seed Round in 2024
Tiimo is a developer of a visual planning application tailored for individuals with neurodiversity, particularly those with ADHD and Autism. The app emphasizes accessibility and inclusion, allowing users to customize their planning experience according to their unique needs. Tiimo's features include the ability to create and repeat future activities, add checklists, and set reminders, all supported by a smart scheduler. This design aims to provide structure and visual support, helping users organize their lives, adhere to routines, and pursue personal goals in a visually engaging and motivating manner.

Social First

Seed Round in 2024
Social First is a seasoned game development studio specializing in cross-platform social sandbox MMOs. With a proven track record and successful early market testing, their current title showcases significant advancements in user-generated content, digital asset trading, and social gameplay. Backed by Play Ventures, they aim to become a billion-dollar company.

Prescriby

Seed Round in 2024
Prescriby develops a data-driven treatment management platform aimed at reducing opioid-related harm by improving prescription safety and monitoring, including a treatment generator and a dashboard monitor that simplify complex health information and enable clinics to deliver personalized treatment plans and safer, data-informed patient care.

Scaleup Finance

Seed Round in 2024
Scaleup Finance offers a subscription-based platform designed to enhance the management and administration of financial operations. By providing a digital Chief Financial Officer service and a CXO cockpit for financial management, it enables startups to optimize their finances, allowing them to focus on core business activities.

Saidot

Seed Round in 2023
Saidot is an AI governance and alignment company that provides a software platform to help enterprises and governments build safe, trustworthy AI. The platform supports registers of AI systems that are transparent, accountable, and explainable, and offers governance methodologies aligned with ethical standards and regulatory requirements. It is used by major public and private organizations to communicate about AI and to guide responsible deployment of AI-driven initiatives.

Rocky Road

Seed Round in 2023
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.

Ellie.ai

Seed Round in 2023
Ellie.ai is a Helsinki-based company that provides a product design and collaboration platform tailored for data teams. It assists businesses in understanding their needs and validating product ideas before investing in complex and expensive data pipelines. This helps ensure that data initiatives deliver tangible business value. The platform is used by leading enterprises across various sectors, including Healthcare, Telco, Energy, and IT, globally, from Canada to New Zealand.

SNERPA Power

Seed Round in 2023
SNERPA Power develops intelligent energy services.

Embla

Series A in 2023
Founded in 2021, Embla specializes in online medical weight loss treatment. It offers evidence-based treatments, digital tools, medication, and coaching to facilitate sustainable weight loss.

Dreamdata

Series A in 2022
Dreamdata provides a B2B go-to-market data platform that ingests all GTM data, builds a complete customer journey model, and supports outcome-based analytics. It offers attribution and ROI analyses, insights into buyer signals and performance benchmarks, and enables marketers to act on insights by triggering audiences in advertising and marketing automation systems. By unifying data and automating insights, Dreamdata helps marketing and sales teams measure effectiveness, optimize budgets, and scale initiatives while uncovering new tactics along the buyer journey.

GreenBytes

Pre Seed Round in 2022
GreenBytes is a restaurant management tool that optimizes ordering and inventory for restaurants. The platform uses artificial intelligence to improve procurement, automate stock tracking, and organize menu data while providing order suggestions, supporting distributor coordination and updating inventory automatically based on sales to reduce food waste and improve operational efficiency.

Tiimo

Seed Round in 2022
Tiimo is a developer of a visual planning application tailored for individuals with neurodiversity, particularly those with ADHD and Autism. The app emphasizes accessibility and inclusion, allowing users to customize their planning experience according to their unique needs. Tiimo's features include the ability to create and repeat future activities, add checklists, and set reminders, all supported by a smart scheduler. This design aims to provide structure and visual support, helping users organize their lives, adhere to routines, and pursue personal goals in a visually engaging and motivating manner.

Embla

Seed Round in 2022
Founded in 2021, Embla specializes in online medical weight loss treatment. It offers evidence-based treatments, digital tools, medication, and coaching to facilitate sustainable weight loss.

Lucinity

Series B in 2022
Lucinity Holding ehf. is a Reykjavík-based company founded in 2018 that specializes in developing advanced software solutions for financial crime compliance, specifically focusing on anti-money laundering (AML) efforts. The company's flagship product, ClearLens, equips financial institutions with tools to detect suspicious behavior patterns, streamline case evaluations, and enhance the overall efficiency of their AML surveillance teams. By integrating augmented intelligence and generative AI, Lucinity aims to reduce review times, improve insights, and optimize operational processes. The platform empowers banks, fintech companies, and payment service providers to better navigate regulatory requirements and mitigate risks associated with money laundering activities. With an additional office located in New York City, Lucinity is recognized for its innovative approach and commitment to delivering exceptional user experiences in the financial compliance sector.

GemmaQ

Pre Seed Round in 2022
GemmaQ is a diversity fintech company that provides a gender data platform to visualize leadership balance across large companies. The platform rates organizations based on leadership gender diversity to illustrate women's real economic impact in the market and color codes levels of diversity to analyze power distribution. It supplies current ratings and tracks annual changes in corporate leadership, enabling clients to act on insights and invest directly in gender diversity through a gender-lens approach. The solution supports transparency around leadership composition and offers real-time data to help clients assess diversity-related risks and opportunities. GemmaQ targets investors, advisors, and corporate buyers seeking to align portfolios and governance practices with gender equality goals. The company combines data analytics with an emphasis on actionable intelligence to drive capital toward organizations that advance gender parity.

Garden

Series A in 2022
Garden is a Kubernetes-based platform that streamlines software development by providing ephemeral testing and preview environments. It enables developers to receive fast feedback during the integration tests, manual QA, and development stages. Garden's open-source core is available on GitHub, with an enterprise edition also offered for fully supported use.

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 Industries

Series B in 2021
Mainframe Industries is a game development company founded in 2019, with headquarters in both Helsinki, Finland, and Reykjavik, Iceland. The company specializes in creating an open-world, social sandbox MMO designed for cloud gaming, which enables cross-platform play across mobile devices, PCs, and televisions. By leveraging the expertise of teams with backgrounds in AAA, MMO, and mobile gaming, Mainframe aims to enhance the gaming experience through friction-free access from social networks and streaming platforms. This innovative approach is intended to broaden the creative possibilities for game developers and provide players with immersive gaming experiences.

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 Games

Venture Round in 2021
Founded in 2015 by former CCP veterans, 1939 Games is an Icelandic indie game development studio specializing in World War II-themed gaming experiences. Their flagship product is KARDS, a digital collectible card game that blends familiar card game elements with classic WWII gaming.

Clutch

Pre Seed Round in 2021
Clutch is on a mission to build the future of sports with an AI-powered camera infrastructure that automates content creation and coaching.

Fractal 5

Seed Round in 2021
Fractal 5 is a company founded in 2020 by Gudmundur Hafsteinsson, focused on developing a social media platform that integrates social networking with practical utility. The platform facilitates interaction and connection among users, allowing them to stay updated and engage effectively. By providing tools for both users and creators, Fractal 5 aims to enhance network growth and foster productive relationships within its community.

Katla

Pre Seed Round in 2020
Katla is a sustainable fashion company specializing in women's apparel. It offers an extensive range of eco-friendly clothing items such as dresses, jumpsuits, skirts, and shirts, all manufactured on demand.

Dreamdata

Seed Round in 2020
Dreamdata provides a B2B go-to-market data platform that ingests all GTM data, builds a complete customer journey model, and supports outcome-based analytics. It offers attribution and ROI analyses, insights into buyer signals and performance benchmarks, and enables marketers to act on insights by triggering audiences in advertising and marketing automation systems. By unifying data and automating insights, Dreamdata helps marketing and sales teams measure effectiveness, optimize budgets, and scale initiatives while uncovering new tactics along the buyer journey.

Garden

Seed Round in 2020
Garden is a Kubernetes-based platform that streamlines software development by providing ephemeral testing and preview environments. It enables developers to receive fast feedback during the integration tests, manual QA, and development stages. Garden's open-source core is available on GitHub, with an enterprise edition also offered for fully supported use.

Avo

Seed Round in 2020
Avo develops software aimed at enhancing the accuracy of product analytics by preventing human errors during implementation. The company's platform provides tools for defining event-based analytics and generating customized tracking libraries. These tools serve as a validation mechanism for developers, ensuring that analytics are correctly implemented according to design specifications. By functioning like a spell-checker for data quality and a type-checker for developers, Avo enables users to confidently track and analyze data while minimizing the risk of mistakes in their analytics processes.

Lucinity

Series A in 2020
Lucinity Holding ehf. is a Reykjavík-based company founded in 2018 that specializes in developing advanced software solutions for financial crime compliance, specifically focusing on anti-money laundering (AML) efforts. The company's flagship product, ClearLens, equips financial institutions with tools to detect suspicious behavior patterns, streamline case evaluations, and enhance the overall efficiency of their AML surveillance teams. By integrating augmented intelligence and generative AI, Lucinity aims to reduce review times, improve insights, and optimize operational processes. The platform empowers banks, fintech companies, and payment service providers to better navigate regulatory requirements and mitigate risks associated with money laundering activities. With an additional office located in New York City, Lucinity is recognized for its innovative approach and commitment to delivering exceptional user experiences in the financial compliance sector.

1939 Games

Venture Round in 2020
Founded in 2015 by former CCP veterans, 1939 Games is an Icelandic indie game development studio specializing in World War II-themed gaming experiences. Their flagship product is KARDS, a digital collectible card game that blends familiar card game elements with classic WWII gaming.

Mainframe Industries

Series A in 2020
Mainframe Industries is a game development company founded in 2019, with headquarters in both Helsinki, Finland, and Reykjavik, Iceland. The company specializes in creating an open-world, social sandbox MMO designed for cloud gaming, which enables cross-platform play across mobile devices, PCs, and televisions. By leveraging the expertise of teams with backgrounds in AAA, MMO, and mobile gaming, Mainframe aims to enhance the gaming experience through friction-free access from social networks and streaming platforms. This innovative approach is intended to broaden the creative possibilities for game developers and provide players with immersive gaming experiences.

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 Industries

Seed Round in 2019
Mainframe Industries is a game development company founded in 2019, with headquarters in both Helsinki, Finland, and Reykjavik, Iceland. The company specializes in creating an open-world, social sandbox MMO designed for cloud gaming, which enables cross-platform play across mobile devices, PCs, and televisions. By leveraging the expertise of teams with backgrounds in AAA, MMO, and mobile gaming, Mainframe aims to enhance the gaming experience through friction-free access from social networks and streaming platforms. This innovative approach is intended to broaden the creative possibilities for game developers and provide players with immersive gaming experiences.

Lucinity

Seed Round in 2019
Lucinity Holding ehf. is a Reykjavík-based company founded in 2018 that specializes in developing advanced software solutions for financial crime compliance, specifically focusing on anti-money laundering (AML) efforts. The company's flagship product, ClearLens, equips financial institutions with tools to detect suspicious behavior patterns, streamline case evaluations, and enhance the overall efficiency of their AML surveillance teams. By integrating augmented intelligence and generative AI, Lucinity aims to reduce review times, improve insights, and optimize operational processes. The platform empowers banks, fintech companies, and payment service providers to better navigate regulatory requirements and mitigate risks associated with money laundering activities. With an additional office located in New York City, Lucinity is recognized for its innovative approach and commitment to delivering exceptional user experiences in the financial compliance sector.

Kind

Seed Round in 2019
Kind is a developer of a secure cloud platform designed to enhance communication and knowledge sharing in the healthcare sector. The platform enables healthcare providers to broadcast messages to multiple contacts simultaneously, customize essential documents using templates, and create, archive, and share posts from a comprehensive library. Additionally, it offers tools for automating and tracking patient journeys, thereby saving valuable time for medical practitioners. By providing a structured and transparent communication solution, Kind aims to make healthcare more accessible and efficient for organizations of all sizes.

1939 Games

Seed Round in 2019
Founded in 2015 by former CCP veterans, 1939 Games is an Icelandic indie game development studio specializing in World War II-themed gaming experiences. Their flagship product is KARDS, a digital collectible card game that blends familiar card game elements with classic WWII gaming.

Monerium

Seed Round in 2019
Monerium is a regulated financial services company that issues global e-money, enabling individuals and businesses to store and transact with digital euros on the blockchain. Founded in 2015, it operates an on-chain fiat platform that connects traditional bank accounts with web3 wallets, offering an authorized euro token across multiple blockchains, instant web3 IBAN transfers, and developer-friendly APIs. The company aims to provide fast, low-cost, borderless digital euro payments with legal clarity and security across Europe and beyond.

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 Games

Seed Round in 2018
Founded in 2015 by former CCP veterans, 1939 Games is an Icelandic indie game development studio specializing in World War II-themed gaming experiences. Their flagship product is KARDS, a digital collectible card game that blends familiar card game elements with classic WWII gaming.

Aldin Dynamics

Seed Round in 2018
Aldin Dynamics is an Icelandic virtual reality software company founded in early 2013, dedicated to creating immersive and realistic virtual reality experiences. The company focuses on innovative storytelling through the integration of virtual reality and artificial intelligence, employing advanced XR technologies and design methods developed over the years. A key feature of Aldin's technology is behavior analysis, which enhances the realism of AI character interactions. This foundation supports the Ghostline XR toolsuite, designed to aid in the creation of engaging immersive content. Aldin's flagship experience, Waltz of the Wizard, has attracted over 250,000 users and received recognition for its interaction design. The company aims to push the boundaries of interactive storytelling while providing valuable analytics that help game developers enhance VR game design.

Kara Connect

Seed Round in 2018
Founded in 2014, Kara Connect operates a tele-practice platform that connects service providers in healthcare and education with patients and organizations. Its platform facilitates professional help, including therapy, counseling, coaching, and educational services.

Travelade

Seed Round in 2017
Travelade, Inc. is a travel platform that enables millennials to discover and book tailored travel activities based on their preferences. Founded in 2016 and headquartered in Reykjavik, Iceland, with an additional office in Palo Alto, California, the company focuses on providing authentic travel experiences. Users can plan their activities using insights from travel bloggers and professional tour operators, as well as create and customize their own travel guides, known as Wanderguides, to share tips and recommendations. This innovative approach allows individuals to resell local tours and activities for a commission, transforming how travel recommendations are shared and enhancing the overall travel experience.

Augmented Hearing

Augmented Hearing develops an advanced audio processing platform that employs artificial intelligence, machine learning, acoustic modeling, and psychoacoustics. This platform enhances speech clarity in real-time by reducing background noise, improving intelligibility, and minimizing cognitive load. Its applications span various fields such as voice assistants, hearing health, and noise suppression in phone calls, aiming to boost workplace efficiency.
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