Crowberry 1

Crowberry Capital, established in 2017 and based in Reykjavik, Iceland, is a venture capital firm focusing on seed and early-stage investments in Nordic technology startups. The company invests across various sectors, including gaming, SaaS, health tech, and fintech, with a global outlook shaped by its team's diverse international experience. Crowberry Capital supports exceptional teams building scalable, international businesses, providing follow-on funding and backing them from seed to exit. The firm's partners, who have worked together for over seven years, have managed over 51 technology start-ups, negotiated 15 exits, and made 17 seed investments.

Hekla Arnardottir

Founding Partner

Jenny Ruth Hrafnsdottir

Founding Partner

Aron Jóhannsson

Associate

Jack Peters

Investment Manager

Helga Valfells

Co-Founding Partner and Managing Partner

Past deals in Iceland

Porcelain Fortress

Seed Round in 2024
Porcelain Fortress, founded in the summer of 2016 in Reykjavik, Iceland, is a video game development company focused on creating simple, enjoyable, and well-polished games for the PC market. The company aims to provide clients with a convenient and hassle-free gaming experience through its diverse range of products, which include both PC games and console offerings. With a commitment to quality and user satisfaction, Porcelain Fortress caters to gamers seeking engaging entertainment.

Lucinity

Series B in 2022
Lucinity Holding ehf. is a company that specializes in anti-money laundering solutions through its platform, ClearLens. Founded in 2018 and headquartered in Reykjavík, Iceland, with an additional office in New York, Lucinity focuses on helping financial institutions like banks and fintech companies detect and prevent money laundering. The ClearLens platform enhances the capabilities of anti-money laundering teams by enabling them to identify suspicious behavior patterns, conduct pre-evaluations, review cases, and streamline compliance processes. By utilizing advanced technologies, including augmented intelligence and generative AI, Lucinity improves operational efficiency, reduces false positives, and continuously enhances the review process. The company's commitment to innovation and user experience has positioned it as a trusted partner for organizations seeking to navigate regulatory requirements and mitigate financial crime risks effectively.

Mainframe Industries

Series B in 2021
Mainframe Industries is a gaming development company founded in 2019, with headquarters in Helsinki, Finland, and a presence in Reykjavik, Iceland. The company specializes in creating an open-world, social sandbox MMO designed for cloud gaming. With a team that combines expertise in AAA, MMO, and mobile game development, Mainframe Industries aims to deliver a unique gaming experience that supports cross-platform play across mobile devices, PCs, and televisions. The company emphasizes the potential of friction-free access through social networks and streaming platforms to enhance the creativity and engagement of game developers and players alike.

1939

Venture Round in 2021
1939 Games is an independent game development studio located in Reykjavik, Iceland, specializing in World War II-themed gaming experiences. Founded in 2015 by former CCP veterans, the studio is currently focused on its flagship project, KARDS, a digital collectible card game. This game combines elements typical of the card game genre with the immersive aspects of classic WWII gaming, aiming to create an engaging and action-packed experience for players. By merging historical facts with gameplay, 1939 Games seeks to provide a unique platform that offers both entertainment and educational value related to significant historical events.

Lucinity

Series A in 2020
Lucinity Holding ehf. is a company that specializes in anti-money laundering solutions through its platform, ClearLens. Founded in 2018 and headquartered in Reykjavík, Iceland, with an additional office in New York, Lucinity focuses on helping financial institutions like banks and fintech companies detect and prevent money laundering. The ClearLens platform enhances the capabilities of anti-money laundering teams by enabling them to identify suspicious behavior patterns, conduct pre-evaluations, review cases, and streamline compliance processes. By utilizing advanced technologies, including augmented intelligence and generative AI, Lucinity improves operational efficiency, reduces false positives, and continuously enhances the review process. The company's commitment to innovation and user experience has positioned it as a trusted partner for organizations seeking to navigate regulatory requirements and mitigate financial crime risks effectively.

1939

Venture Round in 2020
1939 Games is an independent game development studio located in Reykjavik, Iceland, specializing in World War II-themed gaming experiences. Founded in 2015 by former CCP veterans, the studio is currently focused on its flagship project, KARDS, a digital collectible card game. This game combines elements typical of the card game genre with the immersive aspects of classic WWII gaming, aiming to create an engaging and action-packed experience for players. By merging historical facts with gameplay, 1939 Games seeks to provide a unique platform that offers both entertainment and educational value related to significant historical events.

Mainframe Industries

Series A in 2020
Mainframe Industries is a gaming development company founded in 2019, with headquarters in Helsinki, Finland, and a presence in Reykjavik, Iceland. The company specializes in creating an open-world, social sandbox MMO designed for cloud gaming. With a team that combines expertise in AAA, MMO, and mobile game development, Mainframe Industries aims to deliver a unique gaming experience that supports cross-platform play across mobile devices, PCs, and televisions. The company emphasizes the potential of friction-free access through social networks and streaming platforms to enhance the creativity and engagement of game developers and players alike.

Mainframe Industries

Seed Round in 2019
Mainframe Industries is a gaming development company founded in 2019, with headquarters in Helsinki, Finland, and a presence in Reykjavik, Iceland. The company specializes in creating an open-world, social sandbox MMO designed for cloud gaming. With a team that combines expertise in AAA, MMO, and mobile game development, Mainframe Industries aims to deliver a unique gaming experience that supports cross-platform play across mobile devices, PCs, and televisions. The company emphasizes the potential of friction-free access through social networks and streaming platforms to enhance the creativity and engagement of game developers and players alike.

Lucinity

Seed Round in 2019
Lucinity Holding ehf. is a company that specializes in anti-money laundering solutions through its platform, ClearLens. Founded in 2018 and headquartered in Reykjavík, Iceland, with an additional office in New York, Lucinity focuses on helping financial institutions like banks and fintech companies detect and prevent money laundering. The ClearLens platform enhances the capabilities of anti-money laundering teams by enabling them to identify suspicious behavior patterns, conduct pre-evaluations, review cases, and streamline compliance processes. By utilizing advanced technologies, including augmented intelligence and generative AI, Lucinity improves operational efficiency, reduces false positives, and continuously enhances the review process. The company's commitment to innovation and user experience has positioned it as a trusted partner for organizations seeking to navigate regulatory requirements and mitigate financial crime risks effectively.

1939

Seed Round in 2019
1939 Games is an independent game development studio located in Reykjavik, Iceland, specializing in World War II-themed gaming experiences. Founded in 2015 by former CCP veterans, the studio is currently focused on its flagship project, KARDS, a digital collectible card game. This game combines elements typical of the card game genre with the immersive aspects of classic WWII gaming, aiming to create an engaging and action-packed experience for players. By merging historical facts with gameplay, 1939 Games seeks to provide a unique platform that offers both entertainment and educational value related to significant historical events.

1939

Seed Round in 2018
1939 Games is an independent game development studio located in Reykjavik, Iceland, specializing in World War II-themed gaming experiences. Founded in 2015 by former CCP veterans, the studio is currently focused on its flagship project, KARDS, a digital collectible card game. This game combines elements typical of the card game genre with the immersive aspects of classic WWII gaming, aiming to create an engaging and action-packed experience for players. By merging historical facts with gameplay, 1939 Games seeks to provide a unique platform that offers both entertainment and educational value related to significant historical events.

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
Kara Connect ehf. is a telepractice platform based in Reykjavík, Iceland, established in 2014. The platform connects service providers in healthcare and education with patients and organizations seeking professional assistance. It offers a customized wellness hub designed specifically for companies, enabling employees to access high-quality coaching, counseling, and therapy services tailored to their individual needs. By facilitating access to a diverse range of professionals, including therapists and educators, Kara Connect aims to enhance the availability of support in the health, welfare, and educational sectors, thereby empowering individuals and organizations to improve their well-being and potential.
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