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

Past deals in Iceland

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.

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.

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.

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.

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.

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.

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.

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.
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