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 Nordic Europe

Porcelain Fortress

Seed Round in 2024
Porcelain Fortress, founded in the summer of 2016 in Reykjavik, Iceland, is a video game development company dedicated to creating simple, fun, and well-polished games for the PC market. The company focuses on delivering high-quality gaming experiences that allow players to enjoy their favorite games conveniently and without complications. Through its commitment to innovation and quality, Porcelain Fortress aims to engage a diverse audience of gamers while fostering a passion for entertaining and accessible gameplay.

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.

Embla

Series A in 2023
Embla is a Copenhagen-based company founded in 2021 that specializes in online medical weight loss treatment. The company offers evidence-based solutions, combining prescription medications with personalized coaching and digital tools to support sustainable weight loss. Embla's platform includes a mobile application that provides expert-led diet and exercise programs, along with guidance on sleep and body movement, ensuring users receive comprehensive support throughout their weight management journey. By integrating these elements, Embla aims to facilitate effective and lasting weight loss for its patients.

Embla

Seed Round in 2022
Embla is a Copenhagen-based company founded in 2021 that specializes in online medical weight loss treatment. The company offers evidence-based solutions, combining prescription medications with personalized coaching and digital tools to support sustainable weight loss. Embla's platform includes a mobile application that provides expert-led diet and exercise programs, along with guidance on sleep and body movement, ensuring users receive comprehensive support throughout their weight management journey. By integrating these elements, Embla aims to facilitate effective and lasting weight loss for its patients.

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

Venture Round in 2021
1939 Games is an indie game development studio located in Reykjavik, Iceland, dedicated to creating World War-themed gaming experiences. Founded in 2015 by former veterans of CCP, the studio is primarily focused on the development of KARDS, a digital collectible card game that incorporates elements from the card game genre while integrating classic World War II themes. This innovative approach aims to combine engaging gameplay with historical narratives, allowing players to experience significant events and role-play pivotal moments from history. Through its development, 1939 Games seeks to provide both entertainment and educational value in the realm of digital 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

Venture Round in 2020
1939 Games is an indie game development studio located in Reykjavik, Iceland, dedicated to creating World War-themed gaming experiences. Founded in 2015 by former veterans of CCP, the studio is primarily focused on the development of KARDS, a digital collectible card game that incorporates elements from the card game genre while integrating classic World War II themes. This innovative approach aims to combine engaging gameplay with historical narratives, allowing players to experience significant events and role-play pivotal moments from history. Through its development, 1939 Games seeks to provide both entertainment and educational value in the realm of digital 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

Seed Round in 2019
1939 Games is an indie game development studio located in Reykjavik, Iceland, dedicated to creating World War-themed gaming experiences. Founded in 2015 by former veterans of CCP, the studio is primarily focused on the development of KARDS, a digital collectible card game that incorporates elements from the card game genre while integrating classic World War II themes. This innovative approach aims to combine engaging gameplay with historical narratives, allowing players to experience significant events and role-play pivotal moments from history. Through its development, 1939 Games seeks to provide both entertainment and educational value in the realm of digital gaming.

1939

Seed Round in 2018
1939 Games is an indie game development studio located in Reykjavik, Iceland, dedicated to creating World War-themed gaming experiences. Founded in 2015 by former veterans of CCP, the studio is primarily focused on the development of KARDS, a digital collectible card game that incorporates elements from the card game genre while integrating classic World War II themes. This innovative approach aims to combine engaging gameplay with historical narratives, allowing players to experience significant events and role-play pivotal moments from history. Through its development, 1939 Games seeks to provide both entertainment and educational value in the realm of digital 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
Kara Connect ehf. is a telepractice platform based in Reykjavík, Iceland, founded in 2014. The company specializes in connecting service providers in healthcare and education with patients and organizations seeking professional assistance. By offering a customized wellness hub, Kara Connect enables employees to access high-quality coaching, counseling, and therapy services tailored to their specific needs. The platform facilitates interactions with various professionals, including therapists and educators, and operates across multiple countries. Kara Connect aims to enhance access to essential services in the health and education sectors, empowering individuals to reach their full potential.
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