Crowberry 1

Crowberry Capital, established in 2017 and based in Reykjavík, Iceland, is a venture capital firm that focuses on investing in seed and early-stage startups within the Nordic region. The firm is dedicated to identifying and supporting exceptional teams developing businesses that leverage technological advantages across various sectors, including healthcare technology and consumer products. With a global perspective shaped by the diverse experiences of its founding partners, who have collaborated for over seven years, Crowberry Capital emphasizes a strong follow-through approach, guiding startups from initial investment through to exit. The firm has a proven track record, having managed over 51 technology startups and achieved 15 successful exits.

Arnardóttir, Hekla

Founding Partner

Jenny Ruth Hrafnsdottir

Founding Partner

Aron Jóhannsson

Associate

Jack Peters

Investment Manager

Helga Valfells

Founding and Managing Partner

Past deals in Scandinavia

Lucinity

Series B in 2022
Lucinity is a leading SaaS AI company that is at the forefront of driving innovation in the field of financial crime compliance. With its expertise and innovative approach, Lucinity is transforming the industry. The company's unwavering commitment to delivering exceptional user experiences is evident in its platform, which provides unparalleled insights through augmented intelligence and generative AI. By leveraging cutting-edge technologies, Lucinity sets new standards to reduce review times, enhance insights, and optimize operational efficiency. Trusted by industry leaders, Lucinity empowers institutions to ensure regulatory adherence, drive operational excellence, and effectively mitigate risks. More about Lucinity at www.lucinity.com.

Rocky Road

Seed Round in 2022
Rocky Road intends to create the world's first casual open world mobile game based on real-world map data.

Mainframe Industries

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 is a platform for patient-driven research for better drugs, health, and prevention. Elsa lets patients become their own personal researchers by providing them with a better understanding of how lifestyle factors may affect their disease activity measurements for chronic disease. To support them from a scientific perspective, Elsa gives them access to data on their specific disease through the Riskminder foundation and scientific studies at Karolinska Institutet.

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.

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 informed about updates while also enabling creators to expand their networks effectively. By fostering productive engagement, Fractal 5 aims to enhance the way individuals and communities connect online.

Dreamdata

Seed Round in 2020
B2B marketers are constrained by fragmented data they can’t trust and cumbersome workflows - limitations that prevent them from realizing the transformative potential of data and AI. Dreamdata exists to break down these barriers by democratizing Data and AI for B2B marketing use cases and enabling GTM teams to deliver extraordinary revenue results. Our ultimate vision is to empower every marketer to drive extraordinary revenue results, fueled by access to a foundational data platform that enables automated insights and frictionless orchestration and execution. Dreamdata begins with a powerful and fully automated data platform that ingests all of your GTM data. It then uses advanced algorithms to transform all of that data into a complete customer journey data model that enables any form of outcome based analytics or data driven activation needed by a B2B marketer. Next Dreamdata enables a full suite of actionable insights including attribution analytics, ROI analytics and full customer journey analysis. Finally Dreamdata lets the B2B marketer action the data directly by triggering systems of action like ad platforms and marketing automation platforms using algorithmic selection of audiences and contacts. All of this enables massive savings on GTM budgets (often 25%-50%) and opens up for efficient scaling of existing initiatives and discovery of new tactics.

Lucinity

Series A in 2020
Lucinity is a leading SaaS AI company that is at the forefront of driving innovation in the field of financial crime compliance. With its expertise and innovative approach, Lucinity is transforming the industry. The company's unwavering commitment to delivering exceptional user experiences is evident in its platform, which provides unparalleled insights through augmented intelligence and generative AI. By leveraging cutting-edge technologies, Lucinity sets new standards to reduce review times, enhance insights, and optimize operational efficiency. Trusted by industry leaders, Lucinity empowers institutions to ensure regulatory adherence, drive operational excellence, and effectively mitigate risks. More about Lucinity at www.lucinity.com.

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 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 is a platform for patient-driven research for better drugs, health, and prevention. Elsa lets patients become their own personal researchers by providing them with a better understanding of how lifestyle factors may affect their disease activity measurements for chronic disease. To support them from a scientific perspective, Elsa gives them access to data on their specific disease through the Riskminder foundation and scientific studies at Karolinska Institutet.

Mainframe Industries

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 is a leading SaaS AI company that is at the forefront of driving innovation in the field of financial crime compliance. With its expertise and innovative approach, Lucinity is transforming the industry. The company's unwavering commitment to delivering exceptional user experiences is evident in its platform, which provides unparalleled insights through augmented intelligence and generative AI. By leveraging cutting-edge technologies, Lucinity sets new standards to reduce review times, enhance insights, and optimize operational efficiency. Trusted by industry leaders, Lucinity empowers institutions to ensure regulatory adherence, drive operational excellence, and effectively mitigate risks. More about Lucinity at www.lucinity.com.

Kind

Seed Round in 2019
Kind is a digital healthcare communication platform that aims to enhance accessibility and efficiency in healthcare communication. The platform enables healthcare providers to broadcast messages to numerous contacts simultaneously and customize documents using templates tailored for clinics. It also facilitates the creation, archiving, and sharing of internal and external posts from a centralized library. Additionally, Kind automates and tracks patient journeys, which helps practitioners save time and streamline their communication processes. By offering a secure and structured environment for interaction, Kind caters to organizations of various sizes through a flexible subscription model.

Monerium

Seed Round in 2019
Monerium is a regulated financial services company that focuses on enhancing the accessibility and security of currency transactions. Founded in 2015 by a team with expertise in central banking, finance, blockchain, and technology, Monerium issues global e-money, allowing individuals to store and utilize virtual currency without reliance on traditional financial institutions. The company aims to bridge the gap between conventional finance and decentralized finance by providing e-money tokens (EMTs) on blockchains, thus facilitating transactions that bypass fiat currencies. Monerium's platform is designed to support a seamless integration of both traditional and decentralized financial services, positioning itself as a licensed financial institution in the evolving digital currency landscape.

Elsa

Seed Round in 2018
Elsa is a platform for patient-driven research for better drugs, health, and prevention. Elsa lets patients become their own personal researchers by providing them with a better understanding of how lifestyle factors may affect their disease activity measurements for chronic disease. To support them from a scientific perspective, Elsa gives them access to data on their specific disease through the Riskminder foundation and scientific studies at Karolinska Institutet.

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
The leading well-being service that enables your employees have direct and timely access to high quality coaching, counselling and therapy services in line with their specific requirements.

Travelade

Seed Round in 2017
Travelade - the online travel platform allowing tourists to discover, plan, and book more authentic holiday activities by providing them with the world’s largest collection of crowdsourced travel guides Anyone who loves to share travel tips with friends, visitors or customers can create and customize their Wanderguide within minutes — and start reselling local tours and activities immediately for a commission. As easy creating a Pinterest board and as actionable as Shopify, Travelade is reinventing how people share travel recommendations and discover things to do and see.
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