Frumtak 2

Frumtak 2 is an early-stage venture capital firm based in Reykjavík, Iceland, founded in 2008. The firm focuses on investing in technology companies, particularly in the software and artificial intelligence sectors, as well as deep technology and hardware components. Frumtak 2 aims to support founders who have shown early traction and the potential to become global leaders. The firm employs a concentrated and high-involvement investment strategy, collaborating closely with its portfolio companies from the seed stage through to initial public offerings. Its typical investment size ranges from €1 million to €3 million, allowing it to engage with a select number of promising startups.

Eggert Claessen

Founding Partner

Andri Heidar Kristinsson

General Partner

Andri Heiðar Kristinsson

Partner

Ásthildur Otharsdóttir

Partner

Rakel Sigurðardottir

CFO

37 past transactions

Optise

Pre Seed Round in 2025
Optise is an AI-powered website insights tool for B2B businesses.

Moombix

Seed Round in 2024
Moombix provides online music education via a feature-rich marketplace that includes a timeline that records all interactions, a booking and payment system, and teacher profiles.

Treble

Series A in 2024
Treble Technologies develops advanced wave-based sound simulation products tailored for the architecture, engineering, and construction (AEC) industry. The company specializes in acoustics design software that enables the creation of visually accurate and realistic virtual acoustics. By streamlining the processes of importing, exporting, and reconfiguring models, Treble's solutions help reduce risk and ensure that designs meet regulatory and certification requirements. Their technology is applied across various sectors, including automotive, building design, immersive reality, and artificial intelligence. Through its innovative platform, Treble empowers studios and artists to lower costs, mitigate risks, and enhance client engagement while delivering high-quality designs.

PLAIO

Seed Round in 2024
PLAIO is an AI-powered planning platform designed specifically for the pharmaceutical industry, aiming to transform how companies manage their supply chain and operations. The platform replaces traditional, spreadsheet-based planning methods with advanced artificial intelligence, machine learning, and real-time data analytics, thereby optimizing demand, manufacturing, and purchasing processes. PLAIO seamlessly integrates with existing ERP systems, enhancing data-driven decision-making, improving forecast accuracy, and streamlining planning workflows. It is tailored for small to medium-sized pharmaceutical manufacturers and virtual pharma companies, allowing them to reduce risks, lower costs, and increase efficiency in a highly regulated and competitive environment. Key features include visual and capacity planning, advanced constraint calculations, what-if analysis, and AI-based automation, enabling clients to conduct agile manufacturing operations and achieve precise product output.

Activity Stream

Venture Round in 2024
Activity Stream Ltd. is a company that specializes in developing applications focused on operational intelligence. Founded in 2013 and headquartered in Reykjavik, Iceland, the company transforms underutilized business data into actionable insights in real time. Activity Stream monitors activities across various business systems to create a comprehensive view of organizational operations, allowing it to identify patterns, opportunities, and threats as they arise. By delivering timely intelligence to relevant stakeholders, the company enables proactive decision-making and enhances efficiency. Its solutions can be seamlessly integrated into existing IT infrastructures without the need for extensive system overhauls, making it applicable across multiple industries, including commerce, banking, insurance, telecommunications, airlines, and manufacturing.

Treble

Seed Round in 2022
Treble Technologies develops advanced wave-based sound simulation products tailored for the architecture, engineering, and construction (AEC) industry. The company specializes in acoustics design software that enables the creation of visually accurate and realistic virtual acoustics. By streamlining the processes of importing, exporting, and reconfiguring models, Treble's solutions help reduce risk and ensure that designs meet regulatory and certification requirements. Their technology is applied across various sectors, including automotive, building design, immersive reality, and artificial intelligence. Through its innovative platform, Treble empowers studios and artists to lower costs, mitigate risks, and enhance client engagement while delivering high-quality designs.

Abler

Seed Round in 2022
Abler operates an all-in-one team management platform that simplifies the organization, communication, and payment processes for sports teams and clubs. By offering easy-to-use tools for scheduling, messaging, and data management, Abler enhances the overall service experience for users. The platform is designed to streamline the complexities of team management, allowing individuals and organizations to focus on developing essential life skills and values through sports and other organized activities.

Alda

Seed Round in 2022
Alda is a provider of Diversity, Equity, and Inclusion (DEI) solutions aimed at enhancing workplace inclusivity and equality. The company develops software that supports organizations in assessing and improving their workplace culture through a comprehensive approach. Alda's platform allows companies to gain real-time insights into their DEI status, set measurable objectives, and implement creative micro-learning content for employee education. By combining its expertise in DEI consulting with innovative technical solutions, Alda facilitates organizational change and helps create more inclusive environments in both government and enterprise sectors globally.

50skills

Seed Round in 2022
50skills is a developer of cloud-based HR software designed to enhance the employee onboarding process across various high-turnover industries, including retail, hospitality, and technology. The platform centralizes employee data, which reduces the time it takes for new hires to become productive members of the team. By eliminating repetitive data entry tasks and integrating seamlessly with existing tools and services used by employers, 50skills streamlines essential onboarding activities. These activities include creating and e-signing necessary paperwork, managing training videos, and setting up user accounts in systems like payroll and time registration. This systematic approach enables organizations to simplify their HR processes in a cost-effective manner.

Sidekick

Series B in 2022
Sidekick is a patient-centric digital care platform designed to enhance the management and prevention of chronic and lifestyle-related conditions. By integrating evidence-based clinical approaches with behavioral economics and gamification, Sidekick's platform empowers patients to engage in personalized wellness activities. The platform facilitates multi-chronic condition management through gamified health engagement methods, health screening, and analytics, allowing users to connect with clinicians and gain valuable data insights. Sidekick collaborates with international pharmaceutical companies, payers, and healthcare providers to prioritize patient needs and improve the overall healthcare experience, making it more accessible and efficient.

Spectaflow

Funding Round in 2022
Spectaflow offers integrated SaaS solutions to the hotel and accommodations industry. One of the most difficult and time-consuming aspects of hospitality management, managing deskless workforces in hotel and vacation rental operations is the focus of Spectaflow. Spectaflow mitigates staffing issues, and interdepartmental miscommunications, and improves cleaning and maintenance workflows for significantly improved guest services and experiences. The company does this by strategically integrating with existing systems and utilizing AI for predictive planning.

PLAIO

Seed Round in 2021
PLAIO is an AI-powered planning platform designed specifically for the pharmaceutical industry, aiming to transform how companies manage their supply chain and operations. The platform replaces traditional, spreadsheet-based planning methods with advanced artificial intelligence, machine learning, and real-time data analytics, thereby optimizing demand, manufacturing, and purchasing processes. PLAIO seamlessly integrates with existing ERP systems, enhancing data-driven decision-making, improving forecast accuracy, and streamlining planning workflows. It is tailored for small to medium-sized pharmaceutical manufacturers and virtual pharma companies, allowing them to reduce risks, lower costs, and increase efficiency in a highly regulated and competitive environment. Key features include visual and capacity planning, advanced constraint calculations, what-if analysis, and AI-based automation, enabling clients to conduct agile manufacturing operations and achieve precise product output.

Ankeri

Seed Round in 2021
Ankeri is a company that specializes in cloud-based software solutions aimed at enhancing ship performance, particularly in relation to charter parties, or contracts. Founded on December 1, 2016, Ankeri's team possesses over 25 years of combined experience in marketing, designing, and developing software tailored for the shipping industry. The company's software effectively manages ship performance profiles and monitors time-charter party performance through an online dashboard. This enables ship owners and charterers to easily access and share validated information, facilitating improved data-driven decision-making and contributing to the circular economy within the maritime sector.

Meniga

Venture Round in 2021
Meniga Ltd is a London-based company that specializes in developing white-label digital banking solutions aimed at enhancing personal finance management for banks, businesses, and individuals. Established in 2013, Meniga offers a comprehensive suite of products, including data aggregation, automated real-time notifications, predictive analytics, and personalized engagement tools. Its platform is designed to provide meaningful customer interactions and unlock new revenue opportunities through advanced data consolidation and enrichment. Additionally, Meniga facilitates cashback rewards and transaction-based carbon insights, allowing users to manage financial data efficiently while promoting sustainability. The company's modular and customizable solutions cater to the diverse needs of financial institutions, reinforcing their customer relationships and improving the overall online and mobile banking experience.

Sidekick

Series A in 2020
Sidekick is a patient-centric digital care platform designed to enhance the management and prevention of chronic and lifestyle-related conditions. By integrating evidence-based clinical approaches with behavioral economics and gamification, Sidekick's platform empowers patients to engage in personalized wellness activities. The platform facilitates multi-chronic condition management through gamified health engagement methods, health screening, and analytics, allowing users to connect with clinicians and gain valuable data insights. Sidekick collaborates with international pharmaceutical companies, payers, and healthcare providers to prioritize patient needs and improve the overall healthcare experience, making it more accessible and efficient.

Controlant

Series B in 2020
Controlant is a prominent provider of real-time supply chain monitoring and visibility solutions, specializing in heavily regulated industries such as pharmaceuticals, life sciences, and food and beverages. The company aims to enhance the end-to-end supply chain by improving product flow visibility and quality while minimizing waste. Controlant offers an innovative automated Cold Chain as a Service solution that utilizes IoT technology, cloud-enabled advanced analytics, and API connectivity. This approach allows customers to achieve significant annualized returns on investment, reduce material losses, and improve operational reliability. Controlant’s services include a wireless sensor network that enables automatic monitoring and location traceability of perishable goods, ultimately helping clients, including Fortune 500 companies, to achieve greater efficiency by optimizing business processes and enhancing communication through advanced technology.

Meniga

Corporate Round in 2020
Meniga Ltd is a London-based company that specializes in developing white-label digital banking solutions aimed at enhancing personal finance management for banks, businesses, and individuals. Established in 2013, Meniga offers a comprehensive suite of products, including data aggregation, automated real-time notifications, predictive analytics, and personalized engagement tools. Its platform is designed to provide meaningful customer interactions and unlock new revenue opportunities through advanced data consolidation and enrichment. Additionally, Meniga facilitates cashback rewards and transaction-based carbon insights, allowing users to manage financial data efficiently while promoting sustainability. The company's modular and customizable solutions cater to the diverse needs of financial institutions, reinforcing their customer relationships and improving the overall online and mobile banking experience.

Controlant

Venture Round in 2020
Controlant is a prominent provider of real-time supply chain monitoring and visibility solutions, specializing in heavily regulated industries such as pharmaceuticals, life sciences, and food and beverages. The company aims to enhance the end-to-end supply chain by improving product flow visibility and quality while minimizing waste. Controlant offers an innovative automated Cold Chain as a Service solution that utilizes IoT technology, cloud-enabled advanced analytics, and API connectivity. This approach allows customers to achieve significant annualized returns on investment, reduce material losses, and improve operational reliability. Controlant’s services include a wireless sensor network that enables automatic monitoring and location traceability of perishable goods, ultimately helping clients, including Fortune 500 companies, to achieve greater efficiency by optimizing business processes and enhancing communication through advanced technology.

Kaptio

Seed Round in 2018
Kaptio ehf. is an enterprise Software-as-a-Service provider focused on the travel industry, offering solutions to help travel companies manage various aspects of their operations. Established in 2012 and based in Kopavogur, Iceland, with a presence in Heidelberg, Germany, Kaptio's main product, Kaptio Travel, supports a diverse range of travel service providers, including tour operators, hotels, and travel agencies. The platform facilitates the Proposal-to-Operation lifecycle and enhances relationship management with customers, agents, and suppliers. Kaptio also offers a suite of consultancy services, including technical architecture, implementation, integration development, and cloud management, aimed at streamlining reservation processes and improving customer relationship management for travel businesses.

Meniga

Venture Round in 2017
Meniga Ltd is a London-based company that specializes in developing white-label digital banking solutions aimed at enhancing personal finance management for banks, businesses, and individuals. Established in 2013, Meniga offers a comprehensive suite of products, including data aggregation, automated real-time notifications, predictive analytics, and personalized engagement tools. Its platform is designed to provide meaningful customer interactions and unlock new revenue opportunities through advanced data consolidation and enrichment. Additionally, Meniga facilitates cashback rewards and transaction-based carbon insights, allowing users to manage financial data efficiently while promoting sustainability. The company's modular and customizable solutions cater to the diverse needs of financial institutions, reinforcing their customer relationships and improving the overall online and mobile banking experience.

Sidekick

Seed Round in 2017
Sidekick is a patient-centric digital care platform designed to enhance the management and prevention of chronic and lifestyle-related conditions. By integrating evidence-based clinical approaches with behavioral economics and gamification, Sidekick's platform empowers patients to engage in personalized wellness activities. The platform facilitates multi-chronic condition management through gamified health engagement methods, health screening, and analytics, allowing users to connect with clinicians and gain valuable data insights. Sidekick collaborates with international pharmaceutical companies, payers, and healthcare providers to prioritize patient needs and improve the overall healthcare experience, making it more accessible and efficient.

Valka

Venture Round in 2017
Valka is a manufacturer specializing in advanced equipment for the fish processing industry. The company designs high-tech hardware and software solutions that enhance productivity for its clients. Its product portfolio includes systems for whole-fish grading, X-ray-guided cutting and portioning, packing technology, feed-dispersing systems, and inventory control. Valka's team, composed of experienced professionals from the seafood sector, is dedicated to addressing critical challenges faced by customers with innovative and effective solutions. Under the leadership of founder and CEO Helgi Hjálmarsson, Valka has established a reputation for high-quality products and holds multiple patents, with more pending. The company is committed to continuous improvement and innovation, ensuring that its offerings evolve in line with client needs while expanding its international customer base.

Meniga

Venture Round in 2016
Meniga Ltd is a London-based company that specializes in developing white-label digital banking solutions aimed at enhancing personal finance management for banks, businesses, and individuals. Established in 2013, Meniga offers a comprehensive suite of products, including data aggregation, automated real-time notifications, predictive analytics, and personalized engagement tools. Its platform is designed to provide meaningful customer interactions and unlock new revenue opportunities through advanced data consolidation and enrichment. Additionally, Meniga facilitates cashback rewards and transaction-based carbon insights, allowing users to manage financial data efficiently while promoting sustainability. The company's modular and customizable solutions cater to the diverse needs of financial institutions, reinforcing their customer relationships and improving the overall online and mobile banking experience.

Data Dwell

Seed Round in 2016
Data Dwell specializes in sales enablement software tailored for Salesforce users, enhancing the way organizations manage and utilize digital content. The company's solutions integrate seamlessly with various popular platforms, allowing for efficient storage, organization, and retrieval of marketing materials. By employing advanced features such as indexing, auto-tagging, and facial recognition, Data Dwell empowers users to optimize their marketing efforts and streamline collaboration among sales teams, designers, and clients. Through its hands-on approach, the company supports businesses in developing effective sales strategies while providing valuable insights and guidance to improve overall performance.

Tulipop

Series A in 2016
Tulipop is a unique Icelandic children's lifestyle brand that offers an enchanting range of products inspired by nature. Founded by Signy, a mother of two, and her best friend Helga, the brand features a collection of original characters, including Bubble, a shy mushroom boy, and Gloomy, an adventurous mushroom girl, both of whom challenge traditional gender stereotypes. Through its online retail platform, Tulipop provides a diverse assortment of collectible vinyl figurines, plush toys, lamps, stationery, tableware, cutlery, and key chains. The brand aims to create a magical world for children, making its products both appealing and accessible at reasonable prices.

Kaptio

Seed Round in 2016
Kaptio ehf. is an enterprise Software-as-a-Service provider focused on the travel industry, offering solutions to help travel companies manage various aspects of their operations. Established in 2012 and based in Kopavogur, Iceland, with a presence in Heidelberg, Germany, Kaptio's main product, Kaptio Travel, supports a diverse range of travel service providers, including tour operators, hotels, and travel agencies. The platform facilitates the Proposal-to-Operation lifecycle and enhances relationship management with customers, agents, and suppliers. Kaptio also offers a suite of consultancy services, including technical architecture, implementation, integration development, and cloud management, aimed at streamlining reservation processes and improving customer relationship management for travel businesses.

Activity Stream

Seed Round in 2015
Activity Stream Ltd. is a company that specializes in developing applications focused on operational intelligence. Founded in 2013 and headquartered in Reykjavik, Iceland, the company transforms underutilized business data into actionable insights in real time. Activity Stream monitors activities across various business systems to create a comprehensive view of organizational operations, allowing it to identify patterns, opportunities, and threats as they arise. By delivering timely intelligence to relevant stakeholders, the company enables proactive decision-making and enhances efficiency. Its solutions can be seamlessly integrated into existing IT infrastructures without the need for extensive system overhauls, making it applicable across multiple industries, including commerce, banking, insurance, telecommunications, airlines, and manufacturing.

Watchbox

Seed Round in 2015
Watchbox is a technology-driven platform designed to enhance social interaction among employees by facilitating the sharing of photos and short videos. Its mobile application allows users to easily create and share content within private groups or publicly, fostering a sense of community in both local and distributed teams. Users can follow others to stay updated on the latest posts and can search for specific videos, promoting engagement and connection. Additionally, Watchbox features dedicated display units placed in common areas, showcasing highlights from work events, celebrations, and personal moments, which reinforces a positive workplace culture. Through innovative concepts, Watchbox aims to motivate diverse content creation and strengthen team dynamics.

Controlant

Funding Round in 2015
Controlant is a prominent provider of real-time supply chain monitoring and visibility solutions, specializing in heavily regulated industries such as pharmaceuticals, life sciences, and food and beverages. The company aims to enhance the end-to-end supply chain by improving product flow visibility and quality while minimizing waste. Controlant offers an innovative automated Cold Chain as a Service solution that utilizes IoT technology, cloud-enabled advanced analytics, and API connectivity. This approach allows customers to achieve significant annualized returns on investment, reduce material losses, and improve operational reliability. Controlant’s services include a wireless sensor network that enables automatic monitoring and location traceability of perishable goods, ultimately helping clients, including Fortune 500 companies, to achieve greater efficiency by optimizing business processes and enhancing communication through advanced technology.

Arctic Trucks

Venture Round in 2015
Arctic Trucks, founded in Iceland in 1990, specializes in the re-engineering and conversion of four-wheel drive vehicles designed for extreme conditions. The company has developed significant expertise in enhancing vehicle handling, safety, and reliability for both on and off-road applications. Their engineers have participated in numerous expeditions, gaining firsthand experience of the challenges faced in harsh environments. This knowledge has enabled Arctic Trucks to effectively address conditions that competitors often overlook. Their vehicles have been utilized in demanding settings, including journeys to both the North and South Poles, with notable achievements such as the fastest recorded journey to the South Pole in 2010. Arctic Trucks' offerings cater not only to polar explorers but also to those seeking adventure in diverse terrains, from rural landscapes to urban environments.

Meniga

Series A in 2013
Meniga Ltd is a London-based company that specializes in developing white-label digital banking solutions aimed at enhancing personal finance management for banks, businesses, and individuals. Established in 2013, Meniga offers a comprehensive suite of products, including data aggregation, automated real-time notifications, predictive analytics, and personalized engagement tools. Its platform is designed to provide meaningful customer interactions and unlock new revenue opportunities through advanced data consolidation and enrichment. Additionally, Meniga facilitates cashback rewards and transaction-based carbon insights, allowing users to manage financial data efficiently while promoting sustainability. The company's modular and customizable solutions cater to the diverse needs of financial institutions, reinforcing their customer relationships and improving the overall online and mobile banking experience.

Cintamani

Venture Round in 2013
Cintamani Ltd. is an Icelandic company specializing in the manufacture and sale of outdoor clothing for men, women, children, and infants. Founded in 1994 and based in Garðabær, Iceland, Cintamani offers a wide range of products including coats, jackets, jumpers, dresses, pants, and accessories such as backpacks, hats, and gloves. The company focuses on providing technologically advanced and functional clothing designed to withstand the severe Arctic weather, thereby ensuring comfort and protection for outdoor enthusiasts and everyday users alike. Cintamani distributes its products through its own stores as well as various retailers and distributors in countries including Austria, Denmark, Canada, Norway, Switzerland, and Germany. Over the years, it has grown to become one of the leading outdoor brands in Iceland, known for its commitment to quality and performance.

DataMarket

Series A in 2011
DataMarket is an online platform that assists professionals in finding and comprehending various types of data. By consolidating complex and diverse datasets into a single, accessible format, it enables users to search, compare, visualize, and share information effectively. This service provides enterprises with a comprehensive understanding of their business environment by offering access to syndicated, proprietary, and public data. DataMarket's technology helps information companies deliver data more efficiently and enhance user engagement. The platform operates as a white-label SaaS solution, catering to both enterprises and data publishers, and provides seamless access to an expanding collection of data from leading global providers. Users can create free accounts to explore public domain data, upload their own datasets, purchase premium content, and share their insights.

InfoMentor

Venture Round in 2010
InfoMentor is a prominent provider of cloud-based teaching and learning solutions aimed at fostering the full potential of students. By integrating curriculum planning, pupil assessment, progress analysis, and parental engagement into a single platform, InfoMentor creates an efficient learning environment that connects teachers, students, and parents. This approach enables educators to tailor their teaching to meet the specific needs of their schools while maximizing their time for direct student engagement. The company's mission is to facilitate optimal conditions for learning, ensuring that all pupils can thrive in their educational journeys.

MainManager

Venture Round in 2010
MainManager is a company based in Reykjavík, Iceland, established in 1994, specializing in computer-aided facility management software designed for the operation and maintenance of properties across Europe. Its software suite includes various solutions such as City Direct, which focuses on the improvement and maintenance of public infrastructure including buildings and streets; Energy Management, which helps monitor and manage energy efficiency; Maintenance & Operations for property management; Project Management for evaluating and analyzing project aspects; and Property Management for overseeing property portfolios. MainManager's software has been utilized to maintain thousands of properties, providing users with a comprehensive overview of their assets and enabling efficient management of energy consumption and related expenditures. As of December 2020, MainManager operates as a subsidiary of View Software AS.

AGR Dynamics

Funding Round in 2009
AGR Dynamics is a company that specializes in supply chain management software, particularly through its flagship product, AGR. This software features tools for exception management, inventory optimization, and sales management, aimed at enhancing operational efficiency for businesses. Founded in 1997, AGR Dynamics has built a strong team of 43 employees across Iceland, the UK, and Denmark, focusing on consulting, implementation, and maintenance of supply chain solutions. The company serves a diverse clientele, including prominent wholesale and retail firms, and has experience working with over 30 international customers. As a Microsoft Certified Partner, AGR Dynamics has expertise in business solutions, particularly in the implementation of Microsoft Dynamics NAV and LS Retail, contributing to some of the largest system deployments globally. By continually acquiring knowledge and fostering strong customer communication, AGR Dynamics strives to improve business operations and drive innovation within the supply chain sector.

Trackwell

Seed Round in 2009
Trackwell Ltd, established in 1996 in Iceland, specializes in developing wireless communication solutions and is recognized for its expertise in mission-critical systems for telecom operators and government agencies. The company offers Mobile Resource Management (MRM) solutions as a software as a service (SaaS), equipping enterprises with tools to effectively manage their resources, including employees, vehicles, vessels, and other mobile assets. Trackwell's comprehensive suite of software includes fleet tracking, field workforce management, and specialized systems for fishing companies, enabling clients to gain real-time visibility into their operations. With hundreds of companies utilizing Trackwell MRM systems to oversee thousands of employees and a significant number of vehicles across various domains, the company has established itself as a leading provider in the resource management sector.
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