NSA Ventures

The New Business Venture Fund is an evergreen investment fund that actively contributes to the development and growth of the Icelandic economy by investing in promising innovation and start-up companies. The New Business Venture Fund invests at seed and early stage in promising growth companies with great business ideas and strong management and development teams. The New Business Venture Fund is a state owned investment fund intended to strengthen and develop the Icelandic venture capital market along with promoting startups and business in Iceland thus encouraging economic growth.
HS

Hreinn Sigmarsson

Investment Manager

Past deals in Iceland

Tyme Wear

Venture Round in 2020
Tyme Wear is a smart shirt that helps personalize your training by assessing your metabolic profile from your breathing. The insights offered by the Tyme Wear product conceptualize the physiological limits we aim to push past. We believe accurate data should be available to all athletes.

Cooori

Venture Round in 2011
We are an ed-tech artificial intelligence-driven platform focusing on language learning products. How we are different from the rest is that our system can figure out which exercise should be shown to each user at a given time for the user to improve the most. We have developed a neural network that models how individuals learn. Our AI is designed to schedule well-defined learning exercises at the optimal time for users so that learners can efficiently improve their language ability. This neural network makes use of both scientific research on human memory and its effects on learning and the technology of deep learning. Our primary focus is on the B2B English TOEIC market in Japan however the technology can be applied to other language products.

PayAnalytics ehf

Seed Round in 2020
PayAnalytics ehf develops cloud based software solution that enables human resources managers to conduct their own salary review and analysis. The company was founded in 2017 and is based in Reykjavik, Iceland.

BioCule

Seed Round in 2004
BioCule provides one and two dimensional nucleic acid microelectrophoresis systems. It offers its systems for the size distribution and relative amount detection of double-stranded DNA, single-stranded DNA, RNA DNA hybrids, crosslinked DNA, and damaged DNA and DNA repair. BioCule's systems also offers information on nucleic acid samples through complex PCR, cDNA synthesis, CHIP-sequencing DNA, NGS sample preparation, and detection of DNA damage either in vivo or in biobank samples. Jon Jonsson founded it in 2000, with its headquarters in Reykjavik in Iceland.

Hefring Marine

Venture Round in 2021
Hefring Marine provides operators to prevent injuries to their crew and passengers, along with minimizing potential damage caused to craft and equipment from wave slamming. The company is based in Reykjavík, Iceland.

AGR Dynamics

Funding Round in 2009
AGR Dynamics ehf. provides supply chain management software. It offers AGR, a web based solution that features automatic sales forecasts based on proven statistical methods, automatic order schedules, inventory optimization, creating exception reports to identify items, sales planning, creating purchase plans for future periods to increase vendor collaboration and information sharing, and container optimization. The company also offers Retail Crest, a retail management tool for mobiles or tablets that analyses retail POS data, such as average basket size, hourly sales, number of visitors converted into customers, and more. In addition, it specializes in consulting, implementation, and the maintenance of supply chain management solutions and support in logistics. The company was founded in 1997 and is based in Reykjavik, Iceland with location in the United Kingdom and Denmark.

Dohop Ltd.

Seed Round in 2016
Dohop is an award-winning technology provider founded in Iceland with 15 years’ experience in developing innovative solutions in the field of aviation and travel. Its core technology is focused on creating connecting itineraries. Being at the forefront of digital innovation in the field of interline technology, Dohop has developed solutions for forward-thinking airlines, alliances, and airports all around the globe, including easyJet, Transavia, Eurowings, Jetstar Group, Gatwick Airport, and SkyTeam.

Gogoyoko

Seed Round in 2009
gogoyoko.com is a music service that allows artists to sell their music directly to fans and allows everyone to listen to all music on the site for free. The service uses a combination of subscriptions and advertising sales to support payments to the artists for streaming. The site is unique in the way it splits revenue with artists and charity, with 40% of advertising and subscription revenue shared directly with artists who stream the most music on the site and 10% going to partner charities. Unlike other music stores online, the site takes a very small cut (10%) of music sales, which means that artists make more money from each sale, which makes the service attractive for local music scenes to support their musicians directly. Also, the site's focus is on the independent music sector and the largest labels on the site are large independents like Matador and XL.

PayAnalytics ehf

Series A in 2021
PayAnalytics ehf develops cloud based software solution that enables human resources managers to conduct their own salary review and analysis. The company was founded in 2017 and is based in Reykjavik, Iceland.

Kerecis hf

Series A in 2014
Kerecis is developing the Kerecis Omega3 fish skin graft technology for use in products to treat chronic wounds, for hernia repair, breast reconstruction and abdominal wall reconstruction. their patented acellular fish skin material improves upon current human and porcine technologies through improved economics and clinical performance, reduced disease transfer risk and absence of cultural constraints on usage.

3Z Pharmaceuticals

Seed Round in 2016
3Z Pharmaceuticals provides research services intended to provide drug development services. It offers drug screening on sleep and epilepsy assays that helps in the development of drugs used to treat neurological disorders, enabling patients to get multiple drug efficacy and toxicity assays. Karl Karlsson and Haraldur Thorsteinsson founded 3Z Pharmaceuticals in 2008. It based their company on their research on the sleeping patterns of the zebrafish at the Reykjavik University Neurolab in 2006.

Ankeri Solutions

Seed Round in 2018
Ankeri develops cloud based software solution focusing on ship performance from the perspective of charter parties i.e. contracts. Ankeri is a team with extensive experience from over 25 combined years of marketing, designing and developing software products for the shipping industry. Ankeri was founded on 1st December 2016.

3Z Pharmaceuticals

Seed Round in 2012
3Z Pharmaceuticals provides research services intended to provide drug development services. It offers drug screening on sleep and epilepsy assays that helps in the development of drugs used to treat neurological disorders, enabling patients to get multiple drug efficacy and toxicity assays. Karl Karlsson and Haraldur Thorsteinsson founded 3Z Pharmaceuticals in 2008. It based their company on their research on the sleeping patterns of the zebrafish at the Reykjavik University Neurolab in 2006.

InfoMentor

Seed Round in 2000
InfoMentor's primary ambition is for all pupils to reach their full potential. This is achieved by creating the right conditions for learning. InfoMentor is a leading provider of teaching and learning solutions - online and mobile. It brings together in one platform, the most important stakeholders - the pupils, the teacher and the parents.

3Z Pharmaceuticals

Seed Round in 2020
3Z Pharmaceuticals provides research services intended to provide drug development services. It offers drug screening on sleep and epilepsy assays that helps in the development of drugs used to treat neurological disorders, enabling patients to get multiple drug efficacy and toxicity assays. Karl Karlsson and Haraldur Thorsteinsson founded 3Z Pharmaceuticals in 2008. It based their company on their research on the sleeping patterns of the zebrafish at the Reykjavik University Neurolab in 2006.

Brand Regard

Series A in 2010
Brand Regard is a software-as-a-service brand asset management solution for brands and agencies. Brand Regard gives brands and agencies online access to their branding and marketing data, allowing them to easily find, download and distribute these files with colleagues and partner companies and stop wasting time finding files scattered over various computers, FTP drives or DVDs. Brand Regard is based in the cloud and sold as a service, with clients paying a monthly fee according to how many users need access.

Florealis

Venture Round in 2018
Flo­re­alis is a phar­ma­ceu­ti­cal com­pany pro­vid­ing solu­tions for peo­ple that want to use high qual­ity herbal med­i­c­i­nal prod­ucts to stay healthy. Our med­i­cines are nat­ural prod­ucts based on long expe­ri­ence as well as sci­en­tific evi­dence and are approved by Euro­pean health authorities. They make reli­able herbal med­i­cine accord­ing to the high­est stan­dards in the phar­ma­ceu­ti­cal indus­try. In our pipelines are med­i­cines for treat­ment of mild com­mon symp­toms and disease, such as recur­rent lower uri­nary tract infec­tions, of spas­modic gas­troin­testi­nal com­plaints, the relief of tem­po­rary men­tal exhaus­tion or stress. Our prod­ucts will be sold in phar­ma­cies and are avail­able with­out a prescription. Herbal med­i­cines are prod­ucts that bridge the gap between unreg­is­tered and uncon­trolled herbal reme­dies and con­ven­tional med­i­cines. Our aim is to use the best of both; stan­dard­ized active herbal ingre­di­ents com­bined with qual­ity and safety require­ments from the phar­ma­ceu­ti­cal industry.

Kara Connect

Seed Round in 2019
Kara connect ehf. operates a tele practice platform for healthcare, education, and other services. Its platform connects service providers in education and health care on one hand and patients and organizations on the other for professional help. The company was founded in 2014 and is based in Reykjavík, Iceland.

Valka

Venture Round in 2017
Valka has already gained a proven reputation for producing high-quality products. The company has emphasized on designing high technology hardware and software aimed at enhancing the customer’s productivity, through innovative solutions and with effective teamwork. Representing highly experienced individuals from the technical side of the seafood industry, the Valka team shares the vision and principles of solving the customers mission critical problems promptly and efficiently. Through a rapidly growing international continues to grow its customer’s base and expand its product portfolio. The Valka atmosphere is fostered with innovation and creativity with the founder, Helgi Hjálmarsson, in forefront as the CEO. Valka currently holds 5 patents with more pending. They commit long term to serve their customers, constantly strive to improve their products and continually evolve their offerings to match the needs of the clients.

Mentis Cura ehf

Seed Round in 2004
Mentis Cura ehf, a medical research company, develops neuro-diagnostic algorithms for electroencephalography based diagnostic tools for central nervous system (CNS) related syndromes. The company’s solutions bring physiological evidence for early diagnosis of Alzheimer´s disease and differential diagnosis of dementia diseases. It focuses on CNS dementia diseases and developmental disorders. The company also focuses on the detection of attention deficit hyperactive disorder in children, teenagers, and adults; and develops a tool for tracking the progression of Alzheimer's and monitor treatment responders. Its solutions are used in hospitals, clinics, and doctors’ offices. The company was founded in 2000 and is based in Reykjavik, Iceland.

Florealis

Equity Crowdfunding in 2020
Flo­re­alis is a phar­ma­ceu­ti­cal com­pany pro­vid­ing solu­tions for peo­ple that want to use high qual­ity herbal med­i­c­i­nal prod­ucts to stay healthy. Our med­i­cines are nat­ural prod­ucts based on long expe­ri­ence as well as sci­en­tific evi­dence and are approved by Euro­pean health authorities. They make reli­able herbal med­i­cine accord­ing to the high­est stan­dards in the phar­ma­ceu­ti­cal indus­try. In our pipelines are med­i­cines for treat­ment of mild com­mon symp­toms and disease, such as recur­rent lower uri­nary tract infec­tions, of spas­modic gas­troin­testi­nal com­plaints, the relief of tem­po­rary men­tal exhaus­tion or stress. Our prod­ucts will be sold in phar­ma­cies and are avail­able with­out a prescription. Herbal med­i­cines are prod­ucts that bridge the gap between unreg­is­tered and uncon­trolled herbal reme­dies and con­ven­tional med­i­cines. Our aim is to use the best of both; stan­dard­ized active herbal ingre­di­ents com­bined with qual­ity and safety require­ments from the phar­ma­ceu­ti­cal industry.

AZAZO

Seed Round in 2010
Azazo provides information management, handling, and conservation services. It develops CoreData ECM, a suite of software service that helps customers manage their electronic information, documents, and records; and provides professional storage for paper, artwork, and other physical items; and scanning services and secure document destruction. Azazo specializes in the management information, records, projects, meetings, and quality issues; and document management, consulting, software development, data custody, and software implementation. It offers consultancy, custody and recall data, data destruction, etc. Azazo serves a range of customers such as insurance companies, airlines, banks, pension funds, and ministries. Founded by Brynja Gudmundsdottir, Gagnavarslan became Azazo in January 2012, with its headquarters in Reykjanesbær in Iceland with an operation in Ukraine.

Sólfar Studios ehf

Seed Round in 2015
Sólfar Studios is founded by three industry veterans that have been working on the cutting edge of online worlds, games and virtual reality for over 20 years. Highly selective on talent and collaborators while keeping a nimble profile, we pride ourselves on an uncompromising commitment to the quality and impact of our productions.​

Nordicphotos

Seed Round in 2002
NORDICPHOTOS was established in 2000 in Iceland, and grew rapidly by the acquisitions of legendary, Swedish picture agencies Mira and Tiofoto. Today the direction is mainly contemporary Scandinavian photography, with unique selections of vintage photography by famous and less well known Swedish photographers, and an eclectic blend of foreign image collections. NORDICPHOTOS has offices in Reykjavik and Stockholm and is established world wide by a network of international agencies.

Kerecis hf

Seed Round in 2010
Kerecis is developing the Kerecis Omega3 fish skin graft technology for use in products to treat chronic wounds, for hernia repair, breast reconstruction and abdominal wall reconstruction. their patented acellular fish skin material improves upon current human and porcine technologies through improved economics and clinical performance, reduced disease transfer risk and absence of cultural constraints on usage.

getsling

Seed Round in 2015
getsling is an easy to use and free shift scheduling and planning software that helps your business manage shifts and communicate with employees.

ATMO Select

Seed Round in 2010
ATMO Select covers all aspects of audio branding for companies and brands. Based on research & development, and years of experience, we analyze the music and sound correlation between a brand and its customer base. Customer demographics and brand information is used to develop an audio branding strategy and detailed music profile report that we deliver to our customers across the globe. Headquartered in Iceland, ATMO Select is based as well in Scandinavia, Germany, Benelux and the United States.

Hefring Marine

Venture Round in 2019
Hefring Marine provides operators to prevent injuries to their crew and passengers, along with minimizing potential damage caused to craft and equipment from wave slamming. The company is based in Reykjavík, Iceland.

Mint Solutions

Series B in 2016
Mint Solutions develops MedEye, a solution for medication and patient safety in hospitals and other healthcare institutions. MedEye helps nurses verify and document all medication administrations to patients. The solution uses computer vision technology to enable the nurse to work faster and more efficiently than other comparable solutions. MedEye integrates with hospital information systems to retrieve information about which medications patients should be getting. MedEye then works with the nurse to make sure that all medication dosages are safely delivered to the patient. Without requiring the nurse to type information or use a computer, MedEye then safely documents all actions and completes the medical history of the patient. MedEye addresses the problem of medication errors in hospitals and healthcare institutions. It is estimated that 1 in 5 medications are given incorrectly in hospitals, causing one medication error per patient per day.

Mint Solutions

Seed Round in 2010
Mint Solutions develops MedEye, a solution for medication and patient safety in hospitals and other healthcare institutions. MedEye helps nurses verify and document all medication administrations to patients. The solution uses computer vision technology to enable the nurse to work faster and more efficiently than other comparable solutions. MedEye integrates with hospital information systems to retrieve information about which medications patients should be getting. MedEye then works with the nurse to make sure that all medication dosages are safely delivered to the patient. Without requiring the nurse to type information or use a computer, MedEye then safely documents all actions and completes the medical history of the patient. MedEye addresses the problem of medication errors in hospitals and healthcare institutions. It is estimated that 1 in 5 medications are given incorrectly in hospitals, causing one medication error per patient per day.

Lauf Forks

Venture Round in 2019
Lauf Forks Ltd. designs, manufactures, and sells suspension bicycle forks for XC hardtails, fat bikes, gravel bikes, and CX bikes. Its bikes are available online; and through distributors and dealers in Iceland and internationally. The company was founded in 2011 and is based in Reykjavík, Iceland.

Yaolan.com

Venture Round in 2008
Yaolan New Media Ltd. operates the dominant Chinese language online parenting web portal, community, and education platform www.yaolan.com. Founded in 1999, the company has built the most highly recognized and trusted online parenting brand by offering quality information and education services to pregnant women and parents of 0-6 year-old in China. Currently we have around 2.4 million registered members. Yaolan attracts 400,000 unique visitors daily that account for 3.2 million daily page views.

Kaptio

Seed Round in 2016
Kaptio is the next generation booking system that places customer experience at the heart of the travel economy. Powered by the Salesforce Platform, it frees travel companies from their legacy systems – equipping them to embrace new ways of working, transform the customer experience and deliver operational efficiencies. Kaptio was launched by Arnar Laufdal Olafsson and Ragnar Fjölnisson in 2012 and has offices in United Kingdom, Iceland and Germany.