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Icelandic female-founded VC firm raises $90M to focus on young Nordic startups

Crowberry Capital
Image credits: Crowberry Capital

Women-led Crowberry Capital operating in Reykjavik and Copenhagen focusing on emerging startups in the Nordic region has launched a new fund called Crowberry II. It is a $90 million seed and early-stage fund. It has been announced that an additional $40 million will be completed in July 2022.

Second fund of $90M

The European Investment Fund (EIF) was the central backer of this round. It has pumped €20 million (nearly $23.5 million) to Crowberry Capita. This investment was also supported by the EU’s InnovFin Equity program, which is the first VC fund of InnovFin in Iceland. Other investors of Crowberry II include Icelandic Pension funds, several family offices and angels, including David Helgason, founder of Unity Technologies.

Covers a wide range of industries

Currently, Crowberry II claims to be the largest VC funding operating in Iceland. It was founded by Hekla Arnardottir, Helga Valfells and Jenny Ruth Hrafnsdottir. Notably, Crowberry II will support early-stage tech entrepreneurs in the Nordics and focus on a broad range of B2B and B2C seed-stage companies across fintech, enterprise, games, software, healthtech and consumer tech.

Previously, in 2017, Crowberry I Fund, which was a $40 million fund was closed by the VC firm. It was invested in startups in healthtech, fintech, gaming and SaaS industries.

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