Brunnur Ventures launches USD65m second fund

Brunnur Ventures GP has launched Brunnur II, its second venture fund with USD65 million (ISK8.3 billion) in commitments. The new fund's Limited Partners include ten of Iceland’s leading pension funds and Landsbanki.

Brunnur II is a lead investor targeting seed and early-stage investments in Iceland with a focus on start-up companies with extraordinary entrepreneurial talent, innovative, high-growth and scalable business models. The fund’s sector focus is primarily within software/IT, gaming, Industry 4.0, biotech, cleantech, marine tech, agrifoodtech and other high technology sectors that have a competitive edge through patentable technology or proprietary know-how.

“We are delighted to be announcing the close of Brunnur II and our enlarged team which brings together a real concentration of expertise in seeking out, participating in and driving the growth of the most promising and scalable start-ups,” says Arni Blondal, Managing Partner of Brunnur Ventures GP. “We are continuing a strategy of catalysing the growth and internationalisation of our portfolio companies through leveraging our hands-on start-up experience and network. I am also pleased to welcome our two new Partners, Margret O. Asgeirsdóttir and Kjartan Olafsson, who bring a wealth of additional expertise to further guide the leadership of our portfolio.”

Brunnur Ventures GP debut fund, Brunnur I, a 2015 vintage, has invested in a range of exciting companies that include Oculis, DT Equipment, Grid, Laki Power, Nanitor, IMS and Avo Software. Brunnur Ventures' co-investors include Earlybird, NEA, Chrysalix, Blue Yard, GGV Capital, Y Combinator, Novartis Venture Fund and others.

Brunnur II intends to invest in a portfolio of up to 20 companies with initial investments ranging from USD1-3 million, with capital pre-allocated for follow on investments.