Happy New Year from Frumtak Ventures: Highlights of 2023

Happy New Year from all of us at Frumtak Ventures! ???

As we bid farewell to another year, we’re reflecting on the growth, challenges, and remarkable strides we’ve made together with all of our portfolio companies. Big thanks to our entrepreneurs, co-investors, LPs, our team, and everyone in the vibrant entrepreneurial community both locally and globally. We’re proud of another year of backing entrepreneurs turning their ambitions into achievements and dreams into realities.

Highlights of 2023:

• Controlant completed a $80M growth financing round and named S?ren Skou, former CEO of Maersk, as chairman of the board from January 2024
• Meniga appointed Raj Soni as the new CEO and has reached profitability and completed a $16M round to fuel the next phase of sustainable growth.
• Activity Stream closed a new $13.5M series A round to grow a? connected ecosystem for the entire event lifecycle following its acquisition of YesPlan and CrowdEngage.
• Treble Technologies was shortlisted on the 2023 Tech Champions list in Europe by the Financial Times
• Sidekick Health became a part of the White House Cancer Moonshot initiative and doubled in size through organic growth and its landmark acquisition of Aidhere in Germany.
• Ankeri was shortlisted as startup of the year at the Marine Propulsion Decarbonization Awards 2023
• 50skills was picked as the category winner in a pitching competition at HR Technologies UK and launched its breakthrough AI-assisted product Journeys at UNLEASE in Paris.
• Tulipop closed a new round of funding led by Eyrir Growth while its animated kids TV series hit screens around the world and is already dubbed in 7 languages in 10 countries.
• Sweeply won SVEF, the Icelandic web awards, for its web and launched a new optional housekeeping product - increasing efficiency and decreasing environmental impact for hotels worldwide.
• ARCTIC TRUCKS? continued to expand their international reach and successfully supported the first expedition in history driving an EV from Pole to Pole.
• Kaptio closed landmark deals with new globally recognized customers fuelling future growth of its enterprise solution driving digital transformation of multi-day travel companies.
• Data Dwell continues on a strong organic growth trajectory with its core business in content management for sales and marketing while also expanding into new verticals.
• PLAIO - Digitalised Pharma Planning received the largest grant from the Technology Development Fund in Iceland to supercharge the development of their Coplanner AI - the future of digital pharma planning.
• Alda launched their next-generation DEI solutions and was named by Gartner as a representative technology provider in DEI software
• Abler continues to excel in the Icelandic market, serving close to 70% of the population while doubling recurring revenue through organic growth – a strong position for global expansion in 2024.
• Eggert Claessen , our founding partner emeritus, said farewell to the team as he retired early this year and received a standing ovation at our annual Frumtak Day for his remarkable contribution to the Icelandic entrepreneurial ecosystem.
• Our annual Frumtak Ventures Day took place in September where we celebrated successes and learned from failures with our portfolio companies and the venture community.
• Andri Heiear Kristinsson joined our team as a general partner bringing two decades of startup and tech operational experience to the team. We are thrilled to have Andri on board.
• Last but not least, we are proud to continue supporting mental health initiatives through our annual donation awarded to Hugarafl this year.

We couldn’t be more excited about 2024, a year we are excited to paint with more success stories, groundbreaking ideas, and collaborations that push boundaries. Let’s continue to innovate, support, and inspire as we leap into another year of potential and prosperity.

Here's to a year of new beginnings, growth, and prosperity! ????

#NewYear2024 #Innovation #venturecapital #FrumtakVentures