The new venture fund has been set up to deploy seed and early-stage investments in high technology sectors, including agrifoodtech

Brunnur Ventures has announced the launch of Brunnur II, its second venture of $65 million (ISK$8.3 billion). The new fund’s limited partners include ten of Iceland’s leading pension funds and Landsbanki.

The company said 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.

Agrifoodtech is listed in the fund’s sector focus alongside biotech, cleantech, and marine tech. Brunnur II will also be looking to invest in other areas such as software/IT, gaming, industry 4.0. The company said it is interested in investing in 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 drive the growth of the most promising and scalable start-ups,” commented Arni Blondal, managing partner of Brunnur Ventures GP. “We are continuing a strategy of catalysing the growth and internationalization of our portfolio companies through leveraging our hands-on start-up experience and network.

The new partners at Brunnur are Margret Asgeirsdóttir and Kjartan Olafsson, who bring a wealth of additional expertise to further guide the leadership of our portfolio..

In 2015, Brunnur Ventures GP launched the Brunnur I fund, investing in companies including Oculis, DT Equipment, Grid, Laki Power, Nanitor, IMS and Avo Software. It deployed capital across 16 investments, including 10 lead investments.

Brunnur Ventures’ co-investors include Earlybird, NEA, Chrysalix, Blue Yard, GGV Capital, Y Combinator, Novartis Venture Fund and others.

With Brunnur II, the company intends to invest in a portfolio of up to 20 companies with initial investments ranging from $ 1-to-3 million, with capital pre-allocated for follow on investments.

Brunnur Ventures was founded by Arni Blondal and Sigurdur Arnljotsson in 2013.

Date published: 19 March 2021

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