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Brunnur Ventures Launches US$65m Second Fund

Brunnur Ventures GP (www.brunnurventures.com ) is pleased to announce the launch of Brunnur II, its second venture fund of US$65 million (ISK 8.3 billion). The new fund's Limited Partners include ten of Iceland’s leading pension funds and Landsbanki.

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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,” commented Arni Blondal, Managing Partner of Brunnur Ventures GP. “We are continuing a strategy of catalyzing the growth and internationalization 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 US$ 1-3 million, with capital pre-allocated for follow on investments.

ABOUT BRUNNUR VENTURES

Brunnur Ventures is venture capital firm based in Iceland focused on seed and early-stage investments, emphasizing innovation and growth, combined with scalable business models and extraordinary entrepreneurial talent.

Brunnur Ventures currently manages two funds, Brunnur I and Brunnur II, with fund operation and administration provided by Landsbref (www.landsbref.is ), a fund management company licensed by the Icelandic Financial Supervisory Authority.

For more information please visit: www.brunnurventures.com .

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