The three founders, Hekla Arnadottir, Helga Valfells and Jenny Ruth Hrafnsdottir will be heading the fund which is now the largest venture capital fund in Iceland. Crowberry II will invest in early-stage tech startups especially within health tech, fintech, gaming, SaaS and consumer tech.
At present, half of the fund´s investments are in Denmark, but geographically, its focus is on the whole Nordic region. The team behind Crowberry Capital expects that over time, approximately 20 per cent of the investments will be placed in Danish startups.
“We have seen a great development in the Danish ecosystem in recent years and Denmark has an amazing startup environment which we look forward to developing further”, says Hekla Arnadottir.
Putting down roots in Denmark
Denmark´s Export and Investment Fund closes Crowberry II with an investment worth DKK 60 million to help the venture capital fund put down roots in Denmark. The fund will invest in the whole Nordic region using Copenhagen as a base. Denmark’s Export and Investment Fund is a merger of the Growth Fund (Vækstfonden), Denmark´s Green Investment Fund and EKF Denmark´s Export Credit Agency.
The three founders will stay in Denmark alternately for periods of time. In the past year, Hekla Arnadottir and Helga Valfells and their families have taken turns staying in Denmark.
“If we wish to invest in Danish tech companies, we need to be present. It is crucial for us to establish strong roots locally to make changes for the companies that we invest in. Our mission is to find people who are good for companies and to build companies that are good to people”, says Helga Valfells.
“We welcome the addition of a new strong venture capital fund to our portfolio. The experienced team has already proven its potential in the Danish ecosystem. With a solid investment experience and a broad syndicate of investors, Crowberry II closes on targets. At Denmark´s Export and Investment Fund, we are glad that we can help them put down roots in Denmark. Crowberry Capital will invest in ambitious and competent tech-founders and at the same time making an impact on the gender diversity agenda through their investments. We look forward to contributing to the positive imprint on the ecosystem by investing in their second fund”, says Lars Nordal, Senior Director of Fund Investments in Denmark´s Export and Investment Fund.
Potential in the Nordics
Five years ago, the Icelandic investors saw an opportunity in the market for early- stage startups in the Nordics. This made them terminate their jobs and establish the first Crowberry fund.
“We realized that we might be able to make a bigger difference and create real changes if we established our own fund. We are profoundly grateful for the investors who believe in us and look forward to continuing the cooperation in the new fund”, says Jenny Ruth Hrafnsdottir.
Focusing on diversity
Since the founders launched their first fund in 2017, they have focused on investments in all types of teams – teams led by women, men, or a combination. Only 1.5 per cent of all venture capital goes to companies established by women; Crowberry II will help to change this by creating greater equality in the ecosystem.
“We make investments across genders; however, we are extremely aware that our position as under-represented investors allows us to spot potentials in markets and sectors which are often overlooked by others. It is crucial for us to work for greater diversity, and this is good for business as we know that diverse teams create greater innovation and values”, concludes Hekla Arnadottir.
For press inquiries, contact Communication Advisor Sara Kleist: 42372950/skl@vf.dk
