EU Backs Icelandic Venture Capital Fund Focused on Women in Tech

(Bloomberg) -- Iceland's female-led venture capital firm Crowberry Capital has launched a $90 million fund to invest in technology startups in the Nordics, including by women entrepreneurs.

Crowberry II, backed by the European Investment Fund, sees an underutilized market opportunity in the region where only a fraction of the funding goes to women, Founding Partner Jenny Ruth Hrafnsdottir said. A second fund-raising round bringing in an additional $40 million is planned for July 2022, she said.

Crowberry says it is already a diversity-focused firm, with a third of the 15 companies backed by it having female chief executive officers. 

“We see things from a female perspective and thus perhaps spot opportunities overlooked by others in this space,” Co-Founding Member Hekla Árnadóttir said. “We have heard female founders say that we are more accessible.”

Iceland's startup eco-system has become more active with international investment flowing from both sides of the Atlantic, according to the founders. There is also a clamor from the broader Nordic region to be part of the worldwide growth in digital transformation.

EIF, whose main shareholders are the European Commission and European Investment Bank, has contributed 25% of the fund.

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