Crowberry Capital is a Reykjavik-based fund that operates in Copenhagen and Copenhagen. Crowberry II, a seed and early stage fund of $90 million, is aimed at Nordic startups. July 2022 will see a second close, bringing in $40 million more.
After putting in 20 millions from the EU's InnovFin Equity program, the EIF (European Investment Fund), is the lead LP of the fund. This is InnovFin Equity's first VC fund in Iceland.
Others investors include Icelandic Pension Funds, several family offices, and angels including David Helgason (founder of Unity Technologies).
Crowberry II, the largest VC fund in Iceland, is led by three women founders, Hekla Arnardottir and Helga Valfells.
Crowberry I, a fund that invested $40 million in 2017, was used to invest in startups in gaming, SaaS and fintech.
Hekla Arnardottir stated: It is a mistake to assume that we only support female founders because we are women. Our investment record shows that we support companies because they're game-changers, regardless of whether or not their senior staff members are female. We also benefit as an all-female group from the ability to see potential in sectors and businesses that are often overlooked in our industry.
She said: Inclusivity is good business. Being open and approachable increases your deal flow and your talent pool. Businesses are built with a wider potential user base. Crowberry believes this is a great opportunity. The Nordics are leading in gender equality at a societal level. We want to show that they can support innovative venture funding.
Crowberry's first fund, Crowberry I, featured 15 companies of which 33% were led by female CEOs.
