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The Venture Codex

Frumtak Ventures

Kringlan 7, Reykjavík, Gullbringusysla, 103, Iceland

Overview

At Frumtak Ventures, we champion founders who have demonstrated early traction and have potential to become global leaders in their space. We take a concentrated, high-conviction, and high-involvement approach to investing and dedicate ourselves to collaboratively work with our portfolio companies from the seed stage through IPO. Our initial ticket size usually ranges from €1 million to €3 million.

Total investments
21
Lead investments
14
Investments · 12mo
2
Active investors
5

Sector focus

  • Finance
  • Financial Services
  • Venture Capital
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Investment portfolio

  • MyDello

    Led · Equity · Dec 2025

    Founded in 2021 by logistics industry veterans, MyDello digitises complex international freight workflows for manufacturing, wholesale and e-commerce customers. Through a single inquiry, users receive instant multimodal quotes, can book transport and track deliveries in real time, supported by an AI-powered delivery countdown. The platform is integrated with more than 400 carriers and high-profile partners such as DHL, Lufthansa, Maersk, Qatar Airways and Finnair. Since launch, MyDello has facilitated thousands of shipments, onboarded 12,500 businesses from 110 countries and now operates in 12 European countries plus China. The company reports strong traction on EU–China routes and trans-Atlantic lanes and plans to expand across Europe by 2027, beginning with a UK launch in December 2023. Fresh capital will also fund deeper AI integrations aimed at automating most shipment operations by the end of 2026. Prior to the current financing, the startup had already attracted backing from regional investors including Superhero Capital and Bolt president Jevgeni Kabanov, who remains on the board.

  • Euler

    Led · Seed · Nov 2025

    Euler is an Icelandic spin-out from the Technical University of Denmark that applies deep AI and process expertise to fault detection in laser powder bed fusion (LPBF) and selective laser sintering (SLS) 3D-printing processes. Its software connects to leading industrial 3D printers, ingesting camera data to flag defects before they occur without requiring additional monitoring hardware. Early customers such as Alloyed, KMWE, the Danish Technological Institute, and the Korea Institute of Industrial Technology use Euler to cut failed-build time by 77 % and lift overall equipment effectiveness–driven revenue by more than 20 %. By reducing scrap and rework, the platform helps regulated sectors like aerospace and defence meet stringent safety and performance standards. The company is now protecting its technology through trademark registrations and three patent filings. Proceeds from its recent seed financing will fund product development, team expansion, and accelerated platform rollout as it seeks broader adoption across the $20 billion global additive-manufacturing market.

  • Optise

    Led · Seed · Apr 2025

    Optise builds an AI-powered website analytics platform specifically for B2B companies. The product combines large language models, vision analysis, intelligent workflows, and an advanced ranking system to deliver prioritized, actionable recommendations. It converts data points into personalized insights to identify broken elements, missing features, and areas needing improvement so businesses can drive more leads and revenue. Optise plans to use its recent funding to accelerate product development and expand into additional markets. The company emphasizes optimizing page speed, UX, and SEO to help B2B sites capture more revenue from digital channels. Optise is Icelandic and is strengthening its leadership team, including adding Vivienne Hsu to the board.

  • Moombix

    Led · Seed · Oct 2024

    Moombix operates an online marketplace and learning platform focused on live, interactive one-on-one music lessons for adult learners. The company emphasizes flexible scheduling and aims to make music education a lifestyle choice for adults. Its platform includes a proprietary video-conferencing tool, streamlined payment processing, and other digital tools tailored for live online music lessons. Moombix plans to scale its marketplace, improve user experience, accelerate customer acquisition, and prepare a strategic launch into the UK, where nearly 200 teachers are already signed up. The startup was founded in 2022 by Margret Juliana Sigurdardottir, a Royal Academy of Music graduate and serial music‑tech entrepreneur. The company has just closed seed funding to support these product, growth, and international expansion plans.

  • AviLabs

    Led · Equity · Oct 2024

    AviLabs is the creator of Plan3, described in the article as a leading passenger disruption management technology that enables airlines to personalise and automate passenger solutions when disruptions occur. The company has positioned Plan3 as an industry authority through events such as the Grounded summit, which convened more than 30 airlines representing roughly 20% of the world’s passengers. AviLabs aims to drive operational efficiency and cost savings for airlines by replacing legacy systems with automated, personalized disruption handling. The company recently secured new capital that the team says will support continued product adoption and industry engagement. AviLabs’ founder and CEO, Sveinn Akerlie, framed Plan3 as an efficient and economical solution for airlines facing delays, missed connections, and cancellations. No revenue or user figures were disclosed in the article.

Team