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The Venture Codex

Icebreaker.vc

Eteläesplanadi 2, Helsinki, Uusimaa, 00130, Finland

Overview

Founded in 2016, Icebreaker has invested in over 50 fast-growing tech startups built by domain expert founders from companies like Rovio, Nordea, Pipedrive, Eniram, IBM and BCG. In addition to the fund, Icebreaker also runs a community of more than 1000 founders and pre-founders with 5+ years of relevant industry experience and the will to start, build or join strong tech companies. With the initial ticket sizes of €150k - 800K Icebreaker provides enough funding for companies to get to a position of strength and avoid post-accelerator limbo without having to resort to disreputable sources of capital and unfriendly deal terms.

Total investments
38
Lead investments
9
Investments · 12mo
4
Active investors
8

Sector focus

  • Finance
  • Venture Capital
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Investment portfolio

  • Oplane

    Participated · Seed · Jun 2026

    Oplane develops an agentic, AI-native security platform that maps codebase architecture, identifies system-level security requirements, and provides contextual remediation recommendations within developers' workflows. The platform embeds automated threat modelling and expert-level guidance to help teams identify risks earlier in AI-assisted software development. Founded in Malmö by Emil Kvarnhammar, Oscar Andersson, and Anders Söderling, Oplane is already working with a growing set of customers and conducting pilot projects to broaden its market presence. The company plans to deepen integrations with AI coding tools including Claude Code, Cursor, and GitHub Copilot, expand across Europe, and hire across engineering, cybersecurity, QA, and go-to-market roles. Its current financial step is the newly closed €4.5M seed round led by Seed Capital with participation from angels and an existing investor.

  • Leyr

    Participated · Equity · Dec 2025

    Leyr is developing a platform aimed at integrating and harmonizing health data, positioning itself within the #sthlmtech startup scene. The company is featured under the NordicMade and HealthTech Nordic communities, signaling a focus on healthcare innovation in the Nordic region. While detailed product specifications were not disclosed, the core offering centers on simplifying health data connectivity. Leyr recently attracted outside capital to advance its product. In its latest financing, the startup secured $1.76 million in seed funding from investor Julien Coustaury and Fil Rouge Capital. This seed round marks the first publicly reported funding for the company. No operating metrics, revenue figures, or user data were shared in the available coverage.

  • Cytely

    Participated · Equity · Oct 2025

    Founded in 2023 in Lund, Sweden, Cytely builds a hardware-agnostic software platform that automates image acquisition, quantifies entire samples, and delivers statistically robust, analysis-ready data in real time. By turning traditional microscopes into measurement engines, the company eliminates weeks of manual cell assessment and has been shown to cut analysis time by 75% in commercial labs. Early adopters such as Lund University now process nearly 100% of sample data, uncovering previously hidden cellular mechanisms, while a cancer research lab reported annual savings of €300k and a nanowire biotech firm increased R&D throughput by 40%. The platform already supports research in virology, oncology, and metabolic diseases and is positioned as a democratizing alternative to costly high-throughput imaging rigs. With the latest funding, Cytely plans to add intelligent acquisition tools that work across all microscope brands and introduce one-click workflows and a shared protocol network, paving the way for predictive and partially autonomous research. The company operates with team members in Lund, San Diego, and Singapore and is part of the SmiLe Venture Hub portfolio. The recent €3 million raise provides fresh capital for product expansion, though revenue figures have not been disclosed.

  • ReOrbit

    Participated · Series A · Sep 2025

    ReOrbit develops the OrbitCloud private satellite network that links drones and handheld devices directly to satellites using 3GPP Non-Terrestrial Network standards while performing AI inference on board. The company’s architecture uses processors and fast intersatellite links to share tasks for reliability, aiming to deliver processed intelligence directly to devices without routing data via ground stations. ReOrbit targets military and industrial users that require communications independent of terrestrial infrastructure. Founded in 2019 and based in Helsinki, the company has about 80–90 employees and plans to expand to 200–250 staff by the end of 2026. In March 2026 ReOrbit signed a €150 million asset-financing deal with SLI for two GEO satellites, with first delivery slated for 2029. The firm is pursuing a larger programme expected to exceed €40 million and has set a goal of achieving €1 billion in sales within four years.

  • Aibidia

    Participated · Series B · Jun 2025

    Aibidia offers an AI-powered platform that automates complex transfer-pricing calculations, risk assessments, and scenario modeling to help multinational firms optimize tax strategies and ensure compliance. The company is led by CEO Hannu-Tapani Leppänen and was founded in Finland in 2018. Its platform has been adopted by more than 100 multinationals with average revenues of €7 billion, including Unilever, Dyson, Nokia and Delivery Hero. Today the platform manages over 7,000 international business entities. The U.S. market already contributes over 15% of Aibidia’s revenue. Aibidia intends to use new funding to expand its tax-technology operations into the U.S. market. Aibidia provides a collaborative digital platform that enables in-house professionals, advisers and tax authorities to work together on the transfer pricing process and empowers tax professionals to make data-driven decisions. The platform manages 5,000+ entities across 150+ jurisdictions. It is used by multinationals such as Volvo, Bridgestone and Recipharm to define fair global transfer pricing and automate related reporting. The company is led by Founder and CEO Hannu-Tapani Leppänen. Aibidia raised €13M in a Series A and intends to use the funds to expand its team and its global presence in London and Helsinki. The company plans to continue innovating the platform. Aibidia, founded in 2014 and based in Helsinki, develops a digital transfer pricing platform that combines legal, tax, economic, AI and business-intelligence capabilities. Its software automates and speeds up transfer pricing processes and statutory reporting, aiming to define and justify global profit splits for multinationals. The company says its solution saves thousands of hours of manual work while increasing control, transparency and compliance assurance. Aibidia raised a €4.2 million seed round led by Global Founders Capital and Icebreaker.vc, with €1.25 million coming from Business Finland’s Young Innovative Company programme. It is partnering with transfer-pricing experts to support expansion to Central Europe and further digitalisation efforts. Management frames the opportunity against a backdrop where companies spend roughly €150 billion per year on international taxation inefficiencies.

Team