Participated · Seed · Jan 2022

Spectaflow, founded in 2019, provides a SaaS solution for hotel and vacation rental property management focused on cleaning and maintenance workflows, deskless staffing planning, and compliance with evolving international cleaning standards. The platform is used by about one hundred hotels across five countries. The company was founded by Petur Orri Saemundsen, Erlendur Steinn Gudnason and Frans Veigar Gardarsson. Spectaflow raised €1.7M in a post-seed round led by Frumtak Ventures and has now secured €2.5M in total investor and grant funding to date. Earlier investors include the Icelandic New Business Venture Fund and angel backers Grimur Saemundsen, Hilmar Veigar Petursson, and Thor Fridriksson. The company intends to use the funds to expand operations and broaden its business reach.

Participated · Equity · Oct 2016

Dohop is an Icelandic airline software vendor whose core product is a virtual interlining platform enabling airlines and scheduled transport providers to sell complex itineraries without codesharing or traditional interline agreements. The company says its technology enables partnerships between airlines and offers passengers more destinations and travel customisation. Since SEP’s initial investment in November 2020, Dohop has expanded its partner network by 25+ carriers across five continents to a network of more than 50 carriers globally, including AirTransat, Vueling, LATAM, and easyJet. Dohop plans to hire additional international talent, expand development capabilities beyond Reykjavik, and continue broadening its partner airline ecosystem. The firm received an undisclosed growth equity round from Scottish Equity Partners to accelerate growth and further develop its virtual interlining offering. Dohop intends to use the financing to improve travel connectivity through its platform and scale its international operations. Dohop is a travel search service that launched in 2005 after being founded in 2004 by Frosti Sigurjonsson and later relaunched worldwide. The platform offers flight, hotel, and rental car search with schedule‑based analysis that creates unique self‑connecting (non‑interlining) itineraries from airline and airport schedule data. It recently added FLYR Fare Protection, allowing users to hold a fare for 30 days to avoid price fluctuations. The company reports 1.5 million searches per month and has white‑label partnerships with Yandex and London’s Gatwick airport. Under new CEO David Gunnarsson the company has doubled its staff over the past year. The article positions Dohop as a niche player aiming to grow in the lucrative weekend-trip market.

Participated · Series B · Aug 2016

Mint Solutions develops MedEye, a medicine‑scanning system that uses computer vision to identify pills and cross‑reference them with patient prescription data and hospital IT systems. The device accepts pills in a scanning drawer and can integrate external cameras and barcode scanners to verify non‑solid medicines. Originally a pure hardware business, the company has expanded to offer a SaaS model that provides analytics to help hospitals detect internal administration and dispensing problems. Mint has rolled out MedEye to four Dutch hospitals with three more implementations in progress and reports typically stopping about 200 medication errors in the first few weeks after go‑live. The company plans to accelerate its rollout across the Netherlands and pursue expansion into Belgium, the UK, and adjacent markets such as care homes. Financially, it recently closed a €5 million Series B to fund that expansion. Mint Solutions builds MedEye, a pill verification device that uses computer vision to identify tablets by size, shape, colour and markings. The system integrates with existing hospital workflows and IT, allowing nurses to cross‑reference patient wristband barcodes and prescriptions with scanned medicines. MedEye aims to improve medication safety by preventing wrong‑drug and wrong‑dosage errors and to streamline pill dispensing without individual tablet barcodes. Its database claims comprehensive coverage and is self‑learning: unrecognized medicines can be added manually and learned thereafter. MedEye has been deployed in hospitals in the Netherlands, with plans to roll out in the UK and Germany. The company is moving its HQ to the Netherlands and participated in the Startupbootcamp High Tech XL accelerator.

Participated · Seed · Nov 2015

Sólfar Studios is a Reykjavík-based developer focused on creating and publishing pure virtual reality games and immersive applications. Founded in October 2014, the cofounding team includes veterans from CCP Games. The company has shown titles including Godling and is producing Everest VR, a photogrammetry-based virtual travel adventure developed with RVX that is slated to debut in 2016. Sólfar and Nvidia plan to collaborate on Everest VR using Nvidia technologies and GPUs to enhance performance and visuals. The studio demonstrated the Everest VR demo on an Nvidia-equipped PC with the HTC Vive headset. Sólfar raised a €2 million (about $2.15 million) seed investment to fund new VR games and other apps, backed by a syndicate of Asian and Nordic investors.

Participated · Series A · Feb 2014

Kerecis develops patented medical products made from sustainably sourced fish skin and fatty acids for cellular therapy, tissue regeneration and protection. Its gently processed fish-skin material retains a three-dimensional structure that recruits the body’s own cells and is ultimately converted into living tissue; clinical studies cited by the company report faster wound healing than competing products. Kerecis sells across three market segments: private offices and wound centers (MariGen®), burn centers (GraftGuide®) and hospital operating rooms (SurgiBind®/SurgiClose®). The company is the only approved manufacturer of medical devices containing intact fish skin globally and is among the fastest-growing players in the U.S. biologics-skin and dermal-substitute market. Financially, Kerecis reported $35 million in revenue in calendar year 2021 and said revenue this year is expected to be more than twice that, with year-over-year revenues doubling annually. The company emphasizes sustainability: its fish skin derives from wild Icelandic stocks and is processed in Ísafjörður near the Arctic Circle using 100% renewable energy, and it plans to use the new financing to accelerate development of next-generation products. Kerecis develops medical products derived from fish skin and fatty acids that preserve natural structure and elements, including omega-3s, to protect and regenerate human tissue. The company says its products require only mild processing because Atlantic cod pose no viral-disease transfer risk to humans. Kerecis offers fatty-acid-rich intact fish skin as well as spray-on topical and oral formulations intended for wound healing, infection control, and tissue regeneration. Its products are being used for diabetic and trauma wounds, burns, and other medical needs. The company’s stated mission is to extend human life by supporting the body’s ability to regenerate tissues, and it aims to expand its presence in the U.S. market. Recent financing is intended to accelerate development and marketing in the United States. Kerecis develops patented fish-skin products to heal human wounds and tissue damage. Its fish skin retains similarity to human skin and contains Omega3 fatty acids, which enhance wound healing. The company’s products are used to regenerate tissue in trauma and chronic wounds such as burns and diabetic wounds. Kerecis is also developing products for oral surgery, plastic surgery and neurological applications. Led by founder and CEO G. Fertram Sigurjonsson, the company plans to use new proceeds to expand sales and marketing, with a focus on the U.S. and Switzerland. The company completed a Series C to support these commercial efforts. Kerecis develops regenerative technologies based on intact fish skin that is rich in naturally occurring Omega3 polyunsaturated fatty acids to treat wounds and tissue damage. Its lead product, Kerecis Omega3 Wound, has received FDA and European regulatory approval and the company said U.S. sales revenue for that product more than quadrupled compared to 2016. A second product, Kerecis Omega3 Burn, is designed for transplantation into tissue damaged by thermal injuries. The fish skin is sourced from cod in North Iceland, is minimally processed to preserve structure and Omega3s, and the company holds patents in the United States and several other countries. Products are available in multiple markets worldwide and are manufactured in Kerecis facilities in Iceland that use geothermally generated electricity. The company was named Iceland’s fastest growing company for 2016 and planned to brief investors at the JP Morgan Healthcare Conference. Kerecis Limited is an Iceland-based tissue-regeneration company developing technologies to repair damaged tissue in vivo and to grow tissues and organs in vitro for implantation. Its most advanced plans target products to treat chronic wounds in diabetes patients, hernias and dura mater defects after neurosurgery. The company’s flagship technology, MariGen Omega3, recruits the body’s own cells and is ultimately converted into functional, living tissue. MariGen Omega3 is already available for sale in Iceland, the UK and several Middle Eastern markets, and Kerecis intends to expand distribution to other markets. Kerecis secured US$2m in a Series A3 financing to further develop MariGen Omega3. The company is led by CEO, President and Chairman Gudmundur Fertram Sigurjonsson.