Brunnur Ventures

Oculis rings the Nasdaq Iceland opening bell! 🇮🇸 🔔   Today, Oculis became dual-listed on the Nasdaq Iceland Main Market, complementing its existing listing on the Nasdaq Global Market in the U.S. (Nasdaq: OCS).   Preceding the Iceland listing, Oculis successfully closed an oversubscribed equity financing round of $59 million. This funding round included new Icelandic institutional investors as well as participation from existing investors, thereby extending the cash runway until the second half of 2026 and remain on track for significant catalysts in the innovative pipeline.   Later this quarter, we anticipate the readout from Phase 2b RELIEF trial of OCS-02 in Dry Eyes Disease (DED). 👁   Read the press release here 👉 https://lnkd.in/eztX8hjE #Nasdaq #eyehealth #biotech #ophthalmology Riad, Páll, Thorsteinn, Einar, Sylvia, Gudrun Marta, Gudrun Bachmann, Arni, Jón, Rut.

DTE raises $16M in 2023! 👏 🎉 Despite the challenging funding landscape, DTE has successfully managed to close a $16M Series A round in 2023, boosted by additional $6M from Eyrir Vöxtur and EIC Fund. “This milestone powerfully endorses our innovative technology's impact in optimizing and streamlining metal industry operations”, says Karl Ágúst Matthíasson, CEO & Co-founder of DTE. Read more about it here 👉 https://lnkd.in/emRvNF4g Kristinn Pálmason, Nicholas Andruschak, Clemens Blum, Ásdís Virk Sigtryggsdóttir, Marcin Nowak, Greg Allen, Derek Prichett, and Arni Blöndal. #SeriesA #funding #sustainability #aluminum #industry40

DTE, a portfolio company of Brunnur, was recently featured on CBS in the documentary series "Innovation and Disruption Leaders". 👏   In the new short documentary, DTE showcases how its technology is revolutionizing the aluminum industry by eliminating the manual sampling process and providing producers and manufacturers of metals the tools to optimize processes and production and ensure they minimize carbon emissions.   Read more about it here 👉 https://lnkd.in/eEmKxDfJ   Thank you for all the support in making this happen Derek Prichett, Karl Ágúst Matthíasson, Ásdís Virk Sigtryggsdóttir, CBS News and Stations, and TBD Media Group.   Novelis, Norðurál, Chrysalix Venture Capital, Metaplanet, European Investment Bank (EIB), Nicholas Andruschak, Clemens Blum, and Arni Blöndal. #sustainability #innovationanddisruptionleaders #aluminum #processcontrol #industry40

One of our portfolio companies, Porcelain Fortress, is looking for a CEO for the next phase of their journey. Fully funded by Brunnur and two other great VCs. Crowberry Capital Helga Valfells Behold Ventures Sigurlína Ingvarsdóttir Porcelain Fortress Didrik Steinsson Björn Jónsson Check it out: https://lnkd.in/g5WpZ3Tf

"To infinity and beyond!" 🚀 Was the topic at the annual morning conference hosted by Framvís - Venture Capital Association of Iceland last Friday, sharing insight into the world of start-up investments with guest speakers Sigurdur Arnljotsson, Tommy Andersen, Alma Dóra Ríkarðsdóttir, Svava Björk Ólafsdóttir and panelists David Simonarson, Vala Halldorsdottir, Finnur Pind, Ragnheiður H. Magnúsdóttir, Kristjan Mikaelsson, Linda Björk Ólafsdóttir, and Oddur Olafsson.     Sigurður, the Chairman of Framvís and Managing Partner at Brunnur Ventures, gave a speech on the history of Icelandic VC funds and the Icelandic start-up ecosystem. In 1998-2000, 13 small-sized VC funds were launched, with a new beginning in 2015-2017 when four mid-size funds erupted, with an addition of five VC funds in 2021 and one governmental fund-of-funds.     The Icelandic start-up ecosystem is thriving well, with four impactful exits recently, most notably the $1.3bn sale of Kerecis, the $425m sale of CCP Games, the $324m Nasdaq NY listing of Oculis, and the $238m sale of Tempo Software. Generally, VC funds aim for the unicorns; however, other exits below $100m also play an essential role in the Icelandic ecosystem.     Sigurður emphasized the contribution of foreign investors to the venture ecosystem, stating that a single VC fund rarely invests alone throughout the start-up journey. He stressed the necessity of collaborative investments, citing Brunnur Ventures' early investment in Oculis with $110m in follow-up funding from industry-specific funds. Over 140 foreign VC funds have invested alongside the Icelandic VC funds.  Addressing talent scarcity, Sigurður underscored the need for Icelandic companies to attract foreign expertise to remain competitive with countries like Sweden and Finland, which offer the most attractive tax incentives to specialists. He urged the Icelandic government to address this issue to prevent the need for Icelandic startups to relocate or build their workforce entirely abroad.    Tommy Andersen, Founder & Managing Partner at the Danish venture fund byFounders, spoke about the Danish success stories, the wealth creation beyond investor returns, such as the stunning network effects of job creation and tax generation, the importance of access to foreign talent and retaining the companies in the country with improved incentives and legislation.