'Good companies will get funded no matter what' – Icelandic impact VC eyes Nordic expansion

Crowberry Capital has been shaking up the Nordic investment scene since its launch in 2017. Founded by three women – Hekla Arnardottir, Helga Valfells, and Jenny Ruth Hrafnsdottir – it stands out in Europe’s male-dominated venture capital world. In 2022, Aron Johannsson stepped in to lead the firm’s operations in Denmark, helping to embed its presence in Copenhagen’s thriving ecosystem.

With a €90M second fund and over 25 active startups in its portfolio, Crowberry Capital is backing early-stage companies tackling everything from AI to climate tech. The firm’s second fund is supported by EU funding from the InnovFin Equity programme - managed by the European Investment Fund.

Aged just 26, Johannsson combines an obvious energy and enthusiasm with a sharp eye for impactful investments. Impact Loop caught up with him to discuss Crowberry’s ethos, the funding challenges of 2025, and how the Nordic hubs compare when it comes to startups and innovation.

What do you think Crowberry’s USP is compared to other Nordic investment firms?

"We are a relatively traditional VC fund, apart from the fact that we were founded by three female founders, which is the case for less than 1 percent of VC funds in Europe. And 50 percent of the investments that we have made have at least one female co-founder on the team. We are a venture fund that is hoping to be profitable, and we're looking for the best opportunities.

But what we see compared to maybe other funds is the importance of different dynamics within teams – different backgrounds, different knowledge and different views of what the world can look like in the future. Having a diverse group of people building that world is something that is really close to our hearts."

What kind of companies are you looking to invest in?

"We are sector agnostic and invest across the digital economy, but we have been most active in B2B, SaaS, healthtech and fintech. The underlying impact our investments have, is something that gets us most excited – of course you need to buy into the mission that you're investing in."

What investments are you most proud of?

"My favourite investments so far include Prescriby, which is an Icelandic health tech company trying to solve the opioid crisis – trying to prevent people from being addicted to highly addictive prescription medication using new technology.

Snerpa Power is an Icelandic investment that we made in 2023. They're providing intelligent energy management systems for high consumers of electricity, thereby increasing the efficiency among the most power intensive users which saves money and is good for the environment."

Having a diverse group of people building that world is something that is really close to our hearts

Crowberry Capital invests across the Nordics and has offices in Copenhagen and Stockholm as well as Reykjavik. How different or similar are these different startup hubs in your opinion?

"They have more in common than not, I would say. I have been based in Copenhagen for 18 months, and I was happy to discover that it is really friendly. The VC and startup industry isn’t that large so people are willing to meet and help each other and it's just amazing to see.

The difference is that the Danish ecosystem is further integrated into the Nordic ecosystem while the Icelandic one is closer to the US both culturally and geographically. Innovation startups and venture funding has been around for longer in Denmark.

But nowadays you are also seeing similar things happening in Iceland. Less than a couple of decades ago there wasn't much happening, there was little funding. Today there are more investors and – at least in my generation – you’re seeing more people founding their own companies. It’s not just banking or corporates that are the main go-to job straight after university."

How do you incorporate impact and sustainability into your own daily life?

"Excellent question. Nowadays, especially after moving here to Copenhagen, I try to bike and I use public transport. In Iceland I really needed a personal car, because the public transport is not the best, to say the least. I also eat a lot of local produce. Denmark makes it cheaper to buy local produce compared to what is imported. So, therefore it’s a no-brainer."

What would you say your worst habit is when it comes to sustainability?

"I think it's wanting to see the world and travel. This line of work requires you to go on a plane a few times over the year. Although taking the train is of course option number one, if that’s possible."

How confident are you about the impact funding scene in 2025?

"Last year and 2023 were quite tricky funding years. I think it will still be quite tricky to raise capital until there is more of a market for exits, because investors need liquidity no matter where or how they are investing.

But still at the same time, I think good companies, good founders building something that really matters – they will get funded no matter what. The difference between now and a few years ago – maybe in 2021, is that nowadays you need more tangible proof points around your company before you raise, and [you must] rely a bit less on hopes and dreams."

So you’re cautiously optimistic then?

"Yes I am optimistic. You can see that the general trends and themes in venture are moving more towards impact in one way or the other. Whether it’s food, more sustainable agriculture, water technology, health tech, fintech, the energy transition, supply optimisation – there are a lot of promising things happening. I'm really, really looking forward to seeing what will happen in 2025 and at Crowberry Capital we will definitely put our money where our mouth is."