Fundraising Fox
Icebreaker
Venture capitalHelsinki · Pre-Seed–Series A · 5 people tracked
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Investment thesis
Icebreaker focuses on supporting founders from the earliest idea stage through seed and beyond, writing first tickets of up to €1.5M. The firm invests in startups based in Estonia, Finland, and Sweden and backs over 100 teams, partnering with founders throughout the idea stage and their subsequent growth. Its portfolio spans a wide range of technology sectors including AI, fintech, cybersecurity, SaaS, and enterprise software.
Source: firm website, verified Aug 3, 2026.
Team · 5 people
from the firm's website & public directories
What they invest in
from 26 of 41 portfolio companiesSaaS ×18AI & Machine Learning ×11Enterprise Software ×8Future of Work ×6Healthtech ×4Deep Tech ×3Fintech ×3Hardware ×3
HQs:Sweden×5Finland×4United States×3Estonia×1France×1
Who they back
founder profiles across 16 portfolio companiesFounding team size:solo founder×72 founders×63 founders×24+ founders×1
Where their founders studiedfrom 18 founders with education data
Aalto University ×2Stockholm University ×2University of Helsinki ×2University of Jyväskylä ×2
What their founders studiedfrom 17 founders with field-of-study data
Computer Science ×7Business & Management ×2Finance & Accounting ×2Mathematics & Statistics ×2
Investments · 41 tracked
founders shown can be your intro pathBy year:2025 · 62023 · 32022 · 12021 · 22020 · 32018 · 318 dated
Aibidia provides software for transfer pricing compliance, covering local files, P&L segmentation, and Pillar Two preparation, and offers an AI research tool backed by IBFD data and validated by tax experts.
AI & Machine LearningFintechSaaS
Hannu-Tapani Leppänen(Founder)in
Co-investorsActivant CapitalDN CapitalFPVGlobal Founders Capital
Alvin is a SQL query optimizer built in Rust using Apache DataFusion that intercepts and optimizes queries before they reach Google BigQuery to reduce costs, and provides a UI for cost reporting and savings tracking.
Data & InfrastructureDeveloper ToolsSaaS
Dan Mashiter(Founder)inMartin Abelson Sahlén(Founder)
Co-investorsProject A VenturesLIFT99Nomad CapitalProject Ventures
Cachet provides adaptive insurance infrastructure for the platform economy, redesigning coverage as a dynamic system that moves with operators and fleets.
FintechFuture of WorkInsurTechTallinn, EE
Hedi MardisooinKalle Pallingin
Co-investorsTechstarsElkstone Capital PartnersTruffle CapitalUNIQA Ventures GmbH
Fixably provides a SaaS aftersales platform for repair businesses to manage device repair, refurbishment, and resale more efficiently.
Circular EconomyLogistics & Supply ChainRetail TechSaaS
Joel Mansnerus(Founder)in
Co-investorsCusp Capital468 Capital
Flowhaven is a platform designed to streamline global licensing operations by consolidating deal management, royalty tracking, approvals, and reporting into a single system.
Enterprise SoftwareLegalTechMedia & EntertainmentSaaSSector Agnostic
Kalle Törmä(Founder & CEO)in
Co-investors359 CapitalRiverside Acceleration CapitalGlobal Founders CapitalSapphire Ventures
Hoxhunt provides an AI-powered human risk management platform that automates security awareness and phishing training for enterprise employees through gamified, personalized simulations and interactive training modules.
AI & Machine LearningCybersecurityEnterprise Software
Mika Aalto(Founder)inKarri Kurunmäki(Founder)Pasi Salo(Founder)Pyry Åvist(Founder)
Co-investorsDawn CapitalLevel EquityRound2 Capital Partners
IPRally provides an AI-powered platform for patent professionals to search, analyze, and manage patents with greater speed and accuracy.
AI & Machine LearningEnterprise SoftwareLegalTechSaaSHelsinki, FI
Sakari Arvela(Founder)inJuho Kallio(Founder)inJuuso Piskonen(Founder)inDennis van der Veeke(CEO)inAndreas Cehlinder(CCO)inAntti Tarvainen(CTO)in
Co-investorsEndeit CapitalJoin CapitalSpintop Ventures
Klaus provides quality assurance software for customer support teams, using AutoQA to automatically analyze customer interactions—including those handled by AI agents—across channels such as voice and BPOs.
AI & Machine LearningEnterprise SoftwareSaaSSales Tech
Kair Käsper(Founder)Martin Kõiva(Founder)
Co-investorsActon CapitalCreandumGlobal Founders Capital
Logmore builds QR-based data loggers, cloud software, and API workflows for monitoring the condition of sensitive shipments, serving logistics and quality teams across food, pharma, and electronics supply chains.
HardwareIoTLogistics & Supply ChainSaaSStockholm, SE
Janne Juhala(Founder)inAntti TapioinNiko Polvinenin
Co-investorsNordicNinjaTrind VenturesTekton Ventures
Mavenoid develops AI-powered customer support automation for product companies that handles technical support inquiries beyond chatbot capability.
AI & Machine LearningEnterprise SoftwareSaaSStockholm, SE
Shahan Lilja(Founder)inShan Lilja(Founder)inGintautas Miliauskas(Founder)in
Co-investorsMosaic VenturesNordicNinjaPoint NineSmedvig VenturesABB Technology VenturesCreandum+1 more
MVision AI develops medical imaging software used in radiotherapy, distributed to healthcare providers through a global network of regional distributors.
AI & Machine LearningDigital HealthHealthtechMedical Devices
Mahmudul Hasan(Founder)in
Co-investorsJ12 VenturesVoima Ventures
reconfigured is an AI-powered notepad that captures quick notes via hotkey and automatically organizes and tags them for intelligent search.
AI & Machine LearningFuture of WorkSaaS
Co-investorsProdeko Ventures
ReOrbit designs and manufactures advanced LEO and GEO satellites for connectivity, communication, and orbital intelligence, serving military, civil, and national security customers globally.
Deep TechDefense TechHardwareSpace TechHelsinki, FI
Sethu Saveda Suvanam(Founder)in
Co-investorsExpansion VenturesInventureRymdkapitalSeraphim Space10x FoundersInventure
Ridecell provides an AI-powered asset intelligence and orchestration platform for automotive leasing and finance companies.
AI & Machine LearningEnterprise SoftwareMobility & TransportationSaaSSan Francisco, US
Aarjav Trivedi(Founder)in
Co-investorsACTIVATE CAPITAL PARTNERSAlly VenturesBeyond1435 GmbHBMW i VenturesConvergeDeutsche Bahn Digital Ventures+24 more
Scrintal is a visual canvas tool that lets users organize and connect ideas block by block, combining thinking, writing, and sharing in one workspace.
AI & Machine LearningEdTechFuture of WorkSaaSStockholm, SE
Ece Kural(Founder)Furkan Bayraktar(Founder)
Co-investorsSpintop Ventures
Sellforte is a marketing measurement and optimization platform that unifies marketing mix modeling, incrementality testing, and attribution into a single always-on system to calculate true incremental ROAS at the campaign and ad-set level.
AI & Machine LearningMarketing TechSaaS
Juha Nuutinen(Founder)inTeppo Luukkonen(Founder)in
Co-investorsBonnier CapitalBright Pixel CapitalBonnier Ventures
Tesseract Investment is a MiCA-authorized crypto-asset services provider offering discretionary portfolio management and lending services to institutional clients.
Crypto & Web3FintechHelsinki, FI
Co-investorsDN CapitalSapphire VenturesWintermute
Tesseract designs and manufactures spacecraft propulsion hardware, including off-the-shelf thrusters, multi-thruster modules, and complete propulsion systems for space missions.
Advanced ManufacturingDeep TechHardwareSpace TechLivermore, US
Erik Franks(Founder)inJeff Gibson(Founder)inJake Teufert(Founder)in
Co-investorsSeraphim SpaceY CombinatorAugmentum FintechConcentricDN CapitalMicroVentures+4 more
Typelane provides software that automates employee onboarding, letting HR teams build structured onboarding journeys with automated messages and reminders from contract signing through a new hire's start date and beyond.
Future of WorkHR TechSaaS
Fred Abrahamson(Founder)Vedran Ismaili(Founder)
Valpas provides bed bug detection and prevention solutions for hotels, focusing on safety and sustainability in guest accommodations.
HealthtechImpact & Social GoodPropTechParis, FR
Martim
Co-investorsGlobal BrainRockaway VenturesActivumMaki.vcTesi (Finnish Industry Investment Ltd)
Workfellow is a real-time work intelligence platform that analyzes inefficiencies in work methods, systems, processes, and tools to identify automation and optimization opportunities for organizations.
AI & Machine LearningEnterprise SoftwareFuture of WorkSaaS
Co-investorsOpenOcean
Zymego provides appointment management software for healthcare clinics that enables patients to self-book, reschedule, and cancel appointments autonomously, reducing no-shows and wait times.
Digital HealthHealthtechSaaS
Ingmar Veinberg(Doctor, Founder)in
Co-investorsIndustrifondenSpintop Ventures
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
Clock & CloudCrewpointeBrandsEquel SocialGridravenHelppyLetterlifeLumoaLutsoOterluRoadcloudSaltfishSense Of SpaceSensorless Dynamic Line RatingsWhippy
Portfolio news
latest coverage across their companiesAibidia · aibidia.com · Jul 3, 2026
ReOrbit · techfundingnews.com · Jun 26, 2026
Frequently asked questions
- How many investments has Icebreaker made?
- Icebreaker has 41 tracked investments, 1 of which have exited, including 6 dated in the last 24 months.
- What stage does Icebreaker invest at?
- Icebreaker invests at the Pre-Seed, Seed, Series A stages.
- What is Icebreaker's typical check size?
- Icebreaker typically writes checks of $162K – $1.6M.
- What sectors does Icebreaker focus on?
- Icebreaker focuses on Consumer, Crypto & Web3, Data & Infrastructure, Enterprise Software, Hardware, Retail Tech, SaaS, Sector Agnostic.
- Where is Icebreaker located?
- Icebreaker is headquartered in Helsinki, FI.
- Does Icebreaker lead rounds?
- Icebreaker typically participates in rounds rather than leading them.
- Who does Icebreaker co-invest with?
- Icebreaker most often shares deals with DN Capital, Spintop Ventures, J12 Ventures, among 30 tracked co-investors.
Media · Podcasts & interviews
featuring the teamAleksi Partanen ja Icebreaker VC
Licence To Fail · Aleksi Partanen
Co-investors · 17
Global Founders Capital (GFC) is the global venture capital platform of Rocket Internet, investing early and across sectors in fast-growing technology companies.
Spintop Ventures is an early-stage venture capital firm that invests in software-based technology companies from the Nordics, helping them become sector leaders.
Sapphire Ventures partners with expansion-stage enterprise software companies, aiming to help them become category leaders. Its Platform team of operators supports portfolio companies with customer introductions, go-to-market talent, and growth advisory.
DN Capital is a global early-stage venture firm founded in 2000, investing in Seed, Series A and select Series B companies across Europe and North America.
Creandum is a venture capital firm that invests in technology companies, backing them at early stages before their potential becomes widely obvious.
42CAP is a European seed-stage venture capital firm founded by entrepreneurs who previously built two of Europe's largest software companies. It invests in tech- and data-driven B2B software startups with global ambitions.
Point Nine is an early-stage venture firm that has invested in roughly 10-12 startups per year since 2008, with a focus on SaaS and B2B companies.
Project A Ventures is an early-stage venture capital firm backing founders across sectors, combining thematic expertise with a generalist operational platform. It also runs Project A Studio, a pre-investment platform for founders to validate ideas.
Acton Capital is an early-growth-stage venture investor with over 25 years of industry experience, partnering with a small number of founder-led companies each year to support their growth strategies.
Inventure is a generalist early-stage venture capital firm investing primarily across the Nordics and Baltics, having backed over 100 companies since 2005.
FPV Ventures is an early-stage investment firm that backs mission-driven founders.
▶5 more co-investors
Firms observed investing alongside Icebreaker, from public investor directories. Shared companies are the overlap with Icebreaker's recorded portfolio.
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