Icebreaker
Venture capitalHelsinki · Pre-Seed–Series A · 8 people tracked
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 · 8 people
from the firm's website & public directories
What they invest in
from 15 of 29 portfolio companiesSaaS ×11AI & Machine Learning ×6Enterprise Software ×4Future of Work ×3Healthtech ×3Deep Tech ×2Logistics & Supply Chain ×2PropTech ×2
HQs:Sweden×4Finland×1France×1United States×1
Investments · 29 tracked
founders shown can be your intro pathAibidia 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 CapitalFPV
Fixably provides a SaaS aftersales platform for repair businesses to manage device repair, refurbishment, and resale more efficiently.
Circular EconomyLogistics & Supply ChainRetail TechSaaS
Co-investorsCusp Capital468 Capital
Flowhaven is a licensing relationship management platform that brings agreements, product approvals, royalty calculations, and analytics into one system for enterprise licensing teams.
Enterprise SoftwareMedia & EntertainmentSaaS
Co-investors359 CapitalRiverside Acceleration Capital
Finnish neighborhood home-care platform offering a tech-enabled alternative to traditional elderly home care.
Co-investorsAlliance VCAlliance Venture
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)in
Co-investorsDawn CapitalLevel EquityRound2 Capital Partners
IPRally is an AI-native patent search platform that uses proprietary Graph AI to perform patent searches, review, monitoring, and portfolio analysis.
AI & Machine LearningLegalTechSaaS
Co-investorsEndeit CapitalJoin CapitalSpintop Ventures
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 TapioNiko Polvinen
Co-investorsNordicNinjaTrind Ventures
ReOrbit is a space technology company that manufactures satellites and connected systems for national security, serving government and military customers seeking sovereign control of their space infrastructure and data.
Deep TechDefense TechSpace TechHelsinki, FI
Co-investorsExpansion VenturesInventureRymdkapitalSeraphim Space10x FoundersInventure
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
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 Capital
Co-investors42CAP
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 VenturesMaki.vc
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
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 25 tracked investments.
- 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 Activant Capital, DN Capital, Endeit Capital, among 22 tracked co-investors.
Media · Podcasts & interviews
featuring the teamAleksi Partanen ja Icebreaker VC
Licence To Fail · Aleksi Partanen
Co-investors · 17
Spintop Ventures is an early-stage venture capital firm that invests in software-based technology companies from the Nordics, helping them become sector leaders.
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.
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.
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.
Sapphire Ventures partners with expansion-stage enterprise software companies aiming to become category leaders.
Point Nine is an early-stage venture capital firm that has operated for nearly 15 years, emphasizing focus over scale.
Creandum is a venture capital firm that invests in technology companies, backing them at early stages before their potential becomes widely obvious.
EQT Ventures is the venture capital arm within the EQT platform, backing early-stage European founders building what it calls Generation-Defining Companies.
Global Founders Capital (GFC) is the global venture capital platform of Rocket Internet, investing early and across sectors in fast-growing technology companies.
Causal is a financial planning and analysis platform that enables finance teams to move beyond traditional spreadsheet-based planning by integrating data from multiple sources and providing dynamic forecasting, budgeting, and scenario planning capabilities.
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.
▶5 more co-investors
Acton CapitalSuperAngel.FundChange VenturesElkstone Capital PartnersInnovestor
Firms observed investing alongside Icebreaker, from public investor directories. Shared companies are the overlap with Icebreaker's recorded portfolio.
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