How many investments has Thule Investments made?

Thule Investments has 15 tracked investments.

What stage does Thule Investments invest at?

Thule Investments invests at the Growth stage.

What is Thule Investments's typical check size?

Thule Investments typically writes checks of $2M – $10M.

What sectors does Thule Investments focus on?

Thule Investments focuses on Sector Agnostic.

Where is Thule Investments located?

Thule Investments is headquartered in Reykjavík, IS.

Who does Thule Investments co-invest with?

Thule Investments most often shares deals with a16z crypto, Bitkraft Esports Ventures, BlueRun Ventures, among 9 tracked co-investors.

Thule Investments

Private equity

Reykjavík · Growth · 6 people tracked

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Investment thesis

Thule Investments is an Iceland-based management firm overseeing holding companies and private equity portfolios across Iceland, Europe, and the USA. Its currently active entities include Bru Venture Capital ehf and Fögrusalir ehf (Bru Realty).

Invests inSector AgnosticEurope Iceland North America United States

Source: firm website, verified Sep 20, 2026.

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Stage

Growth

Check

$2M – $10M

Reykjavík, IS

Instruments

Equity

Founded

2003

AUM

$90M

Tracked investments

Team · 6 people

from the firm's website & public directories

Jean-Francois Regnauld· Partner

Jean-Francois Regnauld has 9 years of experience in financial markets as a trader and dealer in derivatives, fixed income and currencies across South Africa, Czech Republic and the USA, plus 14 years in private equity across real estate, tech, IT, renewable energy and M&A. He maintains executive-level relationships across Europe and the US.

jfr@thuleinvestments.com

Sandra Kr. Ólafsdóttir· Venture Partnerin

Sandra Kristín Ólafsdóttir leads Thule's real estate investments. She has over 25 years of experience in frontline sales and marketing and joined from Reykjavík University's Open University, where she was a project manager in Executive Education. She holds an Executive MBA from Reykjavík University and a BS in Business Administration from the University of Iceland.

sandra@thuleinvestments.com

Bjarney Sonja Breidert· Consultant

Bjarney joined Thule Investments in 2004 as an Investment Analyst and later completed a Master of Science in Engineering Management at TU Wien. She previously worked in the Computer Science Department at Reykjavik University and at Kaupthing Bank, and founded a German startup, Remotealbum. She holds an M.Sc. from TU Wien and a B.Sc. in Computer Science from Reykjavik University.

baddy@thuleinvestments.com

S. Jakob Helgason· COOin

Jakob Helgason joined Thule Investments in 2021 as COO and Associate Partner, having previously served as in-house legal counsel and as a lawyer at Inkasso. An attorney with bachelor's and master's degrees in law from Reykjavik University focused on business and securities law, he is admitted to the bar in Iceland and holds a certified securities license.

s.jakob@thuleinvestments.com

Vífill Gústafsson· Entrepreneur in residence

Vífill Gústafsson has extensive experience in finance and sales. He previously worked as a financial analyst at Icelandic startup Oz and as a sales and account manager at Borgun, an Icelandic acquiring bank, focusing on e-commerce solutions and business development.

Gisli Hjálmtýsson· CEO· Reykjavík

Dr. Gísli Hjálmtýsson brings over 20 years as an innovator, entrepreneur and manager. He previously served as Dean of Computer Science and Engineering at Reykjavík University, was CTO and fund manager at AVX-e.com, and researched Internet and network services at AT&T/Bell Laboratories. He holds a Ph.D. in Computer Science from UC Santa Barbara and a BS from the University of Rochester, and holds numerous patents.

gisli@thuleinvestments.com

What they invest in

from 9 of 15 portfolio companies

AI & Machine Learning ×3Cleantech ×3Enterprise Software ×3Biotech ×2Climate Tech ×2Consumer ×2Crypto & Web3 ×2Cybersecurity ×2

HQs:Iceland×4United Kingdom×1United States×1

Investments · 15 tracked

founders shown can be your intro path

Bdcbdc.is in

Borealis Data Center provides colocation and data center services in Iceland and Finland, offering customized infrastructure solutions for organizations requiring compute and IT resources with emphasis on energy efficiency and sustainability.

AI & Machine LearningCleantechCloud ComputingData & InfrastructureReykjavik, IS

CCP Gamesccpgames.com in

Fenris Creations (originally Loki margmiðlun) is a video game developer and publisher of interactive entertainment, known for the online game EVE Online launched in 2003.

ConsumerGamingMedia & EntertainmentReykjavik, IS

Co-investorsa16z crypto Bitkraft Esports Ventures Emfarsis New Enterprise Associates (NEA)Andreessen Horowitz General Catalyst +3 more

Cricri.is in

CRI is an energy technology company with expertise in chemical and syngas industries, sustainable energy systems, and process design.

CleantechClimate TechDeep TechEnergyReykjavik, IS

Sindri Sindrason(Board Member (former Chairman 2007-2016, former CEO until 2019))in

Co-investorsEquinor Ventures

Datacticsdatactics.com in 𝕏

Datactics provides data quality and matching capabilities through a cloud-enabled platform designed for master data management and digital transformation programmes.

AI & Machine LearningData & InfrastructureEnterprise SoftwareFintechGovTechSaaSBelfast, GB

Co-investorsClarendon Fund Managers Ltd.Kickstart Innovation Kernel Capital

Enzymaticaenzymatica.com

Enzymatica develops health products that support the body's natural defenses against viruses, irritants, and microorganisms, including its ColdZyme mouth spray for treating and shortening the common cold.

BiotechConsumerHealthtech

Genomaticagenomatica.com in 𝕏

Genomatica (Geno) develops biotechnology processes to produce bio-based chemicals and materials—such as 1,4-butanediol (BDO), butylene glycol for cosmetics, and plant-based nylon—as alternatives to fossil-fuel-derived inputs.

BiotechCircular EconomyCleantechClimate TechNew MaterialsSan Diego, US

Christophe Schilling(Co-founder (former CEO))inBernhard Palsson(Co-founder)Carlos A. Cabrera(Executive Chairman)in John G. Gugel(Chief Executive Officer)in Tom McDonald(SVP, Finance & Chief Financial Officer)inNelson Barton(SVP, Research and Development)in

Co-investorsVantagePoint Capital Partners Casdin Capital Draper Fisher Jurvetson (DFJ)Mohr Davidow Ventures Novo Holdings

Idplizzidplizz.com

Resiliant provides passwordless digital identity verification and access management using patented IdNFT technology and private permissioned blockchain, storing identity credentials on the user's own device rather than central servers.

Crypto & Web3CybersecurityEnterprise Software

Resiliantresiliant.com

Resiliant provides identity verification for loan companies and pawn stores using a cryptographic identity token (IdNFT) stored on customer phones, replacing paper ID and manual checks across online and in-store touchpoints.

AI & Machine LearningCrypto & Web3CybersecurityDigital HealthEnterprise SoftwareFintechSaaS

Marc Duthoit(Chief Executive Officer)inEric Eva-Candela(Chief Technology Officer)in

Co-investorsAvestix Group

Theatermogultheatermogul.com

Theater Mogul produces theatrical productions and stages shows across multiple continents, serving audiences worldwide through regional offices in Iceland, Germany, the United States, and India.

Media & EntertainmentHafnarfjordur, IS

Signy(Founder, Marketing & Chairman of Board)Sigyn(Founder, Accounts)Oskar(CEO – Executive Producer)

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

BetwareBorealis Data CenterCAOZEnpocketLeikhúsmógúllinnVoicecommercegroup

Frequently asked questions

How many investments has Thule Investments made?: Thule Investments has 15 tracked investments.
What stage does Thule Investments invest at?: Thule Investments invests at the Growth stage.
What is Thule Investments's typical check size?: Thule Investments typically writes checks of $2M – $10M.
What sectors does Thule Investments focus on?: Thule Investments focuses on Sector Agnostic.
Where is Thule Investments located?: Thule Investments is headquartered in Reykjavík, IS.
Who does Thule Investments co-invest with?: Thule Investments most often shares deals with a16z crypto, Bitkraft Esports Ventures, BlueRun Ventures, among 9 tracked co-investors.

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