About Icebreaker
Icebreaker is a venture capital firm founded in 2016. It is primarily based out of Helsinki, Finland. As of Jun 2026, Icebreaker has invested in 131 companies. It primarily invests in Seed round in Finland based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to High Tech and Consumer. Most recently it participated in the $***** Seed round of Oplane Overall, Icebreaker portfolio has seen 7 acquisitions including key companies like Care Health Insurance, Klaus and Lumoa. A lot of funds co-invest with Icebreaker, with names like Spintop Ventures sharing a substantial percentage of its portfolio. Icebreaker has team of 8 people including 8 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Rounds of Entry
Seed, Series A & 1 more
Portfolio Acquisitions
Icebreaker's List of Top Investments
Icebreaker has a portfolio of 131 companies. Their most notable investments are in Reconfigured and WhaleLend.Their portfolio spans across Finland, Sweden, Estonia and 6 more locations. They have invested in Enterprise Applications, High Tech, Consumer and 31 other sectors, across stages such as Seed, Series A and 1 more. Here is the list of top investments by Icebreaker:1. ReOrbit
Manufacturer of sovereign satellites and connected systems for national security. They provide secure space infrastructure for multi-domain operations and satellite solutions for civil applications. The company focuses on delivering advanced and cost-efficient technology. They partner with clients from initial concept to final deployment. The company empowers countries to develop national satellite technology for connected systems.
Key facts about ReOrbit
Provider of health and travel insurance plans. It offers various health insurance options, including individual, family, senior citizen, and specialized plans for conditions like diabetes and heart ailments. Travel insurance products cover international and domestic trips, encompassing medical emergencies, trip cancellations, and baggage loss. The company also provides corporate insurance solutions, such as group health and personal accident insurance. Claim processing and customer support services are integral parts of its operations.
Key facts about Care Health Insurance
- Founded Year: 2012
- Location: Gurugram (India)
- Annual Revenue: 0 - ₹10 Cr as on Mar 31, 2025
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $188M
- Employee Count: 13,449 as on May 31, 2026
- Investors: Analah Ventures, 360 One and 90 Others
- Latest Funding Round: Series C, Jun 30, 2026, $*****
- Highlight: Acquired
3. HoxHunt
HoxHunt is a stealth mode cybersecurity company developing a large scale security awareness platform for the protection of the critical assets of the enterprise and government. The solution is focused on social engineering to identify and report phishing emails in a continuous gamified simulation. As of Nov 2016, the company is in private beta and is planning to launch globally soon.
Key facts about HoxHunt
- Founded Year: 2016
- Location: Helsinki (Finland)
- Stage: Series B
- Total Funding till date: $43.3M
- Employee Count: 306 as on Aug 31, 2026
- Investors: Dawn Capital, First Fellow Partners and 3 Others
- Latest Funding Round: Series B, May 31, 2022, $*****
- Highlight: Editors' Pick
4. MVision
MVision AI developed AI enabled medical imaging platform. The platform is developed for radiation therapy to treat cancer. It assists doctors with therapy planning for patients that require radiation therapy treatment.
Key facts about MVision
- Founded Year: 2017
- Location: Helsinki (Finland)
- Stage: Series A
- Total Funding till date: $6.56M
- Employee Count: 56 as on Aug 31, 2026
- Investors: Businessfinland, Athensmed and 7 Others
- Latest Funding Round: Conventional Debt, Jun 30, 2025, $*****
- Highlight: Editors' Pick
5. Sellforte
Provider of software solutions for consumer insights and marketing optimization. It provides insights on consumer behavior through historical marketing and promotional campaign activities, including traffic from offers. The platform also helps retailers to optimize their marketing investments and campaigns by suggesting the right customer communication, targeted SKUs, pricing strategies, etc. Shop owners can also understand customer behavior by monitoring their shopping behavior and responses to marketing campaigns, and promotions. It has clients such as Stockman, Musti, DealDash, etc.
Key facts about Sellforte
- Founded Year: 2017
- Location: Helsinki (Finland)
- Stage: Series A
- Total Funding till date: $5.36M
- Employee Count: 61 as on Sep 30, 2026
- Investors: Bright Pixel Capital, Bonnier Capital and 1 Other
- Latest Funding Round: Series A, Mar 23, 2021, $*****
- Highlight: Editors' Pick
Icebreaker's Year-on-Year Investment Trends
Icebreaker has invested in 131 companies over the last 9 years, with an average of 13 new investments annually in the last 5 years. In 2025, it made 12 investments, while as of Jun 2026, it has made 1 investment in this year. Its most recent first time investment was in Zymego and most recent follow-on round was in Oplane.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 1 | 1 |
2025 | 8 | 4 | 12 |
2024 | 5 | 2 | 7 |
2023 | 13 | 3 | 16 |
2022 | 32 | 5 | 37 |
2021 | 22 | 3 | 25 |
2020 | 12 | 3 | 15 |
2019 | 4 | 2 | 6 |
2018 | 16 | 2 | 18 |
2017 | 10 | 0 | 10 |
Icebreaker's Investments by Stage
Icebreaker has made 117 investments in Seed stage with an average round size of $1.44M, 4 investments in Series A stage with an average round size of $3.72M and 1 investment in Series C stage with an average round size of $30M.Stage of entry | No. of Investments |
|---|---|
Seed | 117 |
Series A | 4 |
Series C | 1 |
Note: We have considered here, only first round of investments
Icebreaker's Investments by Sector
Icebreaker has a diverse portfolio, with companies operating in the Enterprise Applications, High Tech, Consumer, HealthTech and Vertical SaaS. Notably, it has invested in 111 Tech companies, 93 Enterprise (B2B) companies, 81 Software companies and at least 45 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Enterprise Applications | 60 |
High Tech | 26 |
Consumer | 21 |
HealthTech | 13 |
Vertical SaaS | 11 |
Others | 118 |
Note: We have considered here, only first round of investments
Icebreaker's Investments by Geography
Icebreaker has made most investments in Finland (44), followed by Sweden where it has made 34 investments.Country | No. of Investments |
|---|---|
Finland | 44 |
Sweden | 34 |
Estonia | 17 |
United States | 9 |
India | 4 |
Others | 6 |
Note: We have considered here, only first round of investments
Icebreaker's recent investments
Icebreaker has made 1 investments in 2026 so far - Oplane.Here are the most recent investments by Icebreaker:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Jun 03, 2026 | United States | Seed | 1665 | [+2] | |
Oct 24, 2025 | Sweden | Series A | 3785 | ||
Sep 09, 2025 | Finland | Series A | 2488 | [+5] | |
Jun 26, 2025 | Sweden | Series A | 2290 | [+1] | |
Jun 06, 2025 | Finland | Series B | 9420 | [+2] |
Acquired companies in Icebreaker's Portfolio
7 companies from Icebreaker's portfolio have been acquired. The most recent acquisition was Tab Technology in Apr 2026 by Kivra for $*****.Here are Icebreaker's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Apr 14, 2026 | Feb 2024 | Seed | 3329 | |
Oct 01, 2024 | Jan 2021 | Seed | 8209 | |
Apr 09, 2024 | Dec 20, 2021 | Series A | 7147 | |
Mar 26, 2024 | Jun 05, 2018 | Seed | 5590 | |
Jan 08, 2024 | Jul 03, 2019 | Seed | 5167 |
Team profile of Icebreaker
Icebreaker has a team of 8 members including 8 Partners located in Finland, United States and 2 more locations. Icebreaker's team sits on the board of 7 companies.Here is a list of all team members in Icebreaker:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Helsinki | - | ||
Partner | Helsinki | - | - | |
Partner | Estonia | - | ||
Partner | Helsinki | - | ||
Partner | New York | Hinge Health, 6sense and 5 more | ||
Partner | Helsinki | - | - | |
Partner | Helsinki | - | - | |
Partner | Sweden | - | - |
Co-investors of Icebreaker
Over the past 9 years, 367 investors have co-invested in Icebreaker's portfolio companies. This includes funds and angels.
- Invested before Icebreaker: Sting, Seraphim and 20 others have invested in rounds before Icebreaker. There is 1 company where Sting has invested before Icebreaker and 1 company where Seraphim has invested before Icebreaker.
- Top Co-investors of Icebreaker: 103 investors entered a company along with Icebreaker. These include investors like Spintop Ventures (3 companies).
- Invested after Icebreaker: A total of 242 investors have invested in Icebreaker's portfolio after their investments. Top Investors include Europa (6 companies), Businessfinland (4 companies) and EIC Fund (4 companies).
Recent News related to Icebreaker
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Oplane Raises $5.2M Seed to Secure AI Coding WorkflowsStartup Researcher•Jun 16, 2026•Seed Capital, Icebreaker, Neo4j, Google
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Oplane Raises €4.5M to Secure AI-Powered Software DevelopmentStartup Rise EU•Jun 02, 2026•Seed Capital, Icebreaker
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Swedish Cytely raises €3 million to make “smart microscopy” the new standard in scienceArcticStartup•Oct 24, 2025•Cytely, Ugly Duckling Ventures, Icebreaker
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Estonian Travel Service Crewpoint Secures Funding for Global GrowthAin•May 27, 2025•CADD Centre, Icebreaker
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FleetBrains, an Estonian auto-tech startup, gets €800K pre-seed funding from Icebreaker.vc.Ain•Mar 24, 2025•Icebreaker, FleetBrains
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Estonian startup developing artificial forests receives nearly a million-euro cash injection from investorspmo.ee•Mar 18, 2025•Icebreaker
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Estonian startup Gridraven secures €4M in funding and expands to the USAin•Feb 12, 2025•Gridraven, 42 Capital, Icebreaker
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Estonian Creator Partnerships Platform Modash Raises $12m Series A Investment To Help Brands With Content CreatorsAin•Oct 31, 2024•Modash, henQ, Icebreaker, Lift99 and 1 other
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Valpas raises €4m in seed funding for bedbug solutionShortTermRentalz•Jul 08, 2024•Valpas, Zenith Group, Icebreaker, Tem and 5 others
