Dattaca Labs, an Icelandic entrepreneurial hub, has launched Iceland Venture Studio, a seed/pre-seed fund of $5 million that invests in startups and works alongside them to help with prototyping, customer validation, and hiring. The venture studio expects to invest €20,000 to €50,000 in startups to fund the prototype, with a possibility of a follow-on funding round of up to €100,000.

Iceland Venture Studio looks to work with “startups providing services based around de-centralization of private data, algorithms, privacy, process and data security,” it stated in a press release. It has established partnerships with third-party service providers in the fields of design, software development, marketing, analytics, and more.

“The startup usually decides if they want to use those service providers or not,” explained Bala Kamallakharan, founder and CEO of Iceland Venture Studio. “We suggest the best ways to move forward, but the decision is always in the hands of the teams we invest in. We don’t want the teams to waste time trying to hire people when they need to be building a prototype and validating product-market fit.”

Iceland Venture Studio has already made two first investments in Retina Risk, which has developed a diabetic retinopathy risk calculator, and Flow VR, a virtual reality app for guided meditation.

Image credit: Tim Trad on Unsplash

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