Digital asset management (DAM) company Data Dwell has secured a $1.12m (140m ISK) funding round by Frumtak Ventures. The company also received a $80K (10m ISK) marketing grant from the Technology Development Fund.
“We think Data Dwell has enormous growth potential and like the product offering,” Eggert Claessen, GP at Frumtak Ventures, said in a statement. Following the investment, Eggert takes a seat on the board of directors as chairman.
The company’s list of Icelandic clients includes Marel, Coca-Cola Iceland, and Vodafone Iceland. They also service Cartoon Network, and will use the capital to fund an expansion into the British market.
“The investment will help us grow in foreign markets, and speed up product development,” said Ólafur Helgi Þorkelsson, CEO of Data Dwell, in a statement.
Data Dwell is digital asset management software and was founded in 2012 by Ólafur Helgi Þorkelsson and Skarphéðinn Steinþórsson. It now employs nine people, and has customers in Iceland and the UK.