Frumtak sells 11% of its stake in Controlant for close to $14 million

News

Frumtak, a venture capital and private eqquity fund in Iceland, with LPs who include The Business Venture Fund, several pension funds and banks, has sold 11.33% of its ownership in Controlant, an Icelandic technology company that develops real-time digital supply chain visibility solutions for highly-regulated industries, including pharmaceuticals and life sciences. A group of current shareholders in Controlant, led by Investco ehf., purchased the stake, at the highest bid, through a formal sale process, which was managed by Arion Bank‘s Corporate Finance. More than one dozen bids were received from domestic and foreign investors as part of the purchase process. The total sale value was close to $14 million. 

Frumtak I, which was Frumtak Ventures’ founding fund, is concluding its lifecycle and has initiated a sale of its remaining investments. Upon completion of the transaction, Frumtak Ventures will continue to hold a 13%  stake in Controlant hf. through its Frumtak II fund. Frumtak’s Managing Director, Svana Gunnarsdottir will maintain her position as Chairperson of Controlant’s Board of Directors.  

 “We are extremely proud to have been an early investor in Controlant, and to watch the company succeed through its incredible growth. The company‘s founders, executives, and employees have worked hard to digitally transform the Global Supply Chain, bringing unprecedented visibility, efficiency, and responsiveness to their customers,” said Svana Gunnarsdottir, CEO of Frumtak. “Controlant is quickly becoming a world leader in their field and we are happy to have the opportunity to support them in their journey as we continue as  shareholder through our second fund.” 

“We are grateful for the support and guidance we have received from Frumtak as an early investor and an advisor,“ Gisli Herjolfsson, Controlant‘s Co-founder and CEO, said. “Frumtak has believed strongly in our team, our mission, vision, and solution, and has been an integral part of our growth. We look forward to our continued journey together.“   

“It has been a pleasure to work with Controlant and its shareholders over the last several months and to witness the company’s impressive international growth,“ says Lydur Thor Thorgeirsson, Head of Corporate Finance at Arion Bank. “It is encouraging to see the successful results of start-up investments from domestic institutional investors, as well as the support that Controlant has received from both domestic and foreign investors. We look forward to our continued partnership in the years ahead.“ 

Controlant is empowering pharmaceutical manufacturers, logistics providers, and food and beverage enterprises to digitally transform their global supply chains. The company will play a key role in monitoring the global distribution and storage of COVID-19 vaccines, which is expected to start in December 2020. Controlant‘s digital Cold Chain as a Service® solution is a powerful combination of Internet of Things (IoT) data logger technology, advanced visibility and analytics through its cloud-enabled software platform, and cost-reducing operational services that increase supply chain efficiency and responsiveness while supporting quality, compliance, and sustainability efforts. Fortune 500s and enterprises are gaining a single source of truth while saving millions of dollars every year. 

About Frumtak 

Frumtak is a venture capital and private equity company, founded in 2008, investing in innovative, post-seed companies in Iceland. Frumtak oversees the portfolios of two investment funds, Frumtak I and Frumtak II. The firm invests capital in creative ideas and exceptional founders, who are solving real-world problems that reinforce Iceland’s reputation for profitable innovation. Frumtak places special emphasis on building partnerships and cooperating with stakeholders outside of Iceland to support the growth of its portfolio companies in international markets.  

About Controlant  

 Controlant is an emerging leader in supply chain monitoring and visibility for heavily regulated industries, such as pharmaceuticals & life sciences and food & beverage sectors. Controlant’s mission is to deliver value across the end-to-end supply chain, by dramatically increasing the visibility of product flow and quality, while minimizing waste, through a completely new category of automated Cold Chain as a Service® solutions. Using Controlant’s IoT, cloud-enabled advanced analytics, API connectivity, and cost-reducing operational services, customers are achieving an annualized ROI and millions of dollars in savings, reducing material losses, and enhancing the reliability of their operations. Controlant is empowering Fortune 500 and world-leading enterprises, as well as, their supply chain stakeholders, to achieve greater efficiency by automating their business processes and optimizing communication through technology. 

About Arion Bank 

Arion Bank is a universal bank which focuses on developing long-term relationships with its customers and is a market leader as a provider of cutting-edge and modern banking services. Arion Bank provides services to homes, companies and investors and has three business sections: Retail Banking, Corporate & Investment Banking, and Markets. 

Media Contact

Jessica VanderVeen
Chief Marketing Officer
jessie@controlant.com
+354 690 5192

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