When was Icebreaker founded?

Icebreaker was founded in 2016.

Where is Icebreaker's headquarters located?

Icebreaker's headquarters is located in Helsinki ( Finland ).

How big is Icebreaker's investment team?

Icebreaker has a team of 8, including 6 partners.

How many companies has Icebreaker invested in?

Icebreaker has invested in 58 companies, including Care Health Insurance & Modash.

Which companies has Icebreaker invested in lately?

Aibidia & Modash are the latest investments by Icebreaker.

What sectors does Icebreaker focus on for investments?

Top sectors in Icebreaker's portfolio are Enterprise Applications (34 investments) and High Tech (24 investments).

What stages of companies does Icebreaker typically invest in?

Icebreaker primarily invests in Seed and Series A stages.

How many exits has Icebreaker been involved in?

Icebreaker's portfolio has seen 3 acquisitions.

Icebreaker - 2025 Investor Profile, Portfolio, Team & Investment Trends - Tracxn

1. Care Health Insurance

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: ₹143Cr as on Mar 31, 2024
Valuation: ₹3,240Cr as on Jun 03, 2020
Stage: Series B
Total Funding till date: $79.5M
Employee Count: 14,142 as on Feb 28, 2025
Investors: Barclays, Kedaara and 78 Others
Latest Funding Round: Series B, Jun 03, 2020, $75.6M
Highlight: Editors' Pick

2. Modash

Influencer campaigns management platform. It allows businesses to discover influencers for live streams, e-sports, and gaming events. It enables businesses to track Instagram profiles and find influencers. It offers real-time analytics and metrics to track performance and provide detailed reports. It provides a suite of tools to discover, analyze, and manage influencer marketing campaigns.

Key facts about Modash

Founded Year: 2018
Location: Tallinn (Estonia)
Stage: Series A
Total Funding till date: $14M
Employee Count: 20 as on Sep 30, 2024
Investors: henQ, Icebreaker and 15 Others
Latest Funding Round: Series A, Oct 31, 2024, $11.9M
Highlight: Editors' Pick

3. 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
Investors: Founders' Edge, Athensmed and 6 Others
Latest Funding Round: Series A, Mar 23, 2023, $5.83M
Highlight: Editors' Pick

4. Klaus

Conversation review tool and feedback management platform. It allows users to improve customer service by managing internal and customer feedback. It enables users to collect customer feedback, manage internal quality, and track trends, and improve agent development. It can be integrated with Intercom, HelpScout, Freshdesk, and Aircall.

Key facts about Klaus

Founded Year: 2018
Location: Tallinn (Estonia)
Annual Revenue: €2.78M as on Dec 31, 2022
Stage: Acquired
Total Funding till date: $19.3M
Employee Count: 55 as on Sep 30, 2024
Investors: Acton Capital, Rocket Internet and 16 Others
Latest Funding Round: Series A, Sep 29, 2022, $11.5M
Highlight: Acquired

5. ReOrbit

Manufacturer of software-enabled satellites for secure space communications. These satellites are designed for autonomous operation and inter-networking, facilitating efficient data flow in space. The company develops its own software and integrates flight-proven hardware from a network of partners. Satellite architectures are software-defined, allowing for in-orbit reconfiguration and adaptability to various payload applications. The offered satellites support secure data transmission across multiple orbits, enhancing connectivity and resilience. This technology addresses the need for reliable and fast data transfer for commercial and governmental uses.

Key facts about ReOrbit

Founded Year: 2019
Location: Helsinki (Finland)
Stage: Seed
Total Funding till date: $7.4M
Investors: Business Finland, Seraphim and 6 Others
Latest Funding Round: Grant (prize money), Dec 21, 2023
Highlight: Editors' Pick

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Icebreaker has invested in 58 companies over the last 8 years, with an average of 3 new investments annually in the last 5 years. In 2024, it made 3 investments, while as of Jun 2025, it has made 1 investment in this year. Its most recent first time investment was in Cytely and most recent follow-on round was in Aibidia.

Here are Icebreaker's Year-on-Year Investment Trends:

Year	No. of Investments
Year	1^st Round	Follow-on	Total
2025 (YTD)	0	1	1
2024	1	2	3
2023	2	3	5
2022	6	5	11
2021	6	3	9
2020	7	3	10
2019	5	2	7
2018	15	1	16
2017	8	0	8

View all investments by Icebreaker

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Icebreaker has made 46 investments in Seed stage with an average round size of $1.33M, 3 investments in Series A stage with an average round size of $4M and 1 investment in Angel stage with an average round size of $210K.

Here are Icebreaker's investments by stage:

Note: We have considered here, only first round of investments

Stage of entry	No. of Investments
Seed	46
Series A	3
Angel	1

View all investments by Icebreaker

Icebreaker has a diverse portfolio, with companies operating in the Enterprise Applications, High Tech, HealthTech, FinTech and Vertical SaaS. Notably, it has invested in 50 Tech companies, 46 Enterprise (B2B) companies, 39 Software companies and at least 23 companies focusing on Saas.

Here are Icebreaker's investments by sector:

Note: We have considered here, only first round of investments

Sector	No. of Investments
Enterprise Applications	29
High Tech	22
HealthTech	6
FinTech	5
Vertical SaaS	5
Others	45

View all investments by Icebreaker

Icebreaker has made most investments in Finland (29), followed by Estonia where it has made 6 investments.

Here are Icebreaker's investments by geography:

Note: We have considered here, only first round of investments

Country	No. of Investments
Finland	29
Estonia	6
Sweden	5
India	4
United States	2
Others	3

View all investments by Icebreaker

Icebreaker has made 1 investments in 2025 so far - Aibidia.

Here are the most recent investments by Icebreaker:

Date	Company	Location	Round Details	Round Amount	Co-Investors
Jun 06, 2025	Aibidia	Finland	Series B	$28M	Activant Capital [+2]
Oct 31, 2024	Modash	Estonia	Series A	$11.9M	henQ [+2]
Jun 26, 2024	Valpas	Finland	Seed	$4.29M	Zenith Group [+6]
Feb 03, 2024	Cytely	Sweden	Seed	Undisclosed	SmiLe Incubator
Aug 31, 2023	ReOrbit	Finland	Seed	$7.4M	Inventure [+3]

Get the detailed list of all investments by Icebreaker. Download now!

See more recent investments made by Icebreaker

3 companies from Icebreaker's portfolio have been acquired. The most recent acquisition were Workfellow in Apr 2024 by ProcessMaker.

Here are Icebreaker's portfolio companies that got acquired most recently:

Company	Acquisition Date	First Invested on	First Round of Investment	Round Size
Workfellow	Apr 09, 2024	Dec 20, 2021	Series A	$3.12M
Lumoa	Mar 26, 2024	Jun 05, 2018	Seed	$760K
Klaus	Jan 08, 2024	Jul 03, 2019	Seed	$1.92M

View all acquired companies in Icebreaker's portfolio

Icebreaker has a team of 8 members including 6 Partners and 1 Principal located in Finland, United States and 1 more locations. Icebreaker's team sits on the board of 1 company.

Here is a list of all team members in Icebreaker:

Name	Designation	Location	Board Memberships	Contact details
Lasse Lehtinen	Partner	Helsinki	-	1 Email
Aleksi Partanen	Partner	Tallinn	-	1 Email
Riku Seppala	Partner	Helsinki	-	1 Email
Mikko-Jussi Suonenlahti	Partner	Helsinki	-	-
Teddie Wardi	Partner	New York City	Templafy	1 Email, 1 Phone number
Kristian Pentti	Partner	Helsinki	-	-
Mari Luukkainen	Principal	Helsinki	-	2 Emails
Mari Rautanen	Analyst	Helsinki	-	1 Email

Get the full list of Icebreaker's team & partners for free. Download now!

View team details of Icebreaker

Over the past 8 years, 347 investors have co-invested in Icebreaker's portfolio companies.

Invested before Icebreaker: Sting, Seraphim and 5 others have invested in rounds before Icebreaker. There are 1 company where Sting has invested before Icebreaker and 1 company where Seraphim has invested before Icebreaker.
Top Co-investors of Icebreaker: 91 investors entered a company along with Icebreaker. These include investors like Angel List (2 companies).
Invested after Icebreaker: A total of 249 investors have invested in Icebreaker's portfolio after their investments. Top Investors include European Union (5 companies), Voima Ventures (3 companies) and Global Founders Capital (3 companies).