Crowberry Capital — Portfolio Analytics

Built by Víkingur Goði Sigurðarson · Data sourced from Keldan.is

Portfolio Overview
All figures in ISK millions (ISKm) · FY2024 · click a row for the deep dive
CompanySectorInvestedRevenueNet lossHeadcountCashBurn / moRunwayEquity ratio
Kara Connect ehf.Health Tech20103(483)13.529140.37.2 mo
Fjord Fintech ehf.Fintech18021245(110)19.05209.256.7 mo74.7%
Nordlys AI ASEnterprise SaaS22022120(210)17.09017.55.1 mo39.5%

Monthly burn is approximated as net loss ÷ 12. Runway = cash ÷ monthly burn. Equity ratio requires total assets (add totalAssetsto a company's yearly data to populate it).

VC Calculator
Auto-filled from Kara Connect ehf. · FY2024. Adjust any input.

MOIC

Amount invested100 ISKm
Crowberry ownership8.96%
Current equity (balance sheet)ISKm
ISKm
Stake book value (8.96%)66 ISKm
MOIC (book value ÷ invested)0.66×

IRR

Investment year
MOIC4 yr held · as of FY2024
×
Approx. IRR0.0%

IRR = MOIC^(1 / years held) − 1. A MOIC below 1× yields a negative IRR.

Implied valuation

Round sizeISKm
ISKm
% acquired in round15.0%
Post-money valuation1,000 ISKm

Post-money = round size ÷ % acquired.

Revenue multiple

Assumed valuation1,500 ISKm
Annual revenueISKm
ISKm
Revenue multiple14.6×
Within benchmarkNordic health tech typically 5–15×
Kara Connect ehf.
Deep dive · metrics shown for FY2024 · all figures ISKm
Health Tech8.96% owned
Monthly burn
40.3 ISKm
FY2024 net loss ÷ 12
Runway
7.2 mo
cash ÷ monthly burn
Equity ratio
needs total assets
Revenue / employee
7.6 ISKm
revenue ÷ headcount

Revenue trend (ISKm)

Net loss trend (ISKm)

Cash on hand & runway

Market penetration · TAM / SAM / SOM

Market figures in ISKbn · as of FY2024 · 16% CAGR · share = full company revenue (not ownership-adjusted) · Internal estimate · Nordic digital health, 2024 (placeholder)

SOM penetration
11.4%
headline · SOM 0.9 ISKbn
Headroom to fill SOM
8.7×
× current revenue
SAM penetration
6.4%
SAM 1.6 ISKbn
TAM penetration
2.45%
TAM 4.2 ISKbn

Market funnel (ISKm) · captured vs layer

Penetration over time (%)