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Iceland's startup ecosystem is growing, with Reykjavik being the main hub for innovation. As of 2023, Iceland is home to around 500 startups. The Icelandic government supports entrepreneurship through initiatives like the Icelandic Startups and the Icelandic Centre for Research (RANNIS), which provide funding, resources, and mentorship for startups. In 2022, Icelandic startups raised approximately €200 million in venture capital.
The Icelandic startup ecosystem comprises about 500 startups as of 2023. In 2022, these startups collectively raised around €200 million in venture capital, demonstrating a growing interest from investors. The relatively small but vibrant market shows significant potential for growth in the coming years.
Iceland's market boasts a highly educated workforce, a strong focus on sustainability, and a high quality of life. These strengths create a conducive environment for startups to innovate and thrive. Reykjavik, in particular, is known for its expertise in healthtech, fintech, and creative industries, attracting significant investments and producing notable startups like CCP Games and Controlant.
Reykjavik is the primary hub for innovation in Iceland. The city is a hotspot for healthtech, fintech, and creative industries. It attracts significant investments and fosters notable startups, including CCP Games and Controlant. Reykjavik's collaborative environment is further enhanced by the presence of world-class universities and research institutions.
While Reykjavik is the main innovation hub, other regions in Iceland are beginning to show potential. Smaller towns and cities are gradually developing their own startup communities, leveraging Iceland's strong educational system and entrepreneurial spirit. These emerging hubs are likely to contribute to the broader ecosystem in the coming years.
The Icelandic startup ecosystem benefits from a robust network of incubators, accelerators, and co-working spaces. Initiatives like Startup Reykjavik and the Iceland Ocean Cluster provide mentorship, resources, and international exposure to entrepreneurs. Government support through entities like Icelandic Startups and RANNIS further bolsters these efforts.
Despite its strengths, Iceland faces challenges such as a small domestic market and geographic isolation. These factors can limit the scalability of startups and pose logistical challenges for international expansion. Additionally, the relatively high cost of living can be a barrier for early-stage entrepreneurs.
Iceland's startup ecosystem is poised for substantial growth, driven by continuous investment and technological advancement. The country's strategic location in the North Atlantic and leadership in renewable energy offer unique opportunities for international expansion. Iceland's emphasis on sustainability and green technology is driving innovation in sectors such as renewable energy and environmental technologies.
Iceland's startup ecosystem has shown remarkable resilience and adaptability. The strong network of support systems, combined with a collaborative environment, helps startups navigate challenges and capitalize on opportunities. Iceland's pro-business policies and robust infrastructure further enhance its attractiveness for entrepreneurs and investors.
Iceland's startup ecosystem is vibrant and growing, with a significant presence of angel investors and venture capital firms driving innovation and entrepreneurship. The country's strategic location, strong emphasis on sustainability, and high quality of life make it an attractive destination for startups and investors alike. This text will explore the top angel investors, leading venture capital firms, investment size and scope, number of investments, future outlook, and the support and mentorship available in Iceland.
Some of the top angel investors in Iceland include Bala Kamallakharan, founder of Startup Iceland and Iceland Venture Studio, and Heida Thordardottir, a prominent investor with a focus on tech startups. These angel investors provide crucial early-stage funding, mentorship, and networking opportunities to promising startups, helping them navigate the challenges of the entrepreneurial landscape.
Iceland's venture capital landscape is dominated by firms like Frumtak Ventures, Eyrir Ventures, and Crowberry Capital. Frumtak Ventures focuses on growth-stage companies with a proven track record, while Eyrir Ventures targets high-tech companies with global potential. Crowberry Capital, led by three women, invests in early-stage tech startups across the Nordic region, providing not just capital but also strategic support and mentorship.
The investment size in Iceland varies widely, with angel investors typically investing between €50,000 to €200,000 in early-stage startups. Venture capital firms, on the other hand, invest larger amounts, ranging from €500,000 to several million euros, depending on the stage and potential of the startup. The focus areas include tech, healthtech, fintech, and sustainability, reflecting Iceland's strengths and priorities.
In recent years, Iceland has seen a steady increase in the number of investments in its startup ecosystem. In 2022 alone, Icelandic startups raised approximately €200 million in venture capital, with numerous deals across various sectors. The growing interest from both local and international investors underscores the potential and dynamism of Iceland's startup scene.
The future outlook for Iceland's investment market is promising, with continuous growth expected in the coming years. The country's strategic focus on sustainability, renewable energy, and technology positions it well for attracting further investments. Additionally, Iceland's robust support systems and pro-business policies are likely to drive further expansion and innovation in the startup ecosystem.
Iceland offers a strong support system for startups, including incubators, accelerators, and co-working spaces. Programs like Startup Reykjavik and the Iceland Ocean Cluster provide valuable mentorship, resources, and networking opportunities. Government initiatives, such as those led by the Icelandic Startups and the Icelandic Centre for Research (RANNIS), further bolster the support system, ensuring startups have access to the necessary tools for success.
Iceland's startup ecosystem is thriving, thanks to the active involvement of top angel investors and leading venture capital firms. With significant investments, strong support systems, and a promising future outlook, Iceland is well-positioned to continue its trajectory as a hub for innovation and entrepreneurship. As the country continues to invest in its startup ecosystem, it will undoubtedly contribute significantly to the regional and global markets, fostering a dynamic and sustainable business environment.
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London, U.K. - Europe: Germany, United Kingdom, France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Czech Republic, Greece, Portugal, Sweden, Hungary, Austria, Switzerland, Denmark, Finland, Slovakia, Norway, Ireland, Luxembourg, Malta, Iceland, Monaco
Businesses Solutions • FinTech (& Financials services) • Retail (& E-Commerce) • A.I. (& Big Data) • HealthTech (& Fitness) • Future Of Work • Medical Devices (& Hospital Services) • Healthcare (& Wellness) • Mobility
Partner at Index Ventures
Martin Mignot serves as a Partner at Index Ventures. He also serves as Advisory Board Member at TheFamily. He specialises in SaaS, marketplaces, bitcoin and mobile. He worked on 50+ transactions to date, including Assistly, Auxmoney, BaseCRM, Cloud.com, Codecademy, DimDim, Factual, Farfetch, Flipboard, Funding Circle, Gluster, HouseTrip, Just Eat, Lookout, Nasty Gal, Notonthehighstreet, onefinestay, PeoplePerHour, TrustPilot, Soluto and SoundCloud. He is actively looking after Index's investments in Algolia, Capitaine Train, Drivy, Rad and Swiftkey. Prior to joining Index, Martin was in the TMT team at UBS Investment Bank and cofounded the beauty subscription business Boudoir Prive (acquired by Joliebox/Birchbox) and a student web radio service.
Menlo Park - San Francisco Bay Area - California, U.S.A. - Global: U.S.A., Australia, Canada, Germany, U.K., Israel, France, Italy, Spain, Netherlands, Belgium, Switzerland, Denmark, Finland, Luxembourg, Malta, Iceland
Businesses Solutions • Consumer
Partner at Sequoia Capital
San Francisco Bay Area, U.S.A. - Global: U.S.A., Australia, Canada, Germany, U.K., Israel, France, Italy, Spain, Netherlands, Belgium, Switzerland, Denmark, Finland, Luxembourg, Malta, Iceland
BioTech • Businesses Solutions • A.I. (& Big Data) • DeepTech
Daniel Gross the founder of Greplin, a search engine. Greplin operated by linking together various online accounts into one search experience. For example, a customer could search their Facebook, Gmail and Dropbox accounts from one unified service without check each individually. In 2011, Greplin raised $4 million in funding from venture capital firm Sequoia Capital. Gross was one of Sequoia's youngest founders at the time. They introduced a premium offering at $5 a month, which allowed customers to link enterprise-facing services like Salesforce. In 2012 the company renamed itself to “Cue” and launched an additional predictive search features. In addition to search, Cue offered customers an automatic and intelligent agenda of their day. This included files, emails, addresses, phone numbers and more that were deemed algorithmically relevant. Cue was a similar product to Google Now. He is Y-Combinator's first Israeli.
, U.S.A. - Europe: Germany, United Kingdom, France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Czech Republic, Greece, Portugal, Sweden, Hungary, Austria, Switzerland, Denmark, Finland, Slovakia, Norway, Ireland, Luxembourg, Malta, Iceland, Monaco
Hardware (& Manufacturing) • IoT (& Wearables) • A.I. (& Big Data) • Blockchain (& Cryptos) • Cloud Services (& Infrastructure) • Developer tools • Material Science • DeepTech
Principal at Lunar Ventures - DeepTech VC Investor
New York - Newark, U.S.A. - Global: U.S.A., Australia, Canada, Germany, U.K., Israel, France, Italy, Spain, Netherlands, Belgium, Switzerland, Denmark, Finland, Luxembourg, Malta, Iceland
Software (Web Marketplace Saas..) • Retail (& E-Commerce) • Sales (& Marketing) • Cosmetics (& Fashion) • Entertainment (& Sports)
CEO of FUBU and The Shark Group | TV Personality on ABC Shark Tank
Daymond John is a Co-Founder and serves as President & Chief Executive Officer at Fubu. John served as an Advisor at Innovation Capital Advisors. Previously, he served as a Board Member at Resultly. In 2009, Daymond became co-star on ABC's hit series Shark Tank, where aspiring entrepreneurs present their companies to a panel of successful business icons to raise capital. Daymond invested in several of the companies on the show and has emerged as a spokesman for active angel investing. In 2007, Daymond released his first book, Display of Power, the story of how he built FUBU into a global fashion power. In 2010, his second book, The Brand Within, examines the loyalty-based relationships that brands and celebrities seek to establish with their customers and fans.
San Francisco Bay Area, U.S.A. - Global: U.S.A., Australia, Canada, Germany, U.K., Israel, France, Italy, Spain, Netherlands, Belgium, Switzerland, Denmark, Finland, Luxembourg, Malta, Iceland
Blockchain (& Cryptos) • Woman Focused
Most Interested In
I love creating something from nothing. Health and Wellness Productivity
Annapolis - Ann Arbor - Michigan, U.S.A. - Global: U.S.A., Australia, Canada, Germany, U.K., Israel, France, Italy, Spain, Netherlands, Belgium, Switzerland, Denmark, Finland, Luxembourg, Malta, Iceland
Software (Web Marketplace Saas..) • Retail (& E-Commerce) • Online Social
Investor at Banana Capital
San Francisco Bay Area - California, U.S.A. - Global: U.S.A., Australia, Canada, Germany, U.K., Israel, France, Italy, Spain, Netherlands, Belgium, Switzerland, Denmark, Finland, Luxembourg, Malta, Iceland
Software (Web Marketplace Saas..) • BioTech • FinTech (& Financials services) • A.I. (& Big Data) • HealthTech (& Fitness) • Medical Devices (& Hospital Services) • Healthcare (& Wellness) • Woman Focused
CEO and Co-founder at Mercury
Co-founder and CEO of @heyzap and Co-founder of @clickpass. 2x @y-combinator Alum
San Francisco Bay Area - California, U.S.A. - Global: U.S.A., Australia, Canada, Germany, U.K., Israel, France, Italy, Spain, Netherlands, Belgium, Switzerland, Denmark, Finland, Luxembourg, Malta, Iceland
Businesses Solutions • FinTech (& Financials services) • Consumer
Hooman Radfar serves as Partner at Expa Labs. He also is an Angel Investor. Hooman Radfar Co-Founded & served as Chairman at AddThis. He was also the Chief Executive Officer of Ando, a food delivery app by Momofuku. Radfar actively drives platform marketing and strategy initiatives at Clearspring. He graduated magna cum laude from the University of Pennsylvania with degrees in Economics and Computer Science. He serves as the board member at Always Prepped. He holds an M.S. from Carnegie Mellon University where he researched Social Networking Theory. He serves as Board Member at Always Prepped.
London, U.K. - Europe: Germany, United Kingdom, France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Czech Republic, Greece, Portugal, Sweden, Hungary, Austria, Switzerland, Denmark, Finland, Slovakia, Norway, Ireland, Luxembourg, Malta, Iceland, Monaco -
Cosmetics (& Fashion) • A.I. (& Big Data) • HealthTech (& Fitness) • Web Security (& Privacy) • Advertising • Food & Beverage • DeepTech • Healthcare (& Wellness) • Consumer • Woman Focused
Ian Scarffe is a born Entrepreneur and since the age of 17 founded more than twenty companies and is acting board positions of the Entrepreneurs' Organisation.
, U.S.A. - Global: U.S.A., Australia, Canada, Germany, U.K., Israel, France, Italy, Spain, Netherlands, Belgium, Switzerland, Denmark, Finland, Luxembourg, Malta, Iceland
AgroTech
Co-Founder & Managing General Partner at Invariantes Fund
Sunnyvale - California, U.S.A. - Global: U.S.A., Australia, Canada, Germany, U.K., Israel, France, Italy, Spain, Netherlands, Belgium, Switzerland, Denmark, Finland, Luxembourg, Malta, Iceland
A.I. (& Big Data)
Partner at Plug and Play Ventures
Ivan Zgomba serves as Partner, Ventures at Plug and Play Tech Center. He leads investments across number of evolving verticals. Under Ivan's leadership, Plug and Play has invested in over 100 rapidly growing technology startups and has helped portfolio companies collaborate with corporations from around the world. Ivan was privileged to invest in many well-known and brilliant entrepreneurs.
