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Iceland's startup scene shows a notable diversity across industries, from biotechnology to gaming. The country hosts several companies that have attracted significant funding.
For example, medical device company Kerecis has raised $123.6M for its technology that uses fish skin for healing. The gaming sector includes CCP Games, which has secured €106.3M in total funding.
Below is our list of 53 Iceland startups worth keeping an eye on.
Everything you need to raise funding for your startup, including 3,500+ investors, 7 tools, 18 templates and 3 learning resources.
Buy It For $97 $297 →Information about the industries, countries, and cities they generally invest in.
Get the Sheet for $50Information about their valuation, HQ's location, founded year, name of founders, funding amount and number of employees.
Get the Sheet for $50List of startup investors in the BioTech, Health, and Medicine industries, along with their Twitter, LinkedIn, and email addresses.
Get the Sheet for $50List of 250 startup investors in the AI and Machine Learning industries, along with their Twitter, LinkedIn, and email addresses.
Get the Sheet for $50List of 250 startup investors in the FinTech and Finance industries, along with their Twitter, LinkedIn, and email addresses.
Get the Sheet for $50Lucinity builds a compliance platform that uses AI to help financial institutions fight money laundering. Their software combines machine learning with human insights, allowing compliance teams to more effectively detect and manage financial crime.
ORF Genetics develops and manufactures high-quality recombinant proteins by growing them inside bioengineered barley plants. Their plant-based production method creates exceptionally pure and safe proteins for use in scientific research, cellular agriculture, and high-end skincare products.
Kerecis pioneers the use of fish skin and its fatty acids for applications in cellular therapy and regenerative medicine. They create medical products that help heal complex wounds, burns, and other forms of tissue damage.
Smitten created a dating app where users play games and answer fun questions to get to know each other. This interactive approach is designed to spark more natural conversations and move past the awkwardness of typical online dating.
Arctic Therapeutics develops novel drugs by identifying the specific genetic causes behind major diseases. Their work aims to create new therapies for conditions that currently have limited or no treatment options.
CCP Games develops deep and complex massively multiplayer online games, specializing in vast science fiction universes. They are most famous for their flagship title, EVE Online, a persistent, player-driven sandbox that has operated for over two decades.
Controlant develops a real-time visibility platform to help pharmaceutical and food companies manage their complex supply chains. Their system uses IoT data loggers and cloud-based software to automate logistics and prevent product waste.
Gagnaveita Reykjavíkur operates Ljósleiðarinn, an open-access fiber optic network for homes and businesses. They function as a wholesale provider, enabling other telecommunication companies to deliver internet, TV, and phone services over their infrastructure.
Nanitor builds a Continuous Threat Exposure Management (CTEM) platform to provide visibility and control over enterprise cybersecurity. Their software delivers real-time insights into vulnerabilities, allowing security teams to prioritize and address threats across their IT infrastructure.
Our top nine picks are just a glimpse of what’s happening across Iceland. Founders are building companies in many different fields, with lots of activity in energy, media, and fintech.
They are also getting the funding to grow, having raised over a billion euros combined. Here’s a look at the other startups shaping Iceland's tech ecosystem.
| Startup | Industry | Year Founded | Amount Raised | Last Funding Round |
|---|---|---|---|---|
| Energy | 2006 | €390M | Private Equity | |
| Fintech | 2014 | €8M | Seed | |
| Fintech | 2018 | €5.6M | Seed | |
| AI | 2018 | €16.5M | Series A | |
| Media | 2020 | €22.3M | Series A | |
| Analytics | 2013 | €36.1M | Secondary Market | |
| Fintech | 2015 | €8.2M | Venture Round | |
| Healthcare | 2016 | ISK100M | Seed | |
| Crypto | 2015 | €2M | Seed | |
| Enterprise | 2004 | €8M | Private Equity | |
| Food | 2014 | €62.1M | Series B | |
| Analytics | 2013 | €24.3M | Venture Round | |
| Infrastructure | 2014 | €148M | Debt Financing | |
| Energy | 1909 | €174.1M | Debt Financing | |
| SaaS | 2019 | €7.5M | Venture Round | |
| Education | 2015 | €9.7M | Venture Round | |
| Sports | 1971 | €710.3k | Grant | |
| Energy | 2015 | €6.3M | Venture Round | |
| Biotech | 2014 | €33.3M | Series A | |
| Mobility | 2018 | €2.3M | Venture Round | |
| Media | 2014 | €3.4M | Seed | |
| Enterprise | 2021 | €6.3M | Seed | |
| Gaming | 2015 | €13.6M | Venture Round | |
| Healthcare | 2006 | €13.9M | Private Equity | |
| Marketplace | 2014 | €10M | Venture Round | |
| Healthcare | 2024 | €2.8M | Seed | |
| Media | 2021 | €13.6M | Seed | |
| Enterprise | 2019 | €8M | Venture Round | |
| Infrastructure | 2017 | €3.1M | Seed | |
| Security | — | €7M | Seed | |
| Travel | 1937 | — | — | |
| AI | — | €2.2M | Pre-Seed | |
| Energy | 2022 | €3.1M | Seed | |
| Sports | 2017 | €4.6M | Seed | |
| Travel | 2012 | €20M | Venture Round | |
| Media | 2020 | €2M | Seed | |
| Media | 2021 | €5.5M | Seed | |
| Education | 2017 | €2M | Seed | |
| Gaming | 2017 | €9.1M | Series A | |
| Media | 2021 | €2.3M | Seed | |
| Energy | 2022 | €2.2M | Seed | |
| Enterprise | 2016 | €3.4M | Seed | |
| Analytics | 2017 | €3.9M | Series A | |
| Education | 2016 | €2.4M | Grant |
