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Iceland

68 Fastest Growing Startups Founded in Iceland

There are hundreds of fast-growing startups in Iceland and we have compiled the 68 best ones in this blog article.

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There’s no doubt that the startup scene in Iceland is unique.

The country has created dozens of successful startups, over the years.

Some of them are already worth billions of dollars.

So whether you’re looking to start your own business, or just interested in learning about fast-growing startups from Iceland, here’s an extensive list of 68 startups founded there.


68 Startups in Iceland

1) Alvotech

1) Alvotech

Biosimilars are setting a new norm.

Details of the startup:

  • City: Reykjavík
  • Started in: 2013
  • Founders: Robert Wessman
  • Industries: Biotechnology, Life Science
  • Number of employees: 251-500
  • Funding amount: $450,000,000
  • Number of funding rounds: 4
  • Number of investors: 6

You can find their website here.

2) Oculis

2) Oculis

Oculis is a privately held clinical-stage pharmaceutical development business specializing in ocular therapeutics and new drug delivery systems.

Details of the startup:

  • City: Reykjavík
  • Started in: 2003
  • Founders: Einar Stefansson, Thorsteinn Loftsson
  • Industries: Biotechnology, Health Care, Pharmaceutical
  • Number of employees: 11-50
  • Funding amount: $94,355,910
  • Number of funding rounds: 10
  • Number of investors: 14

You can find their website here.

3) Controlant

3) Controlant

Controlant is a supply chain company that works with highly regulated industries like pharmaceuticals and life sciences, as well as the food and beverage industry.

Details of the startup:

  • City: Reykjavík
  • Started in: 2007
  • Founders: Erlingur Brynjulfsson, Gisli Herjolfsson, Stefan Karlsson, Trausti Thormundsson
  • Industries: Developer APIs, Internet, Internet of Things, Mobile, Software, Supply Chain Management
  • Number of employees: 101-250
  • Funding amount: $54,722,277
  • Number of funding rounds: 13
  • Number of investors: 5

You can find their website here.

4) CCP Games

4) CCP Games

CCP Games is a privately held company that creates massively multiplayer online (MMO) games.

Details of the startup:

  • City: Reykjavík
  • Started in: 2097
  • Founders: Reynir Hardarson, Sigurdur Arnljotsson
  • Industries: MMO Games, Online Games, Video Games
  • Number of employees: 251-500
  • Funding amount: $66,300,000
  • Number of funding rounds: 3
  • Number of investors: 3

You can find their website here.

5) 1939 Games

5) 1939 Games

1939 Games is a modest game development studio specializing in WWII games.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $4,362,537

You can find their website here.

6) Avo

6) Avo

Make your data as dependable as your software. Missing properties, typos, and type errors are no longer an issue.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $1,450,000

You can find their website here.

7) Bungalo

7) Bungalo

Bungalo is an experience-based rental platform for rural properties that helps people create lasting memories.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 11-50
  • Funding amount: $250,000,000

You can find their website here.

8) Kerecis

8) Kerecis

Kerecis creates, manufactures, and sells omega-3-rich fish skin implants and repair materials for the human body.

Details of the startup:

  • City: Ísafjörður
  • Started in: 2009
  • Founders: Baldur Tumi Baldursson (MD), Gudmundur Fertram Sigurjonsson, Hilmar Kjartansson (MD), J. Ernest Kenney
  • Industries: Health Care, Manufacturing, Medical, Medical Device
  • Number of employees: 101-250
  • Funding amount: $48,611,641
  • Number of funding rounds: 19
  • Number of investors: 7

You can find their website here.

9) Authenteq

9) Authenteq

Authenteq delivers real-time identity verification based on privacy-by-design principles. In 60 seconds or less, IDs are verified.

Details of the startup:

  • City: Reykjavík
  • Started in: 2015
  • Founders: Adam H. Martin, Kari Thor Runarsson, Runar Karlsson
  • Industries: Blockchain, Compliance, Fraud Detection, Identity Management, Information Technology, Privacy
  • Number of employees: 11-50
  • Funding amount: $7,398,103
  • Number of funding rounds: 8
  • Number of investors: 8

You can find their website here.

10) Lucinity

10) Lucinity

Artificial Intelligence (AI) to Make Money

Details of the startup:

  • City: Reykjavík
  • Started in: 2018
  • Founders: Gudmundur Kristjansson
  • Industries: Artificial Intelligence, Software
  • Number of employees: 11-50
  • Funding amount: $8,100,000
  • Number of funding rounds: 2
  • Number of investors: 4

You can find their website here.

11) GRID

11) GRID

GRID allows Excel users to convert their spreadsheets into modern web apps without having to acquire new abilities.

Details of the startup:

  • City: Reykjavík
  • Started in: 2018
  • Founders: Hjalmar Gislason, Thorsteinn Yngvi Gudmundsson
  • Industries: Productivity Tools, SaaS, Software
  • Number of employees: 11-50
  • Funding amount: $16,540,347
  • Number of funding rounds: 4
  • Number of investors: 14

You can find their website here.

12) TripCreator

12) TripCreator

Travel Agencies, OTAs, Airlines, Travel Services, and Bloggers/Indie Media can now use an award-winning trip planning solution.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 11-50
  • Funding amount: $8,020,053

You can find their website here.

13) OZ

13) OZ

For customers with specific interests, OZ offers an online club membership option.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 251-500
  • Funding amount: $30,627,611

You can find their website here.

14) Dohop

14) Dohop

DoHop is a mobile app and an online search engine that provides information on flights, hotels, and rental cars.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 11-50
  • Funding amount: $7,960,317

You can find their website here.

15) Activity Stream

15) Activity Stream

By transforming business data into actionable intelligence and insights, Activity Stream helps clients improve their businesses.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 11-50
  • Funding amount: $2,704,494

You can find their website here.

16) Cooori

16) Cooori

Cooori is a cutting-edge language-learning system that is accessible via the internet. Japan, Iceland, Belgium, and the United Kingdom are all home to Cooori.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 11-50
  • Funding amount: $916,310

You can find their website here.

17) CrankWheel

17) CrankWheel

A screen-sharing platform that is suitable for businesses.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $681,115

You can find their website here.

18) Handpoint

18) Handpoint

Handpoint is a Next Generation POS developer-focused payment platform for integrated EMV payments.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 11-50
  • Funding amount: $10,576,333

You can find their website here.

19) Monerium

19) Monerium

Monerium is a regulated financial services company that aims to make cash more accessible, secure, and easy to use.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 11-50
  • Funding amount: $2,000,000

You can find their website here.

20) Data Dwell

20) Data Dwell

Data Dwell provides high-performance sales and marketing solutions to the CRM, which is the revenue's central nervous system.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 11-50
  • Funding amount: $1,277,089

You can find their website here.

21) Memento Payments

21) Memento Payments

Memento Payments provides banks with a next-generation social payment platform.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $761,293

You can find their website here.

22) EpiEndo

22) EpiEndo

EpiEndo Pharmaceuticals is a pharmaceutical business specializing in innovative treatments for chronic obstructive pulmonary disease (COPD).

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $6,451,037

You can find their website here.

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23) AGR Dynamics

23) AGR Dynamics

AGR Dynamics provides AGR, inventory optimiser, and sales manager, which are all sophisticated supply chain management software.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 11-50
  • Funding amount: $1,009,272

You can find their website here.

24) Expluria

24) Expluria

For the tourism industry, a secure, real-time mobile app is available.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $320,000

You can find their website here.

25) dent & buckle

25) dent & buckle

With a next-generation 3D user interface, dent & buckle is an innovative tool dedicated to aviation structural damage reporting.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $710,795

You can find their website here.

26) Akthelia

26) Akthelia

The goal of Akthelia is to find and develop new antimicrobial treatments.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $508,207

You can find their website here.

27) Klappir

27) Klappir

KGS provides sustainable and environmentally responsible operations using methodology and software solutions.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $560,036

You can find their website here.

28) Genki Instruments

28) Genki Instruments

Wave is a ring that allows you to manipulate sound through motion.

Details of the startup:

  • City: Reykjavík
  • Funding amount: $567,220

You can find their website here.

29) 3Z

29) 3Z

3Z Pharmaceuticals is dedicated to the research and development of medications that will benefit the central nervous system.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $881,484

You can find their website here.

30) ATMO Select

30) ATMO Select

ATMO Select is a company that specializes in audio branding for businesses and brands.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 11-50
  • Funding amount: $1,665,742

You can find their website here.

31) Ghostlamp

31) Ghostlamp

Micro influencer campaigns on demand, anywhere in the world.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 11-50
  • Funding amount: $2,300,000

You can find their website here.

32) Kula3D

32) Kula3D

Kla is a company that creates 3D lenses for smartphones and DSLR cameras.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $715,667

You can find their website here.

33) MARINOX

33) MARINOX

Marinox is an icelandic biotech firm that specializes in extracting bioactives from marine algae.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $771,137

You can find their website here.

34) Lauf Forks

34) Lauf Forks

For gravel bikes, cyclocross bikes, XC hardtails, and fatbikes, Lauf Forks offers ultralight suspension forks.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $3,682,844

You can find their website here.

35) Tulipop

35) Tulipop

Tulipop's wonderful universe is a one-of-a-kind, beautiful, and mystical children's collection.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 11-50
  • Funding amount: $2,128,423

You can find their website here.

36) Ankeri

36) Ankeri

Ankeri is a cloud-based platform that allows ship owners and charterers to communicate and share data about their ships, with a focus on performance.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $665,000

You can find their website here.

37) Getlocal

37) Getlocal

Improving the travel experience by connecting travelers with local knowledge from people who share their tastes and interests.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 11-50
  • Funding amount: $439,490

You can find their website here.

38) Gangverk

38) Gangverk

Gangverk is a software consulting firm founded by seasoned programmers.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $522,625

You can find their website here.

39) SagaMedica

39) SagaMedica

SagaMedica provides herbal dietary supplements sourced from Iceland's natural environment.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $874,143

You can find their website here.

40) ThorIce

40) ThorIce

Thor-Ice specializes in the production and management of slurry ice systems for the quick chilling of fish, poultry, and other food items.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $1,152,973

You can find their website here.

41) Zymetech

41) Zymetech

A world leader in the discovery, development, production, and distribution of marine-derived enzymes for medicinal use.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 11-50
  • Funding amount: $873,887

You can find their website here.

42) Oxymap

42) Oxymap

Eye-care practitioners and clinical researchers can use Oxymap's imaging products and services.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $882,973

You can find their website here.

43) OptiTog

43) OptiTog

OptiTog creates environmentally friendly fishing gear that relies on light rather than traditional methods.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $1,058,130

You can find their website here.

44) Reon

44) Reon

Reon is a well-known software development company that places a great emphasis on product quality and security.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 11-50
  • Funding amount: $626,340

You can find their website here.

45) Codland

45) Codland

Codland's mission is to advance the fishing industry via collaboration and innovation.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $949,063

You can find their website here.

46) HAp+

46) HAp+

HAp+ is a sugar-free acidic drop that aids in the maintenance of healthy teeth through good oral clearance.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $163,706

You can find their website here.

47) Syndis

47) Syndis

Syndis is a global leader in information security, offering tailored services and cutting-edge security solutions.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $482,580

You can find their website here.

48) Invector

48) Invector

Invector is a financial services company that provides asset valuation data.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $115,634

You can find their website here.

49) Mentis Cura

49) Mentis Cura

MentisCura is a privately held diagnostic company situated in Reykjavik, Iceland.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $1,382,761

You can find their website here.

50) As We Grow

50) As We Grow

As We Grow is an Icelandic children's clothing brand established in Reykjavik. Dedicated to producing high-quality, timeless clothes.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $75,053

You can find their website here.

51) PolarDoors

51) PolarDoors

Polar Fishing Gear is a company that specializes in the design, construction, and selling of high-efficiency fishing trawl doors.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $787,995

You can find their website here.

52) Einrúm Yarn

52) Einrúm Yarn

Einrm Yarn is a luxury yarn manufacturer and architectural service provider.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $77,089

You can find their website here.

53) Margildi

53) Margildi

Margildi is a new company that specializes in refining capelin, herring, and mackerel oils.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $485,634

You can find their website here.

54) Karolina Fund

54) Karolina Fund

Karolina Fund is a project management and funding website where you can locate collaborators and projects to participate in.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $53,430

You can find their website here.

55) Anitar

55) Anitar

Anitar is an app that uses RFID tags to track companion animals.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $689,211

You can find their website here.

56) Gerosion

56) Gerosion

For businesses in the geothermal and petroleum industries, Gerosion provides consultancy, material testing, and specialized R&D work.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $219,383

You can find their website here.

57) FishTech

57) FishTech

Fisheries Technologies is an Icelandic corporation that specializes in government-level fisheries management.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $669,212

You can find their website here.

58) Krumma

58) Krumma

Krumma is a toy and educational supply company that caters to children of all ages.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 11-50
  • Funding amount: $165,742

You can find their website here.

59) Gracipe

59) Gracipe

Gracipe is a software company that creates and presents graphical meal recipes.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $201,232

You can find their website here.

60) Jurt Hydrophonics

60) Jurt Hydrophonics

Engineers founded Wasabi Iceland, a new firm.

Details of the startup:

  • City: Reykjavík
  • Funding amount: $545,000

You can find their website here.

61) Belgingur

61) Belgingur

Belgingur specializes in high-resolution weather forecasting and offers services to the global Wind Energy and Emergency Rescue industries.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $222,152

You can find their website here.

62) Scintilla

62) Scintilla

Scintilla is a prominent icelandic design firm known for its unique prints.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $134,090

You can find their website here.

63) Sportabler

63) Sportabler

Sportabler is a sports website that assists coaches, parents, clubs, and their children in harnessing the life-changing potential of sports.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $115,000

You can find their website here.

64) R2

64) R2

R2Javascript is a package for Software AG's webMethods Integration Server that allows Javascript services to be developed.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $39,771

You can find their website here.

65) Ymir Technologies

65) Ymir Technologies

Lfdsill is a petroleum refining company that also converts bio-waste into commercial goods.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $714,873

You can find their website here.

66) Vizido

66) Vizido

Vizido is an app that helps users recall things by using photographs and screenshots.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 1-10
  • Funding amount: $115,634

You can find their website here.

67) D-Tech System

67) D-Tech System

The D-Tech System is a next-generation disinfection technology that delivers exceptional results.

Details of the startup:

  • City: Reykjavík
  • Funding amount: $81,868

You can find their website here.

68) Sagafilm

68) Sagafilm

Sagafilm is a production firm that works on its own.

Details of the startup:

  • City: Reykjavík
  • Number of employees: 11-50

You can find their website here.

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