Top 52 Reykjavík Startups to Watch in 2026
Reykjavík's startup scene is a mix of different industries, from financial technology to renewable energy. The city is home to both new companies and established technology players.
For example, Arctic Green Energy is working on zero-emission cities with €390M in funding. Meanwhile, Lucinity applies AI to fight financial crime, having raised $25.1M.
Below is our list of 52 Reykjavík startups worth keeping an eye on.
Failory's Top 10 Picks
Lucinity builds an AI-powered platform that helps banks and financial institutions detect and manage financial crime. Their system uses a "Human AI" approach, blending machine learning with human insights to improve anti-money laundering investigations.
| Year Founded | 2018 |
| Founders | Gudmundur Kristjansson |
| Funding Amount | $25.1M |
| Startup Size | Mid-Size Team (51-250) |
| Last Funding Status | Series A |
| Top Investors | Karma Ventures, byFounders, Experian, Keen Venture Partners, Crowberry Capital |
Landsbankinn operates as a universal bank in Iceland, offering a wide range of financial products to the public and private sectors. The institution handles everything from personal accounts and mortgages to corporate finance and investment banking services.
| Year Founded | 1886 |
| Founders | — |
| Funding Amount | $874.7M |
| Startup Size | Major Organization (1,001-5,000) |
| Last Funding Status | Debt Financing |
| Top Investors | — |
Smitten created a dating app that uses interactive games and fun questions to make connecting with people less awkward. The platform encourages users to engage through shared activities rather than just swiping on profiles.
| Year Founded | 2020 |
| Founders | Asgeir Vísir, David Simonarson |
| Funding Amount | €13M |
| Startup Size | Lean Team (11-50) |
| Last Funding Status | Series A |
| Top Investors | byFounders, Makers Fund, PROfounders Capital, Possible Ventures, Sameer Singh |
Arctic Therapeutics is a drug discovery and development company focused on identifying the genetic causes of major diseases. Their team uses these findings to create novel therapies for genetically-driven conditions.
| Year Founded | 2015 |
| Founders | Hakon Hakonarson, Ivar Hakonarson |
| Funding Amount | €39M |
| Startup Size | Lean Team (11-50) |
| Last Funding Status | Series A |
| Top Investors | European Innovation Council, EIC Accelerator, Sanos Clinic, Nancy Lurie Marks Family Foundation, Cerebrum DAO |
CCP Games builds sprawling massively multiplayer online games that host thousands of players in a single universe. They are the creators of the iconic and complex science-fiction world, EVE Online.
| Year Founded | 1997 |
| Founders | Reynir Hardarson, Sigurdur Arnljotsson |
| Funding Amount | €106.3M |
| Startup Size | Large Team (251-1,000) |
| Last Funding Status | Venture Round |
| Top Investors | Andreessen Horowitz, General Catalyst, New Enterprise Associates, Hashed, Makers Fund |
Controlant develops a supply chain visibility platform for companies in highly regulated sectors like pharmaceuticals and food. Their system uses IoT devices and a software platform to provide real-time data on the condition and location of sensitive products during transit.
| Year Founded | 2007 |
| Founders | Erlingur Brynjulfsson, Gisli Herjolfsson, Stefan Karlsson, Trausti Thormundsson |
| Funding Amount | €92M |
| Startup Size | Large Team (251-1,000) |
| Last Funding Status | Private Equity |
| Top Investors | Apax Partners, Frumtak Ventures, Arion Bank, VIS, Technology Development Fund |
Gagnaveita Reykjavíkur builds and operates an open access fiber optic network known as Ljósleiðarinn. This core infrastructure enables other service providers to sell high speed internet and telecommunication services directly to consumers.
| Year Founded | 2007 |
| Founders | — |
| Funding Amount | ISK4B |
| Startup Size | Mid-Size Team (51-250) |
| Last Funding Status | Debt Financing |
| Top Investors | Nordic Investment Bank |
Nanitor builds a cybersecurity platform for Continuous Threat Exposure Management (CTEM). The SaaS tool provides security teams with real-time visibility and control across their IT assets to prioritize and remediate vulnerabilities.
| Year Founded | 2014 |
| Founders | Alfred Hall, Georg Aspelund, Gunnar Leo Gunnarsson |
| Funding Amount | €2.5M |
| Startup Size | Lean Team (11-50) |
| Last Funding Status | Venture Round |
| Top Investors | Brunnur Ventures |
Arctic Green Energy develops renewable energy solutions with a focus on creating zero-emission cities. They specialize in large-scale geothermal projects that provide clean power and heating for urban areas.
| Year Founded | 2006 |
| Founders | Haukar Hardarson |
| Funding Amount | €390M |
| Startup Size | Lean Team (11-50) |
| Last Funding Status | Private Equity |
| Top Investors | GIC, CITIC Capital Holdings, Everbright, China Development Bank |
Handpoint builds an embedded payments platform that helps SaaS companies integrate payments directly into their products. Their technology unifies in-person, mobile, and e-commerce transactions, giving software businesses a new way to generate revenue.
| Year Founded | 2014 |
| Founders | David Gudjonsson, Thordur Thorarinsson |
| Funding Amount | €8M |
| Startup Size | Lean Team (11-50) |
| Last Funding Status | Seed |
| Top Investors | — |
42 Additional Reykjavík Startups Worth Following
Our top ten picks are just a small part of the story in Reykjavík. Founders are building new companies in everything from media to energy, raising over €650 million along the way.
You'll find a mix of companies, from brand new ventures to more established names. Below are the other businesses helping to define the city's startup ecosystem.
| Startup | Industry | Year Founded | Amount Raised | Last Funding Round |
|---|---|---|---|---|
 Indo | Fintech | 2018 | €5.6M | Seed |
 GRID | AI | 2018 | €16.5M | Series A |
 Treble | Media | 2020 | €22.3M | Series A |
 DTE ehf | Analytics | 2013 | €36.1M | Secondary Market |
 Authenteq - an FNZ company | Fintech | 2015 | €8.2M | Venture Round |
 NeckCare | Healthcare | 2016 | ISK100M | Seed |
 Monerium | Crypto | 2015 | €2M | Seed |
 Dohop | Enterprise | 2004 | €8M | Private Equity |
 GOOD GOOD | Food | 2014 | €62.1M | Series B |
 Activity Stream | Analytics | 2013 | €24.3M | Venture Round |
 Borealis Data Center | Infrastructure | 2014 | €148M | Debt Financing |
 Reykjavik Energy | Energy | 1909 | €174.1M | Debt Financing |
 Hopp | SaaS | 2019 | €7.5M | Venture Round |
 Kara Connect | Education | 2015 | €9.7M | Venture Round |
 Ossur | Sports | 1971 | €710.3k | Grant |
 Laki Power | Energy | 2015 | €6.3M | Venture Round |
 EpiEndo Pharmaceuticals | Biotech | 2014 | €33.3M | Series A |
 Hefring Marine | Mobility | 2018 | €2.3M | Venture Round |
 Noona | Media | 2014 | €3.4M | Seed |
 PLAIO | Enterprise | 2021 | €6.3M | Seed |
 1939 Games | Gaming | 2015 | €13.6M | Venture Round |
 Nox Medical | Healthcare | 2006 | €13.9M | Private Equity |
 Travelshift | Marketplace | 2014 | €10M | Venture Round |
 dala.care | Healthcare | 2024 | €2.8M | Seed |
 Quest Portal | Media | 2021 | €13.6M | Seed |
 AviLabs | Enterprise | 2019 | €8M | Venture Round |
 50skills | Infrastructure | 2017 | €3.1M | Seed |
 Varist | Security | — | €7M | Seed |
 Icelandair | Travel | 1937 | — | — |
 Optise | AI | — | €2.2M | Pre-Seed |
 Hydram Research | Energy | 2022 | €3.1M | Seed |
 Abler | Sports | 2017 | €4.6M | Seed |
 Guide to Iceland | Travel | 2012 | €20M | Venture Round |
 Overtune | Media | 2020 | €2M | Seed |
 Rocky Road | Media | 2021 | €5.5M | Seed |
 Evolytes | Education | 2017 | €2M | Seed |
 Teatime Games | Gaming | 2017 | €9.1M | Series A |
 Moombix | Media | 2021 | €2.3M | Seed |
 SNERPA Power | Energy | 2022 | €2.2M | Seed |
 Ankeri Solutions | Enterprise | 2016 | €3.4M | Seed |
 PayAnalytics | Analytics | 2017 | €3.9M | Series A |
 LearnCove | Education | 2016 | €2.4M | Grant |
