In the northern Atlantic, between Greenland and Norway, lies the remote island of Iceland. Known worldwide for its immense geological activity and glaciers, it has earned the moniker “the land of Ice and Fire.” Despite being one of the most sparsely populated countries in Europe, its dynamic startup ecosystem boasts 355 startups, with a cumulative worth of €5.1 billion, according to Dealroom and Business Iceland.
With sectors like health leading the charge, closely trailed by wellness, gaming, and the food industry, Iceland’s entrepreneurial spirit is palpable. In the subsequent years, investments maintained their robust trajectory, with 2023 witnessing around €300 million flowing into startups.
Backed by grants and bolstered by venture capital firms and angel investors, startups find themselves in an environment ripe for exploration and growth. Moreover, with a GDP per capita ranking among the world’s highest, Iceland serves as not just a source of funding but also a lucrative test market, characterized by affluent consumers ready to embrace novel offerings.
Situated distantly from mainland Europe, Icelandic startups and investors must navigate the complexities of staying linked to international ecosystems and markets. This demands a blend of extensive travel, virtual collaboration, and adeptness in managing distributed teams. Fortunately, Iceland’s forward-thinking startups are attuned to this reality, actively forging outbound connections to ensure their relevance on the global stage.
As Iceland continues to carve its niche in the global startup arena, in this land of fire and ice, we are spotlighting 10 exceptionally promising Icelandic startups to watch out for in 2024 and beyond!
Alda: Founded in 2022, Alda’s mission is to dismantle toxic work environments and replace them with spaces where everyone can thrive. Based in Reykjavik, Alda is the next-generation DEI software offering an all-in-one space to support HR and DEI teams globally. This fully female-founded startup has raised €2 million.
Glaze: Reykjavik-based Glaze offers a contactless ordering and payment experience that enables businesses to streamline customer interactions and reduce wait times. This startup founded in 2021, received an investment of €1 million to propel the growth of Glaze and aid in the development of its innovative order and pay solution.
Lava Network: Reykjavik-based Lava Network is a modular blockchain infrastructure developer focused on providing data access through remote procedure calls (RPCs) and indexing. Founded in 2022, Lava has secured €13.8 million to launch its main net and hire more people.
Loki Foods: Founded in 2022, Loki Foods creates plant-based, sustainable seafood. Its goal is to provide the world with sustainable, plant-based Arctic food that is high in nutrition, taste, texture, cookability, and affordability. The Reykjavik-based startup secured €600k to create an alternative seafood that is as delicious and nutritious as the real thing.
PaxFlow:
Reykjavik-based PaxFlow set out on a mission to disrupt tour operations with a set of unique features to help tour operators manage daily tour operation tasks. Founded in 2022, PaxFlow secured €2 million aiming to accelerate product development of their platform and fuel international- sales and marketing efforts.
PLAIO: Founded in 2021 PLAIO is a software solution that digitises demand, manufacturing, and purchase planning for generic pharmaceutical manufacturers, for agile manufacturing operations and precision product output. Reykjavik-based startup raised €2 million to develop their Saas tool for pharmaceuticals.
Quest Portal:
Reykjavik-based Quest Portal is a virtual tabletop (VTT) for playing TTRPGs on desktop and mobile devices. Founded in 2021, the startup raised €7.1 million in funding to further develop its platform and democratise the TTRPG space, making it more accessible.
SNERPA Power: Founded in 2022, Snerpa Power enables companies to leverage real-time data for improved and automated decision-making around electricity consumption, scheduling, contract management and providing flexibility to the grid. Reykjavik-based startup has raised €2.2 million for international expansion and further product development.
Treble: Reykjavik-based deep tech startup, Treble develops next-generation sound simulation and spatial audio technology for digital twins and virtual worlds. The startup founded in 2020 has raised €9.5 million in total to revolutionise digital sound and scale its virtual sound platform.
Vitar Games: Founded in 2022, Vitar Games is a gaming platform that emphasizes the logistical aspect of combat and the human cost of conflict. The Reykjavik startup secured €510k to develop its debut game, Dig In, blending historical research with innovative game design to refresh the management and strategy genre.
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- Source: https://www.eu-startups.com/2024/02/10-exceptionally-promising-icelandic-startups-to-watch-out-for-in-2024-and-beyond/
