Funded Startups in Iceland
Among the 47 most recent disclosed rounds in Iceland, Artic Green Energy’s $240M private equity close (2021-07-26) is the clear size outlier: it sits well…
Among the 47 most recent disclosed rounds in Iceland, Artic Green Energy’s $240M private equity close (2021-07-26) is the clear size outlier: it sits well above the next-largest disclosed amounts of $227M (Kvika, 2025-05-23) and the cluster of $40M–$55M deals (e.g., Controlant $40M on 2023-09-14; Oculis $40M on 2023-06-01; Sidekick Health $55M on 2022-05-05). At the other end, the smallest disclosed amount is $500K, shown by Flow (2020-07-10) and also by Loki Foods (2022-08-09), with many seed/pre-seed rounds clustered at $1M–$3M.
Rounds concentrate in Reykjavík/Gullbringusysla: the overwhelming majority of entries list Reykjavík (often with Gullbringusysla), while only a few appear elsewhere (e.g., Siglufjörður for Genis on 2022-12-18; Ísafjörður for Kerecis on 2022-06-25; Hafnarfjörður for Euler on 2025-11-12). Temporally, the list spans 2020-07-10 (Flow) through 2025-11-12 (Euler), with multiple large, later-stage/checkpoint rounds appearing in 2023 (e.g., Controlant $40M on 2023-09-14; Oculis $40M on 2023-06-01). Stage labels are frequently missing or non-standard: 4 rows are “Series Unknown” plus 1 row explicitly “Undisclosed” and 1 row has a blank stage field (so 6/47 do not provide a clear stage label).
Most recent rounds
47 shownRelated listings
Frequently asked
What stands out by deal size across Iceland’s most recent funded startups, and how does it compare to the rest of the disclosed amounts?
The largest disclosed amount is Artic Green Energy at $240M (2021-07-26), which is far above other big rounds like Kvika’s $227M (2025-05-23) and the $40M–$55M range seen in Controlant ($40M on 2023-09-14), Oculis ($40M on 2023-06-01), and Sidekick Health ($55M on 2022-05-05). The smallest disclosed amounts are $500K (Flow on 2020-07-10, and Loki Foods on 2022-08-09).
Are there recognizable city/geography clusters among these Iceland rounds, or is the funding spread out?
The list is heavily Reykjavík-centered: most entries list Reykjavík in the company location (often alongside Gullbringusysla), while out-of-core locations are comparatively rare, including Siglufjörður (Genis $17M on 2022-12-18) and Ísafjörður (Kerecis $50M on 2022-06-25).
Which period edges dominate—what do the newest and oldest rows suggest about timing in this dataset?
The newest disclosed entry is Euler at $2M on 2025-11-12, while the oldest is Flow at $500K on 2020-07-10, giving a span from mid-2020 through late 2025. 2022 and 2023 include several larger rounds (e.g., Carbfix $117M on 2022-07-12; Controlant $40M on 2023-09-14), not just small seed/pre-seed activity.
How much of the list lacks a clear stage label, and what does that imply for stage-based segmentation?
Stage classification is frequently missing or non-standard: there are 4 “Series Unknown” entries, 1 explicitly “Undisclosed” (Spectaflow, $2M on 2022-01-05), and 1 blank stage field (GRID, $10M on 2020-08-26). Together that’s 6/47 rows without a clear stage label, so stage mix analyses should treat those as a separate bucket.
Which sectors appear often enough to form practical clusters in this country-level slice?
Artificial Intelligence (including entries tagged “Artificial Intelligence (AI)”) is a notable repeat: Euler $2M (2025-11-12), Optise $2M (2025-04-09), DTE ehf $10M (2023-06-19), Lucinity $17M (2022-07-07), and Plaio’s earlier listing under “Health Care” appears separately. Health Care also shows up repeatedly (e.g., PLAIO $5M on 2024-08-14; Sidekick Health $55M on 2022-05-05; EpiEndo Pharmaceuticals $23M on 2021-08-18).
Are there any notable mid-size concentration points (a repeated funding range) besides the headline outlier?
Several rounds cluster in the tens of millions, especially around the $40M–$55M band: Controlant is $40M (2023-09-14) and Oculis is $40M (2023-06-01), while Sidekick Health is higher at $55M (2022-05-05). Outside that band, many early-stage deals cluster much lower, such as multiple $1M–$3M rounds in 2024–2025 (e.g., Evolytes $1M on 2025-04-04; Moombix $3M on 2024-10-17).
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