Funded Startups in Iceland
The largest disclosed round in this Iceland list is Artic Green Energy’s $240M (2021-07-26), which dwarfs the next-largest disclosed amount at $227M (Kvika…
The largest disclosed round in this Iceland list is Artic Green Energy’s $240M (2021-07-26), which dwarfs the next-largest disclosed amount at $227M (Kvika, 2025-05-23) and stands far above the rest of the top disclosed rounds ($117M to $40M). The $3M–$10M band is common, with several mid-sized rounds like Controlant’s $40M (2023-09-14) and Oculis’s $40M (2023-06-01), but only one disclosed entry sits near the $240M ceiling.
Geographically, rounds cluster heavily in Reykjavík, which appears 44 times versus Kópavogur’s 2 repeats, indicating a strong city hub effect. Temporally, the dataset spans from 2021-03-15 (Alvotech, $35M; 2021-03-15) to 2026-07-21 (Sowilo, undisclosed), with multiple large-ticket rounds distributed across years rather than concentrated in a single recent quarter.
Most recent rounds
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Frequently asked
Which disclosed round is the clear outlier in size, and what sits just below it?
Artic Green Energy’s $240M (2021-07-26) is the largest disclosed amount, far above the rest; the next-largest disclosed amount is Kvika’s $227M (2025-05-23). The next tier after that drops to Carbfix at $117M (2022-07-12) and then to LAXEY at $54M (2026-06-23).
Are certain cities over-represented, based on how often they recur in the dataset?
Reykjavík dominates location: it appears 44 times in the 50-row listing, while Kópavogur appears 2 times (including Kaptio on 2024-12-06 at $3M and First Water on 2026-04-22 at $47M). This concentration suggests most tracked funding activity is sourced from Reykjavík rather than evenly distributed across cities.
How concentrated are the biggest disclosed rounds in time versus spread across multiple years?
The largest disclosed amounts are spread across distinct years rather than clustered in one short window: Artic Green Energy ($240M, 2021-07-26) is followed by Kvika ($227M, 2025-05-23), with other top ranks like Carbfix ($117M, 2022-07-12) and Oculis ($40M, 2023-06-01) occurring in between. The period covered runs from 2021-03-15 (oldest) to 2026-07-21 (most recent).
What share of rounds in this list have undisclosed amounts, and which parts of the range do they affect?
Undisclosed amounts appear in 3 of 50 rows, while 47 of 50 have disclosed amounts. That matters most for comparisons at the extremes: the smallest disclosed amount is Loki Foods at $500K (2022-08-09), while undisclosed entries like Sowilo (undisclosed, 2026-07-21) and Sidekick Health (undisclosed, 2026-01-13) do not enter the ranked disclosed-size ordering.
Do any sectors recur enough to suggest a pattern, and does the list show any stage consistency among recurring areas?
Artificial Intelligence (AI) appears in multiple entries across different stages, including Euler (Seed, $2M on 2025-11-12), Optise (Pre-Seed, $2M on 2025-04-09), and DTE ehf (Series A, $10M on 2023-06-19). Health Care also recurs at various stages, including Lucinity (Series B, $17M on 2022-07-07) and EpiEndo Pharmaceuticals (Series A, 23M on 2021-08-18), indicating sector repeat rather than a single-stage concentration.
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