Top 68 Startups in Iceland in 2024

1) Alvotech

Biosimilars are setting a new norm.

Details of the startup:

• State: Gullbringusysla
• City: Reykjavík
• Started in: 2013
• Founders: Robert Wessman
• Industries: Biotechnology, Life Science
• Number of employees: 251-500
• Funding: $450,000,000
• Funding rounds: 4
• Number of investors: 6 (Baxter Ventures, Shinhan Capital, Athos Capital, Alvogen, Fuji Pharma)

You can find their website here.

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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:

• State: Gullbringusysla
• City: Reykjavík
• Started in: 2003
• Founders: Einar Stefansson, Thorsteinn Loftsson
• Industries: Biotechnology, Health Care, Pharmaceutical
• Number of employees: 11-50
• Funding: $94,355,910
• Funding rounds: 10
• Number of investors: 14 (Earlybird Venture Capital, Bay City Capital, Novartis Venture Fund, Tekla Capital Management, Pivotal bioVenture Partners)

You can find their website here.

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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:

• State: Gullbringusysla
• 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: $54,722,277
• Funding rounds: 13
• Number of investors: 5 (Technology Development Fund, Frumtak Ventures, VIS, Arion Bank, Sjova)

You can find their website here.

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4) CCP Games

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

Details of the startup:

• State: Gullbringusysla
• City: Reykjavík
• Started in: 1997
• Founders: Reynir Hardarson, Sigurdur Arnljotsson
• Industries: MMO Games, Online Games, Video Games
• Number of employees: 251-500
• Funding: $66,300,000
• Funding rounds: 3
• Number of investors: 3 (General Catalyst, New Enterprise Associates, Novator)

You can find their website here.

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5) Kerecis

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

Details of the startup:

• State: Vestur-Isafjardarsysla
• 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: $48,611,641
• Funding rounds: 19
• Number of investors: 7 (Silicon Valley Bank, Emerson Collective, Novator, Technology Development Fund, New Business Venture Fund)

You can find their website here.

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6) 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:

• State: Gullbringusysla
• 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: $7,398,103
• Funding rounds: 8
• Number of investors: 8 (Startupbootcamp, Draper Associates, EASME - EU Executive Agency for SMEs, Cavalry Ventures, 3VC)

You can find their website here.

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7) Lucinity

Artificial Intelligence (AI) to Make Money

Details of the startup:

• State: Gullbringusysla
• City: Reykjavík
• Started in: 2018
• Founders: Gudmundur Kristjansson
• Industries: Artificial Intelligence, Software
• Number of employees: 11-50
• Funding: $8,100,000
• Funding rounds: 2
• Number of investors: 4 (byFounders, Karma Ventures, Crowberry Capital, Preceptor Capital)

You can find their website here.

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8) GRID

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

Details of the startup:

• State: Gullbringusysla
• City: Reykjavík
• Started in: 2018
• Founders: Hjalmar Gislason, Thorsteinn Yngvi Gudmundsson
• Industries: Productivity Tools, SaaS, Software
• Number of employees: 11-50
• Funding: $16,540,347
• Funding rounds: 4
• Number of investors: 14 (New Enterprise Associates, Acequia Capital (AceCap), Charlie Songhurst, BlueYard Capital, EASME - EU Executive Agency for SMEs)

You can find their website here.

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9) 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: $1,450,000

You can find their website here.

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10) 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: $8,020,053

You can find their website here.

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11) 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: $250,000,000

You can find their website here.

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12) 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: $7,960,317

You can find their website here.

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13) 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: $2,704,494

You can find their website here.

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14) 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: $916,310

You can find their website here.

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15) 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: $1,277,089

You can find their website here.

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16) 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: $2,000,000

You can find their website here.

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17) CrankWheel

A screen-sharing platform that is suitable for businesses.

Details of the startup:

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

You can find their website here.

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18) 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: $30,627,611

You can find their website here.

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19) Genki Instruments

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

Details of the startup:

• City: Reykjavík
• Funding: $567,220

You can find their website here.

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20) 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: $10,576,333

You can find their website here.

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21) 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: $710,795

You can find their website here.

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22) 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: $1,009,272

You can find their website here.

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23) 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: $665,000

You can find their website here.

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24) Ghostlamp

Micro influencer campaigns on demand, anywhere in the world.

Details of the startup:

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

You can find their website here.

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25) 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: $2,128,423

You can find their website here.

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26) 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: $439,490

You can find their website here.

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27) 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: $761,293

You can find their website here.

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28) 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: $3,682,844

You can find their website here.

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29) 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: $6,451,037

You can find their website here.

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30) 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: $560,036

You can find their website here.

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31) Gangverk

Gangverk is a software consulting firm founded by seasoned programmers.

Details of the startup:

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

You can find their website here.

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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: $715,667

You can find their website here.

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33) 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: $873,887

You can find their website here.

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34) 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: $1,665,742

You can find their website here.

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35) 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: $482,580

You can find their website here.

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36) 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: $163,706

You can find their website here.

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37) SagaMedica

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

Details of the startup:

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

You can find their website here.

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38) 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: $881,484

You can find their website here.

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39) 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: $771,137

You can find their website here.

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40) 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: $689,211

You can find their website here.

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41) 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: $320,000

You can find their website here.

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42) 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: $1,152,973

You can find their website here.

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43) 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: $626,340

You can find their website here.

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44) 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: $787,995

You can find their website here.

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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: $949,063

You can find their website here.

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46) 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: $508,207

You can find their website here.

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47) 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: $1,382,761

You can find their website here.

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48) 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: $882,973

You can find their website here.

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49) 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: $77,089

You can find their website here.

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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: $75,053

You can find their website here.

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51) 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: $53,430

You can find their website here.

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52) 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: $1,058,130

You can find their website here.

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53) 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: $222,152

You can find their website here.

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54) 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: $714,873

You can find their website here.

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55) Jurt Hydrophonics

Engineers founded Wasabi Iceland, a new firm.

Details of the startup:

• City: Reykjavík
• Funding: $545,000

You can find their website here.

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56) 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: $201,232

You can find their website here.

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57) 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: $165,742

You can find their website here.

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58) Invector

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

Details of the startup:

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

You can find their website here.

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59) 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: $115,634

You can find their website here.

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60) 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: $669,212

You can find their website here.

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61) 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: $219,383

You can find their website here.

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62) 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: $39,771

You can find their website here.

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63) 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: $485,634

You can find their website here.

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64) D-Tech System

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

Details of the startup:

• City: Reykjavík
• Funding: $81,868

You can find their website here.

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65) 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: $134,090

You can find their website here.

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66) 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: $115,000

You can find their website here.

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67) 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: $4,362,537

You can find their website here.

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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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