The first quarter of 2016 starts off with a $13.4 million disclosed in fundings in seven funding rounds.

Comparison to Q1 2015

The number of investments more than doubled from the same quarter last year (from three to seven) . Total amount invested, however, fell drastically, only due to one massive investment.

Last year’s Q1 totaled $99 million in three investments, according to The Nordic Web’s analysis. This huge amount is almost entirely due to a $98 million round in Verne Global. Other investments in that quarter were Kaptio ($900K) and Datasmoothie (undisclosed).

In this case we shouldn’t use the amount invested as an indicator of the health of the community due to the Verne Global’s outlier investment.

Overview

The first quarter of 2016 totals $13.4 million in seven rounds. The size of one of the rounds was undisclosed.

q1-2016-funding.001

Round sizes

Unlike last quarter when we had the $30 million CCP round, this time around we didn’t see one huge round that eclipsed all the other investments. We had a healthy split of three small rounds – under $500K – and three above $1.5 million.

q1-2016-funding.002

Who’s investing?

Like last quarter, the majority of the investment is from outside of the country. QuizUp’s $7.5 million round is almost solely responsible for that. The ratio between funding from within Iceland and outside it is as following.

q1-2016-funding.003

Exits

We recorded one exit this quarter. Swedish Enzymatica acquired Icelandic Zymetech through a non-cash issue of approximately 20.9 million new shares. At the time of purchase, Enzymatica was trading at 3.35 SEK. That translates to an approximate value of 70 million SEK (~$8.6 million).

Please refer to our analysis for Q4 2015 in regards to our methodology.

Norðurskautið covers the Icelandic Startup and Tech scene. Follow us on Twitter or sign up for our mailing list to keep up to date. You can also join our Slack community – http://bit.ly/slack-is