Category: The Update (Page 1 of 6)

Startup Reykjavik Values its Portfolio since 2012 at $2.3m (278m ISK)

In a new post by Einar Gunnar Guðmundsson of Arion Banki, he reveals that Arion Banki’s daughter company Startup Reykjavik Invest currently values its portfolio of companies that have participated in Startup Reykjavik at $2.3m (278m ISK). The bank’s total direct investment (not counting the operational fees of the accelerator) in Startup Reykjavik companies has in the mean time been ~$1.5m (176m ISK).

Graph courtesy of Einar Gunnar Guðmundsson

Einar Gunnar notes in his post that the current valuation is based on either the newest funding round which puts a price on Startup Reykjavik Invest’s equity, or “valued on likelihood of success based on their activity and communication with [Startup Reykjavik Invest].”

According to his calculations, 54% of companies are still active, 13% inactive, and 33% sold (companies where Startup Reykjavik has sold its share back to the founders, who have quit (or mostly quit) operations).

You can read more about it in his post here.

AirServer creator App Dynamic signs deal with Intel

Intel has started a collaboration with Icelandic tech company App Dynamic, the creators of screen mirroring software AirServer. The app, which allows people with any device to mirror and share their screen on a display, will be prominently featured on Intel’s new meeting room tech: Intel Unite.

Read More

The ten companies that pitched at Startup Tourism 2018

Startup Tourism had its demo day yesterday, Friday March 23nd. As usual, the companies that went through the accelerator pitched to a room of investors, tourism industry executives and others. In addition to the pitches, founder of Couchsurfing Casey Fenton, gave a keynote.

Read More

Berlin based Klang Games raise $5m investment

Klang Games, the Berlin based, Icelander founded gaming company, just announced a $5m investment from gaming VC Makers Fund, as well as Firstminute Capital, Neoteny, Mosaic Ventures, and Novator. Gamesindustry Biz reported. The company was previously backed by notable Icelandic tech veterans David Helgason (Founder of Unity) and Adalsteinn Ottarsson (previously CCP, now Sr. Development Director at Riot Games).

Read More

Meniga awarded Best of Show at Finovate 2018

Icelandic fintech company Meniga was recently awarded Best of Show at the Finovate fintech conference in London. The company has previously received the award in 2011, 2013 and 2015.

Read More

Valka raises capital, NSA Ventures and Frumtak exit the company

NSA Ventures and Frumtak have sold their 37% share in food processing tech company Valka. New shares were also issued in the transaction, to current shareholders. The shares were sold to a group of current investors – Fossar, Vogabakki, Vortindur (the holding company of founder Helgi Hjálmarsson), and other investors.

Read More

Solfar unveils newest VR project: In Death, a roguelite shooter

Solfar, the Icelandic VR studio founded by CCP veterans and backed by Reaktor Ventures, Inventure, NSA Ventures and more, just unveiled their next project after Everest VR. It’s called In Death and they described it as a “roguelite shooter, set in the godless afterlife.”

Read More

Nordic Style Magazine becomes first Icelandic Magazine distributed in the US

The Icelandic startup Nordic Style Magazine has signed a sales and distribution agreement with the world’s largest bookstore, Barnes & Noble.  Nordic Style Magazine gives its global readers daily updates from the Nordic design, fashion, art and culture scene via its site,  Nordic Style has scouted new designers and talents, which in many cases have been featured for the first time on their platform and attracted new opportunities as a result. 

Read More

Music education game Mussila re-released on iOS and Android

Rosamosi, the game studio behind the Mussila music education apps, just released a new version of their original Mussila game. It is available on iOS and Android. According to a statement, the new Mussila game is a “more exciting, and even more educative format. It has new more easily relatable characters, more fun and more interactivity.” They also report that kids that play the Mussila game learn music 20% faster than those that don’t.

Read More

Highlights from the Icelandic delegation at Slush 2017

This year, a delegation of nearly 100 people from representing startups, investors, media, diplomatic services, industry groups and more, is at Slush. The delegation was planned by Icelandic Startups and Promote Iceland, with participation from Slush and the Icelandic Embassy in Finland.

Read More

Page 1 of 6

Nortstack – Reporting and analysis of the Icelandic startup scene