Innovation, Startups and Venture Capital in Iceland

Responsible Foods secures seed funding

Responsible Foods, an Icelandic healthy snack company founded in 2019, just finalized their first round of funding. The amount remains undisclosed but is described as between 100 and 200 million ISK ($700k-$1.4m) in a statement. The company received assistance from Spakur Finance in the funding process. The investors were a mix of companies and individuals, including MS Iceland Dairies, Lýsi, and Ó. Johnson og Kaaber, which will distribute Responsible Foods’ products within Iceland.

Responsible Foods was founded by Dr. Holly T. Kristinsson in 2019, with the goal of disrupting the snack market, by developing a new healthy snack sold under the brand Næra™. “Responsible Foods uses pioneering technology which dries food faster and at lower temperatures than usual. That way, it’s possible to produce products with high nutritional value and long shelf life. All products of the company are made from Icelandic ingredients,” a statement from the company reads.

Responsible Foods’ snack

“Responsible Foods is now finalizing the manufacturing of their Næra™ products in Reykjavík, and the first products will enter the Icelandic market early this summer. Most of the production will, however, go abroad, especially to the US, but Holly has extensive knowledge and experience in the US market, where she has worked for big food- and ingredient companies,” the statement said.

“One of Responsibles Foods’ main goals is to utilize Icelandic ingenuity, for the benefit of the Icelandic society and economy. The company is planning to hire up to 30 employees in various job roles in the next few years. The company also emphasizes using its technology to increase the value of export commodities, for example, fish and dairy products, and therefore meet the exceeding demand abroad for Icelandic products,” the statement states.

Read more about Responsible Foods here.

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