Innovation, Startups and Venture Capital in Iceland

Avo’s revenues increased tenfold last year

Avo, an Icelandic start-up helping teams track and manage analytics governance, increased its revenues tenfold over the last year, and just launched an update to its product – titled Avo for PM’s – on Product Hunt. Last September, Avo announced it raised a $3 million seed round from investors like GGV, Heavybit and Brunnur.

Along with the large increase in revenue, the number of Avo’s current users tripled last year, compared to 2019. Most of them are from outside of Iceland, e.g. the guitarmaker Fender, the car-sharing marketplace Turo, the meeting organiser Doodle, and the software company Patreon.

Avo was founded by Sölvi Logason and Stefanía Bjarney Ólafsdóttir both of whom led analytics at Plain Vanilla Games, which was the maker of the mobile game app QuizUp.

“Avo has been busy for the past year. We are very excited to have launched a new version of our software in which teams of all sizes can start utilising their data immediately in order to better understand their user experience,” Stefanía Bjarney, CEO of Avo, said in the company’s press release. Their newest product “Avo for PM’s”, can be found on Product Hunt here.

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