Innovation, Startups and Venture Capital in Iceland

Icelandic Startups & Tech Roundup on April 27

We have decided to start collecting the news you might have missed from the Icelandic startup ecosystem in the last week or so, delivering them to you on a regular basis.

Here’s what’s been happening lately:

Carbfix to open up a plant

Carbfix, a company which has developed technology to pump CO2 down into the ground and turn it into stone, is going to build a CO2 capturing plant in Straumsvík, close to Reykjavík. The company aims to pump up to 3 million metric tonnes of imported CO2 from Northern Europe into the ground every year by 2030.

Another record year in R&D? 

According to a recent analysis from SI – the Federation of Icelandic Industries, there are indications that investment in research and development (R&D) amounted to over 3% of Iceland’s GDP last year, which would be a new record. In 2019 R&D investment amounted to 2.35% of GDP.

DK solutions sold abroad

A Dutch company called Total Specific Solutions bought the Icelandic software company DK software in December for over €23m (3.5 billion ISK). DK software has been developing software solutions for Icelandic companies since 1998 and was mostly owned by its founders. Most of them still work for the company but some of them are soon moving into retirement, which is named as a motivation for the sale.

Councilwoman takes a leading role at Icelandic Startups

Kristín Soffía Jónsdóttir, a city councilwoman for the Social Democratic Party in Reykjavík, has been hired as the new CEO of Icelandic Startups. Jónsdóttir will replace Salóme Guðmundsdóttir, which leaves the post in June.

Kría is looking for a Fund Manager

Kría, the Icelandic Venture Initiative, is looking for a Fund Manager. The board of this newly established public innovation fund has approved the timeline for its first year of operation and anticipates accepting pitches and applications in the fall of 2021. (Disclaimer: Northstack founder Kristinn is the chairman of Kría’s board).

YAY moves to Gróska

YAY, a fintech startup company, has moved its offices to the Gróska business growth center in Vatnsmýri, Reykjavík.

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