Monerium becomes world’s first company to be granted e-money license

Icelandic blockchain startup, which recently raised a $2m seed round led by Crowberry Capital with participation from ConsenSys – a major player in the blockchain space, has just been granted an e-money license by the Icelandic Financial Supervisory Authority.

A more in-depth report on the license and what it means can be found on Coindesk.

Subscribe to the Memo to receive regular updates and commentary on the startup, tech and VC scene in Iceland.

Success! You're on the list.

Kerecis raises $16m Series C

Kerecis, the medical fish skin company, just announced a $16m series C financing. The company sold new shares to the value of $10m, and converted $6m of promissary notes at the time of closing. According to the statement issued, the fundraise was oversubscribed. After the funding round, founders and related parties retain about a one-third share ownership in the company.

“Fish skin is becoming a mainstream therapy for treating severe wounds, including diabetic wounds,” commented founder and CEO of Kerecis G.Fertram Sigurjonsson. “The funds from the Series C offering will allow us to continue our rapid growth and improve medical care for patients suffering from terrible wounds, which too often lead to amputations.”

The funds will be used primarily to fund sales and marketing efforts in the US and Switzerland.

Kerecis develops patented fish-skin products to heal human wounds and tissue damage. Because no disease-transfer risk exists between cold-water fish and humans, the Kerecis fish skin is only gently processed and retains its similarity to human skin, making it an ideal substitute for human skin. Fish skin also contains Omega3 fatty acids, which enhance wound healing. More than 50 studies have been done on the Kerecis technology.

Subscribe to the Memo to receive regular updates and commentary on the startup, tech and VC scene in Iceland.

Success! You're on the list.

Here are the ten participating companies in Startup Reykjavik’s 8th cohort

Startup Reykjavik, Iceland’s main accelerator, is running its eighth batch this summer. The accelerator, owned and funded by Arion Bank and operated by Icelandic Startups, received around 200 applications, ten of which were selected for the program which kicks off this Tuesday, June 11th.

Baseparking: A valet parking service at Keflavík airport servicing over 20,000 customers.

CheckMart: Infrastructure for small and medium-sized companies in e-commerce.

Hvíslarinn: Health tech software solution using smart-tech, automation and AI to simplify documentation process for hospitals and healthcare facilities

Íslensk Gervigreind: Digital employee in the cloud using AI and data to make customer service more efficient.

Proency: Software solution using AI and evidence-based psychological methods to provide mental health analysis and counselling for staff and management within companies.

Rafíþróttaskólinn: A platform that serves anyone with the materials necessary to start their own esports training program with the aim to change the way esports athletes are made.

Rebutia: AI stylist software that carefully analyzes its users, classifies clothing according to their body’s figure to help them discover their true style.

SmartSampling: A software making a better and more efficient way to get intelligence from your customers about your product.

Snorricam: Hardware company making a tool called Snorricam for filmmakers to gain a unique camera angle.

TrackEHR: Health tech software solution that helps doctors create treatment plans and share them with patients.

The startups selected to participate each year receive 2,4 million ISK in funding from Arion bank in exchange for 6% equity. In addition the participants get access to mentors, office space and a host of perks.

The program culminates on Startup Reykjavik’s Investor Day where the participating teams get the opportunity to present their company to potential investors. This year Investor Day will take place on August 16th.

Subscribe to the Memo to receive regular updates and commentary on the startup, tech and VC scene in Iceland.

Success! You're on the list.

Meniga acquires Stockholm based reward platform Wrapp

Icelandic fintech company Meniga today announced the acquisition of Wrapp, a Stockholm based reward platform. The purchase price is undisclosed, all-stock, with maximum earn-outs totaling up to a 25% share in Meniga. Current shareholders, including Scandinavia’s biggest bank Nordea, join Meniga’s shareholders.

The Wrapp reward platform will be merged with Meniga’s similar offering with Wrapp’s CEO Aage Reerslev joining Meniga as VP of Rewards.

“The attitudes of consumers towards the use of their personal data is changing. Custodians of personal data are expected to use data to deliver personalisation and value in a respectful and transparent manner,” explains Georg Ludviksson, CEO of Meniga.

“We believe the merger brings us to a tipping point given the strong commitment we have from existing platform partners. This is the right time to invest in transaction-driven marketing technology and create a more intelligent user-centric service which basically helps people buy better and smarter, not more”, says Aage Reerslev, former CEO of Wrapp, now VP of Rewards at Meniga.

Four things you should know about Startup Iceland 2018

This week is Startup Iceland week – when Harpa is filled with startup people from all over the world. It also marks the start of summer, which is often a fairly active season for the startup scene in Iceland. To commemorate that, we have 4 things you should know about Startup Iceland 2018.

The founder of WordPress is coming

Matt Mullenweg, CEO of Automattic and probably most known for developing WordPress, the CMS that reportedly powers as much as 25% of the web today (including Northstack). He will be joined on stage by technology journalist Om Malik for a fireside chat.

We have a lot of Americans joining Startup Iceland

A 57 person group from George Mason University in Washington, DC is flying to Iceland to participate in the event. The 2018 version of the conference also marks the first time that US founders are joining the event, which means we’ll have an international day for sure.

Lína and Skúli among others will represent Iceland

Sigurlína Ingvarsdóttir, the senior producer of FIFA at EA Games (yes, that FIFA, where you can play the Icelandic National Team), will fly over to give a talk about diversity. Skúli Mogensen, founder of Wow air, will also give a talk.

Reykjavik is part of AngelHack Global Series

Startup Iceland has partnered with and Angel Hack to bring us the Data Hack Iceland 2018, part of AngelHack Global Series. Between May 29-30, teams will compete in three categories: Using’s data consent platform, hacking for good, or simply something entrepreneurial. Prizes include trips to Slush 2018.

Influencer marketing platform Takumi raises $4m Series A round

Takumi, the influencer marketing platform, just announced the successful raise of a $4m (£3.2m) Series A financing round. The investment will be used to fuel its US and global expansion. The investors are a mix of family offices and high-net worth individuals.

“Influencer marketing is still in its early stages but will grow into a major marketing channel over the next five years,” said Mats Stigzelius, co-founder and CEO. “By offering the best platform possible for influencers and brands, it has allowed us to scale quickly and this will also drive our future growth. However, with this new funding, our undoubted aim is to make Takumi the leading global influencer platform, both for brands and influencers.”

The company, which recently launched in Ireland and Germany, now takes aim at the US market, and has recently opened an office there. Apart from sales and business development offices in London, Berlin and New York, Takumi operates a product development office in Reykjavik, Iceland, where all development takes place. Two of the company’s three founders – Jökull Sólberg Auðunsson and Gummi Eggertsson – are Icelandic.

In addition to the newly raised $4m, the company previously raised two seed rounds, totalling $3.1m (£2.5m), one of which was announced last fall.