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Optimistic innovators, stubborn frictions: what’s holding Iceland’s innovation system back?

Optimistic innovators, stubborn frictions: what’s holding Iceland’s innovation system back?

New Northstack report: Nýsköpunarlandið Iceland 2025 Nýsköpunarlandið Iceland is Northstack’s recurring survey of how Icelandic entrepreneurs and innovation leaders assess the country’s innovation environment. This second edition revisits the study first conducted in 2019 and is based on responses from nearly 300 founders, CEOs, and R&D

49 billion ISK into various technologies: software tops the list, deep tech at the bottom.

49 billion ISK into various technologies: software tops the list, deep tech at the bottom.

New Northstack Analysis: ISK 49 Billion in Tech Grants – Software Leads While Deep Tech Lags Between 2004 and 2024, the Icelandic Technology Development Fund (Tækniþróunarsjóður, TÞS) allocated ISK 49 billion (at current prices) to around 1,200 recipients. A new Northstack report reveals that software projects dominate this funding landscape—

Prescriby raises a $2.1M round led by Crowberry Capital

Prescriby raises a $2.1M round led by Crowberry Capital

Prescriby, the Canadian-Icelandic company of digital treatment plan software that prevents medication addiction, has secured $2.1 million in a funding round led by Crowberry Capital with participation from investors from Canada, Denmark, and Iceland. “Prescriby is tackling a very serious problem that has big consequences for many. What got

Like the rest of the world, Iceland saw a big drop in startup funding in 2023

After an absolutely booming 2022, it's clear that the global venture slowdown hit Iceland, too. A big drop in deals compared to the previous five years, and although amounts dropped too, it's not as bad. Foreign participation remained incredibly strong, and — from a number of deals

Activity Stream Secures $13.5M co-led by Eyrir Ventures and Frumtak Ventures

Activity Stream Secures $13.5M co-led by Eyrir Ventures and Frumtak Ventures

Activity Stream, a software solution for the live entertainment industry, recently closed a $13.5 million funding round co-led by Eyrir Ventures and Frumtak Ventures with contributions from the Shubert Organization and the Export and Investment Fund of Denmark. The funding will be used by Activity Stream to broaden its

Leviosa raises $1M Pre-seed from over 60 healthcare professionals

Leviosa raises $1M Pre-seed from over 60 healthcare professionals

Icelandic healthtech startup Leviosa just closed a $1M pre-seed funding round. The capital is committed from existing shareholders, who are all angel investors, and adding over 60 healthcare professionals, the majority of whom are practicing physicians from Iceland and elsewhere. Founded in 2019, Leviosa focuses on developing cutting-edge healthtech solutions

DTE adds $6M to their series A2 from Eyrir Vöxtur and EIC

DTE adds $6M to their series A2 from Eyrir Vöxtur and EIC

Today, DTE, developers of next-generation metal production and manufacturing, announced that Eyrir Vöxtur and EIC (European Innovation Council) have invested $6M into the company. This latest operation completes the Series A2 financing round initiated earlier this year, in which the Icelandic deep tech innovator secured a $10M first close from

Exmon Software acquired by TimeXtender

Exmon Software acquired by TimeXtender

The Icelandic Exmon Software was founded in 2014 as a subsidiary of the consulting company Expectus but was spun out a couple of years ago. The details of the deal were not made public. Exmon is a data quality and data management solution, that customers use to find errors and

Meniga raises $16M Series D from Groupe BPCE, Crédito Agrícola and Omega

Meniga raises $16M Series D from Groupe BPCE, Crédito Agrícola and Omega

Icelandic fintech Meniga just announced a $16M Series D round, where leading banks such as Groupe BPCE and Crédito Agrícola as well as the Icelandic VC Omega participated. Meniga provides digital banking solutions to banks and financial institutions in over 30 countries across Europe, North America, the Middle East and

PayAnalytics acquired by beqom

PayAnalytics acquired by beqom

Yesterday, on December 12th 2023, the Icelandic startup PayAnalytics announced that the company is being acquired by beqom. beqom, a unified total compensation platform, describes the acquisition as an industry-disrupting moment, and that with PayAnalytics' trailblazing pay and workplace equity solution, the company will become the first advanced platform

Keystrike raises $1M pre-seed round

Keystrike raises $1M pre-seed round

Keystrike, the Icelandic cybersecurity startup, has secured funding of $1 million led by Grófin Business Development, Investco, Arcus Invest and Lira, in addition to an international private investor from the cyber security sphere. The funding will fuel the expansion of Keystrike's sales and marketing efforts, particularly into the

Controlant lays off 80 employees and announces an $80M fundraise

Controlant lays off 80 employees and announces an $80M fundraise

Controlant announced that it is cutting 80 roles at the same time as it has secured $80M in funding to bolster innovation and business expansion. The job losses, which will affect employees in all divisions and locations across the company, are due to the decreased demand for COVID-19 vaccines. The

Icelandic presence at Slush 2023

Icelandic presence at Slush 2023

60 Icelandic startups and investors will take part in a delegation, organized by Business Iceland, to Slush, one of the largest startup and tech events held annually in Helsinki, Finland. This year's conference will take place from November 30th to December 1st and features an extensive two day

Nordic Secondary Fund invests $2.4M in DTE

Nordic Secondary Fund invests $2.4M in DTE

Nordic Secondary Fund has invested $2.4M in DTE, developers of next-generation metal production and manufacturing, through an acquisition of common shares from a selected group of DTE's initial shareholders. Nordic Secondary Fund is the only fund in the Nordics that exclusively invests in secondaries and this is