Iceland startup funding
European tech funding profile
134 startups in Iceland have closed 193 funding rounds and raised €1.4B in equity funding (excluding debt and grants) and recorded 22 exits. Debt rounds added €125M. Software is the most active sector, and Frumtak Ventures is the most active investor. Data as of 6 Nov 2026.
#25 in Europe by equity raised — 0.2% of all European startup equity funding.
Equity funding
€1.4B
excl. debt & grants · +€125M debt
Funding rounds
193
Companies
134
Named investors
215
Exits
22
Funding over time
2010–2026 · 2026 YTD — equity € raised vs roundsIceland — funding over time — interactive chart.
Data table
| Equity | Rounds | |
|---|---|---|
| 2010 | €12M | 2 |
| 2012 | €17M | 3 |
| 2013 | €25M | 6 |
| 2014 | €73k | 2 |
| 2015 | €42M | 11 |
| 2016 | €27M | 16 |
| 2017 | €16M | 9 |
| 2018 | €32M | 12 |
| 2019 | €71M | 13 |
| 2020 | €109M | 16 |
| 2021 | €251M | 14 |
| 2022 | €268M | 35 |
| 2023 | €241M | 27 |
| 2024 | €59M | 8 |
| 2025 | €231M | 10 |
| 2026 | €49M | 8 |
Top performing sectors
by € raised| Healthtech | €487M | |
| Cleantech | €350M | |
| Energy | €225M | |
| Transportation | €184M | |
| Foodtech | €157M | |
| Gaming | €154M |
Top sectors
by deal countIceland — top sectors — interactive chart.
Data table
| Iceland — top sectors | |
|---|---|
| Software | 47 |
| Healthtech | 29 |
| Gaming | 22 |
| Fintech | 13 |
| Travel | 11 |
| Transportation | 11 |
| Edtech | 9 |
| Foodtech | 8 |
| Media | 7 |
| Cybersecurity | 7 |
Stage mix
by € raisedIceland — stage mix — interactive chart.
Data table
| Iceland — stage mix | |
|---|---|
| Other | €884M |
| Series A | €166M |
| Grant | €140M |
| Debt | €125M |
| Series B | €120M |
| Series D+ | €114M |
| Seed | €72M |
| Growth/Late | €63M |
| Series C | €14M |
| Early VC | €12M |
| Pre-Seed | €3.9M |
Top deals
largest disclosed rounds| Company | Stage | Date | Amount |
|---|---|---|---|
| Arctic Green Energy | Other | Jul 2021 | €204M |
| LAXEY | Other | May 2025 | €130M |
| Carbfix | Grant | Jul 2022 | €114M |
| Alvotech | Debt | Jan 2026 | €100M |
| Kerecis | Series D+ | Jul 2022 | €99M |
| Controlant | Other | Nov 2023 | €73M |
| Sidekick Health | Series B | May 2022 | €52M |
| Alvotech | Other | Jan 2019 | €44M |
| Controlant | Other | Dec 2020 | €41M |
| First Water | Other | Apr 2025 | €39M |
Top investors
named, by deal count| Frumtak Ventures | 27 |
| Brunnur Ventures | 15 |
| Crowberry Capital | 12 |
| NSA Ventures | 6 |
| Boldstart Ventures | 5 |
| Existing Shareholders | 4 |
| byFounders | 4 |
| Eyrir Vöxtur | 4 |
| European Innovation Council (EIC) | 4 |
| Eyrir Invest | 3 |
Top cities
by € raised| Reykjavík | €1.4B | 149 | |
| Kópavogur | €132M | 14 | |
| Ísafjörður | €131M | 3 | |
| Akureyri | €58M | 3 | |
| Rejkiavik | €5.6M | 2 | |
| Reykiavyk | €3.0M | 3 | |
| Palo Alto | €2.6M | 1 | |
| Walnut | €2.5M | 1 |