Fractional CFO services in Reykjavik
Reykjavik is a tiny ecosystem by volume - roughly 370,000 people in greater metropolitan area - but ranks fifth globally in startups per capita according to the 2024 StartupBlink Index.
Iceland's venture-backed companies are built for export from day one: the domestic market is too small to sustain a B-round, which means Reykjavik founders develop an international commercial reflex earlier than most European counterparts. CCP Games (EVE Online), Kerecis (fish-skin wound care, acquired by Coloplast), Carbon Recycling International and Sidekick Health are the ecosystem's most visible outcomes.
We work with Reykjavik-based startups from seed to Series B+, supporting them on cap table management, fundraise prep, financial modelling, runway management and investor reporting.
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Reykjavik startup ecosystem
Export-first by structural necessity
Iceland's domestic market cannot absorb a mid-stage venture company. Every Reykjavik founder builds with international distribution in mind from day one - a constraint that produces unusually commercially focused founding teams and a lower rate of premature local optimisation. Crowberry Capital and Brunnur Ventures are the two most active local institutional investors; both actively co-invest with Nordic and European VCs to bridge the international fundraising gap.
Biotech, climate-tech and deep-tech as the anchor sectors
Kerecis commercialised fish-skin technology developed from Iceland's marine biology research base into a wound-care product acquired by Coloplast for $1.3B. Carbon Recycling International is turning geothermal CO₂ into methanol - a direct product of Iceland's renewable energy surplus. CCP Games built EVE Online into one of the world's longest-running MMOs. These outcomes are not coincidental: Iceland's biomedical research, geothermal engineering and software talent are all internationally competitive at a density that defies the country's size.
Reykjavik city centre and the University of Iceland campus
Most of Reykjavik's tech companies cluster in the downtown Miðborg district and along Borgartún - the city's main office and financial corridor. The University of Iceland campus in Vatnsmýri sits adjacent to the airport and houses engineering, computer science and medical faculties that feed the startup ecosystem directly. Icelandic Startups, the national startup association, operates from Miðborg and is the primary community hub.
University of Iceland and Reykjavik University talent pipeline
The University of Iceland and Reykjavik University together enrol around 20,000 students. Reykjavik University has a particularly strong computer science and engineering faculty that has produced a disproportionate share of the city's software founders. The graduate community is small and tightly networked - the city's founder community knows each other in a way that large-city ecosystems do not, accelerating reference checks, hiring and co-founder formation.
Notable Reykjavik startups
Iceland's most successful venture-backed companies span gaming, biotech, climate-tech and digital health - each a product of Iceland's specific research strengths and export-first founder mentality.
CCP Games
CCP Games was founded in Reykjavik in 1997 and built EVE Online - one of the world's longest-running massively multiplayer online games with over 300,000 active subscribers at its peak. CCP is the most prominent proof point that globally scaled consumer software can be built and operated from Iceland.
Kerecis
Kerecis commercialised Atlantic cod fish-skin as a clinically validated wound-healing matrix - a product derived from Iceland's marine biology research base. Acquired by Danish medtech company Coloplast in 2022 for $1.3B, Kerecis remains the largest M&A exit in Icelandic startup history.
Carbon Recycling International
Carbon Recycling International is a Reykjavik-based cleantech company converting geothermal CO₂ and green hydrogen into liquid methanol at its George Olah Renewable Methanol Plant - the world's first commercial power-to-methanol facility. A direct product of Iceland's geothermal energy infrastructure.
Sidekick Health
Sidekick Health is a Reykjavik-founded digital therapeutics company that builds FDA-regulated gamified disease-management programmes for pharmaceutical partners. Has raised over $35M and operates across multiple chronic disease areas including oncology and cardiovascular disease.
Solid Clouds
Solid Clouds is a Reykjavik-based enterprise software company building tools for SAP landscape management and cloud migration. Has grown into one of the most internationally scaled B2B SaaS businesses to emerge from the Icelandic ecosystem.
Crowberry Capital
Crowberry Capital is Reykjavik's leading VC firm, with offices in Copenhagen and Stockholm and a second fund of €90M. Invests at seed and early stage across the Nordics, with Iceland as a home market. Crowberry is the most common first institutional investor for Reykjavik-based founders before they raise from Nordic or pan-European VCs.
We provide fractional CFO services across Reykjavik and beyond
Simple pricing
No hidden costs, no complicated long-term contracts. We understand how important flexibility is for Reykjavik startups.
Per month
- Accounting / FP&A tech stack implementation
- Monthly financial statements and reporting pack
- Quarterly board pack with detailed financial analysis (with variance analysis vs. budget, relevant KPI observations etc.)
- Investor-friendly output
Per month
- Everything in Core, plus
- Operating model (via an online platform like Runway or Excel-based)
- Ongoing model maintenance, refining projections, burn/runway management
- Customer cohorts modelling, churn and retention analysis
- LTV / CAC, unit economics analysis
- Cap table management
Per month
- Everything in Grow, plus
- M&A / fundraising support; review of business plan
- Pitch deck preparation
- Investor approach strategy / list building
- Due diligence support and deal negotiation
- Valuation as required and free access to Multiples Pro
Packages shown are illustrative, final pricing is tailored to client requirements.
Recently completed fractional CFO projects
Selected fractional CFO engagements and prior CFO experience.
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