Capital raising services in Iceland
Iceland's VC market is small in absolute terms but produces exits and international raises that are large relative to country size - driven by a concentrated founder community with a track record in gaming, life sciences, climate technology and enterprise software.
CCP Games' repeated rounds from US and European investors, Kerecis's acquisition by Coloplast, and Crowberry Capital's ability to attract international co-investors into Reykjavík-based deals all demonstrate that Icelandic companies can access global capital when the process is run correctly.
Flow works with mid- to late-stage Icelandic companies raising growth capital on the best terms available. We handle end-to-end process management from investor preparation through pitch deck and financial model to close - bringing an extensive VC investor network in the Nordics, London and the US to bear on a market where international relationships are the critical differentiator.
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VC rounds raised in the last 12 months in Iceland
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Median VC valuation (across all stages) in Iceland
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Median VC revenue multiple (across all stages) in Iceland
$2.4M
Largest VC round raised in Iceland in the last 12 months
Raising venture capital in Iceland
Iceland's VC market is small in absolute terms but punches above its weight given the size of the country. Local funds (Brunnur, Crowberry, Frumtak) anchor seed and Series A; cross-border participation from Nordic, European and US investors common at growth stage.
Icelandic VC conventions
Icelandic venture rounds typically use documentation aligned with Nordic VC practice, adapted for Icelandic ehf and hf company law. The Icelandic Venture Capital Association coordinates industry conventions but does not publish a single universal template.
Convertible loans and SAFEs
Convertible loan notes are the standard pre-priced instrument in Iceland. SAFEs are used occasionally where the lead investor is US-based. Conversion typically at the next priced round at a discount or capped valuation.
Round structure norms
Priced rounds use 1x non-participating liquidation preference with broad-based weighted average anti-dilution. Founder vesting (4-year, 1-year cliff) is increasingly standard. Icelandic ehf and hf structures require shareholder resolutions plus filings with the Iceland Company Register for share issues.
NSA co-investment
NSA Ventures co-invests at seed and Series A alongside private VCs. Its preference structures, information rights and reporting requirements are well-defined and routinely accommodated in round documents.
Foreign investment screening
Iceland has limited general FDI screening but specific approvals apply in fisheries, energy and certain critical infrastructure. Worth checking specifically for deals involving non-EEA acquirers in scoped sectors.
Closing mechanics
Closings are typically same-day signing and funding with documents executed via DocuSign. Share issues and changes to articles require Iceland Company Register filings shortly after close. Iceland does not levy stamp duty on share issues or transfers.
Startups who recently raised money in Iceland
Disclosed VC rounds raised in Iceland in the last six months, ranked by amount raised.
See all VC rounds in Iceland| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
May-26 | CCP Games | | CCP Games is a Reykjavik-based developer of massively multiplayer online games including EVE Online launched in 2003. The studio operates the EVE universe with player-driven economies and space combat, employing over 400 staff across studios in Iceland, the United States, and China. | Google DeepMind | - | - | Strategic investment | |
Jan-26 | Sidekick Health | | Sidekick Health is a Reykjavik-headquartered digital therapeutics company offering patient engagement platforms for chronic conditions like diabetes, cardiovascular disease, and respiratory disorders. The solution integrates behavioral science, gamification, and clinician oversight to improve medication adherence and lifestyle changes. Partnerships with Pfizer, Novartis, and European payers deploy the platform in over ten countries. | MOBE | - | - | Strategic investment |
Top VCs and strategic investors in Iceland
Frumtak Ventures, Kvanted Ventures, MOBE and Google DeepMind funded the most startups in Iceland in the last 12 months.
See all VCs in Iceland| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Frumtak Ventures | | Frumtak Ventures is an Icelandic venture capital firm investing €1-3 million in seed-stage startups with early traction and global potential. Reykjavik-based, it maintains concentrated portfolios with hands-on support through to IPO. | EulerOptiseMoombix+2 | 6 | Seed | |
Brunnur Ventures | | Brunnur Ventures is a venture capital firm investing in high-growth companies in Iceland and supporting international expansion for its portfolio. As general partner to its fund, it maintains flexibility across industry sectors. | AviLabsLaki PowerDTE ehf+1 | 3 | Series A | |
Omega | | Omega is a London-headquartered fintech platform regulated by the UK Financial Conduct Authority under reference 901093 that provides banking-alternative services for international entrepreneurs. It offers multi-currency accounts, payment processing, virtual cards, and compliance tools backed by Mastercard. The platform streamlines business incorporation, tax residency setup, and cross-border payments for startups targeting Europe and the Middle East. | Evolytesdala.care | 2 | Seed | |
Crowberry Capital | | Crowberry Capital is a venture capital firm headquartered in Helsinki that invests in seed and early-stage technology companies from the Nordics. The firm builds international businesses around proprietary tech advantages, supporting teams from inception through exits. With experience across 51 startups, 15 exits, and 17 seed deals, Crowberry Capital maintains a global perspective shaped by operations in eight countries on four continents. It emphasizes strong follow-on investments and rapid scaling. | PrescribyRocky RoadHemi Health+2 | 2 | Seed | |
Eyrir Vöxtur | | Eyrir Vöxtur is an ESG-focused investment fund that targets companies delivering positive societal and environmental impacts alongside growth potential. Managed from Iceland, the fund invests in sustainable ventures in renewable energy and social enterprises for international expansion. | Laki PowerDTE ehfTulipop | 2 | Seed | |
European Innovation Council | | The European Innovation Council is the European Union's flagship program for breakthrough innovations. Headquartered in Brussels, it provides grants and equity investments totaling over €10 billion through 2027 under Horizon Europe. It supports high-risk, high-potential projects via Pathfinder for early-stage research, Transition for scaling prototypes, and Accelerator for startups and SMEs with investments up to €17.5 million per company. The EIC co-invests with private venture capital in deep-tech ventures exhibiting strong ESG impacts, having backed over 800 companies since 2018 including over 60 unicorns. It partners with EIC Fund for equity stakes and coordinates jury evaluations from industry experts. | TrebleDTE ehfButterfly Medical+2 | 2 | Series A | |
Kvanted Ventures | | Kvanted Ventures is a Helsinki-headquartered venture capital firm investing in Northern European pre-seed to Series A companies creating software and hardware in robotics, AI, autonomous systems, connectivity, data processing, sensing technology, circularity, and biomaterials. Initial checks range from 500,000 to 3 million euros, with follow-on capital for top performers and a fund lifespan exceeding standard durations for sustained support. The firm acts as lead or co-investor, backing tangible prototypes with expansive visions, such as those from portfolio firms like Varjo and Relex Solutions. | EulerVexlumUnbound Potential+1 | 1 | Seed | |
M | MOBE | | MOBE is a wellness platform offering personalized health coaching, corporate wellness programs, and employee assistance through digital tools and guided programs. | Sidekick Health | 1 | Strategic investment |
Google DeepMind | | Google DeepMind is a British AI research lab acquired by Google in 2014 and merged with Google Brain in 2023 to form Google DeepMind. Develops general-purpose AI systems combining machine learning, reinforcement learning, and neuroscience-inspired approaches. Known for breakthrough achievements including AlphaGo, which defeated world champion Go players, AlphaFold for protein structure prediction, and Gemini large language models. Research spans scientific discovery, healthcare applications, energy efficiency, and fundamental AI safety. Maintains research centers across the UK, US, and globally, with thousands of researchers and engineers working on advancing artificial general intelligence capabilities. | CCP GamesAllScaleCortea | 1 | Strategic investment | |
Riverstone Ventures | | Riverstone Ventures is a New York-based venture capital firm investing in seed and Series A climatetech startups. The fund targets companies developing carbon capture, sustainable materials, clean energy storage, and circular economy solutions. It supports founders like those at Climeworks and Commonwealth Fusion Systems with capital and industry networks to scale operations. | Hefring Marine | 1 | Seed |
What if not VC? Non-equity funding in Iceland
Iceland's non-dilutive funding stack is strong relative to its size - between the 35% R&D tax credit, Rannís grants and EU funding access via the EEA agreement, Icelandic startups can extend runway with substantial public-sector support.
Icelandic R&D tax credit
35% refund on qualifying R&D expenditure for SMEs (capped at ISK 1.1bn / ~€7M per year). Refundable in cash for loss-making companies. One of the most generous R&D credits in Europe per capita and often the single largest non-dilutive cash source for early-stage Icelandic tech.
Rannís grants
Rannís administers the Technology Development Fund, Rannsóknarsjóður and other R&D grant programmes. Slow but non-dilutive and a credibility marker for later VC.
NSA equity
NSA Ventures provides direct equity at seed and early Series A. Often the institutional anchor in Icelandic tech rounds.
Icelandic angel ecosystem
Marel, Össur, CCP Games and other Icelandic operator alumni anchor a tight but active angel scene. Tickets typically ISK 2-20M per investor; structured rounds often syndicated across 5-15 angels.
EU funding access
Iceland's EEA membership gives Icelandic companies access to Horizon Europe programmes - EIC Accelerator grants (up to €2.5M), EIC Pathfinder, Eurostars and others. Slow but materially valuable for deeptech, climate and life-science companies.
Cross-border venture debt
Kreos Capital, Claret Capital Partners and HSBC Innovation Banking operate in Iceland via Nordic lending arms. Typically deployed against ARR or contracted revenue from Series A onwards.
Why Flow Partners as your capital raising advisor?
Kraft KPI-driven narrative
High-growth companies require thorough understanding to accurately capture their value potential. We build compelling, data-driven equity stories that resonate with investors and minimize due diligence intensity.
Move fast and cut the BS
We have a strong appreciation for the power of speed and efficiency when fundraising. Expect a rigorously efficient deal process with minimized management distraction. Founders run the business, we pick up the heavy lifting.
Access relevant investors
Our close relationships with leading late-stage VC and growth equity investors as well as non-traditional capital providers, like family offices and sovereign wealth funds, enable us to find best-fit partners for a given scenario.
Valuation is only one part of the equation
When it comes to growth capital, valuation is only one side of the medal. We help to bridge incentive gaps between founders and investors and make sure you raise money on best possible terms.
We provide capital raising services across Iceland and beyond
Sector expertise
Explore our VC fundraising offering across a variety of tech sectors in Iceland.
Software
Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity
AI & ML
Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting
Fintech
Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software
Consumer internet
Consumer software subscription platforms, edutech, online content, social networks, online dating
Digital media
Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR
E-commerce & marketplaces
Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms
Consumer products
Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products
Mobility
Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure
Digital health
Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS
Industrial technology
Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing
Digital infrastructure
Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS
IT services
Software development and testing, digital transformation, cloud services, advertising agencies, IT support services
Selected case studies
We've advised companies from series A to series D and beyond.
Our capital raising experience spans across various tech sectors and geographies.
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
Recently completed VC fundraising projects
Selected capital-raising mandates and prior investment experience.
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