Startup business in the #Nordics - #Startup guide #Iceland

Klak Innovit - Startup resource center in Reykjavik

Klak Innovit - Startup resource center in Reykjavik

Startup centers and Startup Accelerators in Iceland

Klak Innovit | Startup center 

This is an Icelandic startup resource center. Klak Innovit is also registered on AngelList 

Startup Reykjavik

Startup Reykjavik

Startup Reykjavik 

This is an accelerator that provides seed stage capital and a 10 week accelerator program and
Mentorship, Workspace and Seed Capital. We give you USD 16k (2.000,000 ISK) and take 6% stake in your company.

Startup Reykjavik is also a member of GAN - Global Accelerator Network

Startup Energy Reykjavik

This is very similar to Startup Reykjavik but with focus on energy related business ideas and
Mentorship, Workspace and Seed Capital. We give you 40k (5.000,000 ISK) and receive 10% stake in your company.

The Golden Egg

The Golden Egg

Gulleggið - Frumkvöðlakeppni Klak Innovit

Gulleggid or "The Golden Egg" is a business plan competition for entrepreneurs to get their business ideas noticed. The Golden Egg is an excellent platform to make business- and execution plans for your business idea as a step forward in transforming your idea to a real start-up. Participants in the Golden Egg are offered courses, advice and ssistance from experts throughout the process.

The winner of the competition wins The Golden Egg trophy and 1.000.000 Icelandic krona for the business. Several other extra prices will be provided by our sponsors, but the total prize pool of The Golden Egg is over 3.000.000 Icelandic krona.

The Golden Egg is Iceland's biggest business plan competition.

Startup Weekend Reykjavik


Arion Bank

Arion Bank is directly involved in VC funding and startups. This bank provides services for;

  • Bank and savings accounts
  • Invest in Iceland and open up a Custody Account and invest through this account
  • Full range of banking services

Iceland and web hosting

Iceland is famous for efficient and good data centers. Iceland is the hub between North America and Europe. Iceland not being part of the European Union (EU), a stable and neutral country with good privacy laws. Some interesting thoughts, read  Andrew Henderson's blog post about Iceland web hosting

Orangewebsite for web hosting and VPS/dedicated servers

Ultra secure hosting solution with cPanel hosting starts at €3.40/month

  • Superior 24/7 support (response time within minutes)
  • 99.9% Server Uptime
  • 30-day money back guarantee
  • Signing Up Anonymously
  • Modern Freedom of Speech legislation
  • Bitcoin, PayPal, Western Union, Wire Transfer accepted!


Green, Ethical Web Hosting from $6.99/mo

  • Safeguarding privacy and civil rights since 2006
  • Unlimited Storage Space
  • Unlimited Data Transfer
  • Unlimited Domains on Hosting Account
  • Green, Eco Friendly Energy
  • 99.99% Service Uptime
  • Secure Email Accounts, IMAP or POP
  • All Hosting Data Stored in Icelandic Data Centers


FlokiNET service plans

FlokiNET service plans

FlokiNET has three locations Iceland, Finland and Romania. 

New VC funds

The Brunnur VC Fund. "The Fund aims to invest in 10-15 companies, between 100-500m ISK in each case, with a growth requirement of 30%, on average". This fund is co-founded by SA Framtak and Landsbréf. Landsbréf is a subsidiary of Icelandic bank Landsbankinn.

The Eyrir Spotar VC fund
This fund is focusing "on supporting promising ventures for international growth and value creation, fully in line with Eyrir´s “Buy and Build“ philosophy". Eyrir Invest  is managing this new fund.

The Frumtak 2 VC fund
"The fund invests in early stage innovative companies that are post seed and show great potential for growth". On a side note, Islandsbanki , the third largest bank in Iceland involved in VC funds has been voted “Best Bank in Iceland” for the last three years in a row.

How to start up a business in Iceland

EUGO - The Service Directive portal for businesses and individuals who want to offer their services in Iceland. Here you will find all you need to get going.

Contact Us for advisory services about your startup activities!


Thomas Lidforss

Senior Business Advisor & International Business Development Projects

I have a MSEE with MBA in Business and Product Planning. 15 years of experience in complex international projects, consultative business advisor activities in the IT and Telecom industry. Have worked with small (VC funded startups) and large businesses (B2B). Interacted with customers on top levels and project level among vendors and service providers. Managed in a program/multi-project environment. Good at finding cost-effective and sustainable IT solutions for the customer, both through sourcing / procurement and selection of alternative technology.