10 Incredible Icelandic Startups to Watch in 2023, According to EU-Startups.com!

Iceland might be best known for its enchanting landscapes and captivating natural wonders. However, it has also emerged as an innovation hub, fostering a vibrant startup ecosystem. With its commitment to sustainability and a fresh perspective on entrepreneurship, Iceland is making waves in the European startup scene. Harnessing the power of technology and driven by a spirit of resilience, Icelandic startups are poised to impact various industries significantly.

EU-Startups.com, the leading online publication focused on startups in Europe, has conducted an in-depth analysis of Iceland’s burgeoning ecosystem to identify the most promising startups to keep an eye on. These ten exceptional ventures have all been founded since 2018 and are poised to make waves in their respective fields:

  1. GreenBytes: Founded in 2020, GreenBytes tackles food waste in the retail industry with a cloud-based solution. Using a web app that analyzes data from menus, inventory, and past experiences, GreenBytes provides actionable insights to food retailers, enabling them to optimize their orders and reduce waste. With the potential to substantially impact the 240,000 tonnes of food waste generated daily in Europe, GreenBytes has already secured €1 million in investment after winning the Pitch Competition at last year’s EU-Startups Summit.
  2. Smitten: Reykjavik-based Smitten has reimagined the mobile dating app experience by incorporating interactive games and fun questions to foster more engaging conversations between users. Founded in 2020, Smitten has raised an impressive total funding amount of €13 million, promising to inject a dose of excitement and lightheartedness into the world of online dating.
  3. GRID: Transforming traditional spreadsheets, Reykjavik-based GRID is a B2B SaaS company that empowers teams to manage their work and tasks better. Their platform provides actionable insights and enhanced collaboration capabilities, allowing businesses to make the most of their data. With a funding total of €16.5 million since its inception in 2018, GRID is set to revolutionize how teams handle data and drive productivity.
  4. Sweeply: Founded in 2019, Sweeply focuses on creating optimized workflows for deskless staff, particularly in the hospitality industry. The Reykjavik-based startup offers an integrated SaaS software solution that improves operational efficiency in hotels and vacation rentals. By streamlining processes, Sweeply enhances service quality and staff satisfaction. The team has raised approximately €1.9 million to date, signalling their potential for further growth and success.
  5. Indo: As a fintech startup, Indo aims to revolutionize the banking sector by providing a transparent mobile banking app. With a user-centric approach, Indo allows consumers to track their finances and pay bills with ease and clarity. Since its foundation in 2018, Indo has raised €5.6 million in funding and officially launched its platform earlier this year, offering a refreshing banking experience.
  6. Hopp: Hopp brings e-mobility to small cities worldwide by enabling individuals to launch their own e-scooter franchises. Hopp empowers small business owners to participate in the sustainable urban transportation revolution through their innovative SaaS solution. Since 2019, Hopp has secured approximately €2.8 million in funding and is gaining traction in mobility.
  7. PLAIO: Targeting the pharmaceutical industry, PLAIO offers a web-based SaaS tool that utilizes AI and predictive planning to optimize manufacturing needs. By automating planning and scheduling processes, PLAIO helps pharmaceutical companies make informed decisions, save time, and improve their bottom line. Founded in 2021, PLAIO has already raised €2 million, signalling its potential to reshape pharmaceutical manufacturing.
  8. Leviosa: Leviosa aims to alleviate the workload of healthcare professionals with its software solution. Built by a team of experienced physicians, Leviosa empowers healthcare workers to deliver quality care efficiently, ultimately benefiting patients. Since its establishment in 2019, Leviosa has raised approximately €700,000 and plans to expand into global markets.
  9. Loki Foods: Tapping into the growing foodtech market, Loki Foods has developed a sustainable plant-based seafood alternative using solely Icelandic raw materials. By addressing the issue of overfishing and promoting healthier, more sustainable diets, Loki Foods aims to impact both the environment and consumer health positively. Founded in 2022, the startup has raised €700,000 and is poised for growth.
  10. Hefring Marine: With its Intelligent Marine Assistance System, Hefring Marine revolutionizes fleet management in the maritime sector. Hefring Marine helps operators optimize fuel usage, reduce carbon emissions, and improve safety by leveraging AI and real-time operating guidance. Founded in 2018, Hefring Marine has demonstrated its potential to drive digital transformation in the industry.

These ten Icelandic startups represent diverse industries, reflecting the country’s commitment to sustainability, innovation, and entrepreneurship. With their cutting-edge solutions and ambitious visions, these ventures are set to make a lasting impact on the global startup landscape.