Iceland review - 2014, Page 112

110 ICELAND REVIEW
Seed and
Early Stage
Investment
Opportunities
on the
Icelandic
Startup Scene
due to the recent success of companies
such as Plain vanilla/Quizup (gaming),
Clara (Software) and meniga (Pfm
online banking) the icelandic startup scene
has caught the attention of international inves-
tors. Klak innovit is an independent center for
innovation and entrepreneurship in iceland and
one of the leading forces of the icelandic eco-
system. Salóme guðmundsdóttir, Ceo, gives us
an insight into the upcoming venues for angels
and other investors interested in exploring seed
stage investment opportunities in iceland.
“Our main emphasis is placed on supporting
startups and entrepreneurs at early stages by trig-
gering, motivating and empowering startups to grow
within and out of Iceland,” she explains. “A part of
our responsibility is to provide a platform where we
connect entrepreneurs with potential investors.”
In 2012 Klak Innovit and Arion Bank teamed up
to run the Startup Reykjavík Accelerator program,
a part of the renowned Global Accelerator Network
and the first of its kind in Iceland. “Startup Reykjavík
is a mentorship driven seed stage investment pro-
gram which we run for ten weeks each summer,
starting our third batch on June 16.”
Selected companies or ideas receive USd 16,000
in seed funding from Arion Bank and give away 6
percent share in return. “We are very selective on the
ideas we get into our program. This year we received
around 240 applications but we only have ten places
available. Our evaluation criteria are based on factors
such as potential, scalability, devotion and passion,
the combination of team members, etcetera. Of the
20 teams that have participated in the program 90
percent are still operating.”
According to Salóme, by following the program the
teams have received positive feedback from investors
and VC-funds, as well as more than USd 2 million in
the form of grants.
“I believe that one of the main reasons for this suc-
cess is the extensive support and network the found-
ers acquire during the program. They also get great
perks such as free hosting and services, a nice place
to work, ten weeks of intensive top-notch mentor-
ship, and the chance to pitch to angel investors and
venture capitalists at the end of the program which is
provided during our Investor day.”
Salóme guðmundsdóttir, Ceo
“Startup Reykjavik Investor
day 2014 will be held on
August 29 at Arion Bank
HQ in Reykjavík Iceland. We
welcome interested angels
and investors to contact us
for invitations.”