$50 million to be invested in Icelandic startups

I am really happy to report that Eyrir Invest has closed a fund with Arion Bank to invest approximately USD 19 million in Icelandic Startups (in Icelandic). In addition to that Landsbref and SA Framtak GP ehf have closed USD 30 million to invest in Icelandic startups (in Icelandic). This is incredible news for the Icelandic Startup Ecosystem. We have had a dearth of venture funds investing in the local startups for the past 3 years and as they say it never rains but it pours. I am excited to see how this changes the landscape for startup founders and entrepreneurs. What is even more interesting is the fact that most of the money has been from local institutional investors.

Eyrir Invest and Arion Bank signing the deal. Photo Credit: Vidskiptabladid In the picture are Þórður Magnússon, Managing Director Eyrir Invest and Investment Manager of Eyris Sprota, and Höskuldur H. Ólafsson, CEO of Arion bank. Others in the picture are Einar Gunnar Guðmundsson, Entrepreneur in residence at Arion Bank, and Örn Valdimarsson, CEO of Eyris Sprota.

Eyrir Invest has been investing in startups for sometime now and Landsbref and SA Framtak GP are new players into the space. I have had the privilege of meeting with both the fund managers and I hope they create a positive environment for founders and entrepreneurs. With these 2 new funds we have 4 funds that are investing in startups. As I mentioned before, yours truly is also on the same path and it gives me a lot of confidence that there is interest to invest in Entrepreneurs and the next generation of startup founders in Iceland. This announcement has also created an incentive for Startup Founders to look to start their companies in Iceland, which I believe is one of the best places to get started.