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Iceland is well known as the safest and greenest country in the world (with some world class fishing), but do those factors make a country a good place to invest private capital? If you invest in Iceland, can you get your money out? Do you just see big fish in the water, or can you get them into your net? More specifically, what is the exit market for companies in Iceland?

This is a frequent and valid question we’ve heard from investors considering an investment in Icelandic private funds. To answer these questions, New Iceland Advisors did a first ever deep dive into the exits coming out of Iceland based on industry interviews, Icelandic media coverage and database records.

Research summary:

? Larger exits/more exits: compared to the US, Iceland has larger exits on average, and they are more frequent (proportionally)

? Small but mighty: In the past 4 years (2020-2023) there have been at least 18 exits resulting in $8.0 billion in deal value

? Location matters: because Iceland is in between Europe and the US; most exits were through a foreign acquisition from the US or Europe (67%)

Research Methodology

Iceland’s venture capital and private equity fund industry has been growing but is still under the radar of limited partners. Strategic acquirers and sponsors have been buying companies in Iceland for years, but this has gone unnoticed by fund investors outside of Iceland.

Iceland is not being tracked well by the industry databases and there are no US institutional investors invested in Icelandic funds. Consequently, there is no database in the US or Iceland that follows all Icelandic private capital deals. Pitchbook has 180 Icelandic companies in its database[i], but very little deal information is tracked because the Icelandic private funds don’t have foreign LPs to populate a database. For example, Pitchbook had partial deal information on only 10 of the 18 exits done in Iceland in the past 4 years[ii].

Our research started with the 10 deals listed in Pitchbook in the last 4 years that contained at least some information. From there, more research was done regarding deal specifics including valuations, deal size, media coverage in Iceland and abroad about the company and the acquirer, and interviews with professionals in the venture capital and private equity industry. We found 8 more deals that weren’t included in the Pitchbook database but were well known in Iceland. Fortunately, Iceland is a small country (population 382,000[iii]) and when a company is sold or publicly listed, it’s a major event.

Profiles of Exits

Analyzing the 18 exits in the past 4 years, it becomes apparent that the companies who were bought or had a public listing are diversified by investor type, industry, and method of exit.

Investment type: the exits by size have been an even mix of venture capital (52%) and private equity (48%) companies. Of the 18 exits, 10 were from private equity and 8 were from venture capital.[iv]

Exit location: Iceland’s geographic location between the US and Europe has allowed it to selectively exit to acquirers on both continents. 14 of the 18 exits have been through acquisition with most buyers located in the US and Europe.[v]

When asked about Iceland’s location as it is related to exits, Helga Valfells , a founding partner of venture capital firm Crowberry Capital, said “…Iceland is not only the geographic midpoint between Europe and the US, but also a cultural mid-point. Iceland is part of the European Economic Area and has European style legislation and strong trade ties with its European neighbors however, many Icelanders move to the United States for their education and early careers and see firsthand passion and drive needed to build a global tech business.”

Exit method: like the rest of the world, most of the exits were through acquisition (14/18) but the remaining 4 were through public listings in Iceland and the US. Since the NASDAQ Iceland and First North listed exchanges in Iceland are active, even smaller companies were able to exit through IPO in Iceland.?

Hold times and funding rounds: The average venture capital backed company was held for 7.6 years from initial outside funding to exit and went through an average of 4.2 funding rounds. Conversely, the average hold time for a private equity backed company was shorter at 4.5 years. [vi]?

Industry diversification: with the highest percentage of renewable power used in the world and a highly educated work force, Iceland has always excelled in technology. Accordingly, most of the largest exits have come from the technology sector and have included medical technology, biotech, information technology, data centers and software.?

Iceland vs. the United States:?

Iceland punches above its weight in private company exits. Iceland had 18 private company exits in the past 4 years (2020-2023) representing a cumulative deal value of $8.0 billion.[vii] During the same time, the US had $3,061.1 billion in cumulative deal value from 11,518 exits.?

While the gross domestic product (GDP) per capita of the US and Iceland are very similar, ($76,330 US/$73,470 Iceland[viii]), the population and total GDP of the US is approximately 900 times as large as Iceland (US population is 872x Iceland and US GDP is 906x Iceland[ix])?

Iceland has a higher proportion of exits through acquisition vs. public listing when compared to the US. 73.0% of Iceland’s exits are through acquisition and 27.0% are through public listing based on deal value[x]. The US has had 57.7% of exits through acquisition and 42.3% through public listing for the same period.[xi]?

Looking back while looking ahead?

When we finished most of the article, we reached out to some of the leaders in the private capital space in Iceland to help us interpret some of the data with an eye toward the future of exits in Iceland. Speaking with some of the private equity and venture capital firms that have been investing in Iceland the longest can help give some more context to the current and future exit market. Here is a selection of some of their comments we received from them that we thought were the most relevant:?

·?????? Hekla Arnardottir , Founding Partner, Crowberry Capital : “The VC market has been very active since 2015 when we got a lot of VC funding into our ecosystem, followed by Crowberry being launched in 2017. The companies those funds have been investing in are now approaching the exit era, so the coming years may be contributing more to VC backed exits.”?

·?????? Saemundur K (Saemi) Finnbogason , Fund Manager at Kría - Iceland Venture Initiative (Icelandic government fund of funds): “The pipeline of future exits from Iceland is poised to reflect a vibrant and evolving market landscape, including a robust VC & PE fund scene. With a strong emphasis on innovation, particularly in sectors such as renewable energy, blue economy, biotechnology, and digital solutions, Icelandic companies are increasingly attracting attention from international investors. … As these companies mature and scale, we can anticipate a notable increase in both the volume and value of exits.”?

·?????? Helga Valfells , Founding Partner, Crowberry Capital : "As local VC investors who have been active over the last fifteen years, we know that the exits that we have seen over the last four years are the result of the transformation that Iceland has gone through since the financial crisis in 2008.? After the financial crisis the public and private sectors came together to focus on building a knowledge economy. The Icelandic pension funds increased their investment in VC and private equity and some great GPs were born…The substantial exits we have seen over the last four years are a product of this period - capital efficient founders managed to navigate an ever-changing environment to build some great businesses out of Iceland…The successful exits that we have seen over the last four years have served to make local entrepreneurs increasingly professional and ambitious. Iceland now has some repeat entrepreneurs as well as a whole new generation of founders that were employees for the exited companies and are now ready to venture out on their own. We have also been seeing a growth in direct investments into Icelandic start-ups from leading international VC funds such as Andreesen Horowitz. Companies founded from 2016 onwards are exceptionally promising and are due to be excited over the next 2 to 5 years.? I am sure that we will see some more exits, for when strong founders work with well-connected local and international investors something great will happen."?

·?????? Ellert Hlodversson , CFO at íslandsbanki : “Historically, Iceland has proven itself as a breeding ground for various industries where startups have been formed, developed and grown based on well-educated workforce, ingenuity and favorable overall demographics. In the last 15 years we have seen steadily increasing interest from international investors for both direct investment into Icelandic companies as well as through the exit market…It is my belief that the focus on technological solutions and intellectual property development will become increasingly more important, and in many cases Icelandic companies are offering interesting solutions which have potential on a global scale. Due to this, I strongly believe that the exit market will continue to thrive in the coming years.”?

·?????? Gunnar Pall Tryggvason , Managing Director of Alfa Framtak : “Iceland, its businesses and businesspeople have much to offer to the world. Our fundamentals are strong, but access to the international markets for goods and capital is vital for our ongoing development. It is nice to see how Iceland is being recognized ever more and this research demonstrates.”?

Conclusion?

When we started the research, I expected that the exits in Iceland would be comparable to the rest of the world, but I did not expect them to be twice as good as the US. Surprisingly, trophy fishing in Iceland for companies has been happening for years and the fishing has been good.?

Blessed with an educated population, abundant renewable power, a strategic geographic location and a strong economy, Iceland’s private companies have capitalized on these gifts in the form of company exits. Based on the pipeline of current deals and communication with people in the industry, it looks like the future prospects remain strong for additional exits.

?We at New Iceland believe the best way to access the future exits of Iceland is through investing in the private equity and venture capital funds of Iceland which have recently been opening to foreign investors.?

I invite you to drop a line in the waters of Iceland and score your own trophy fish.

Article written by Heath Cardie and Lauren Wilson

About Heath Cardie, CFA

Heath Cardie has been working in private equity for over 25 years in a variety of roles involving the management of fund of funds, direct investing, investment management and institutional consulting.? Heath is a Chartered Financial Analyst and has a masters in finance from the University of Colorado.

Heath and his wife divide their time between their homes in Colorado and Iceland.

Heath started New Iceland Advisors to help connect U.S. institutional investors with the private equity and venture capital funds of Iceland.

All comments above are the opinion of Heath Cardie and are not intended to be investment advice.? Securities are offered through Finalis - Finalis Securities LLC Member FINRA / SIPC. New Iceland Advisors is not a registered broker-dealer, and Finalis Securities LLC and New Iceland Advisors are separate, unaffiliated entities.

#iceland #investininceland #icelandexits #newiceland #venturecapital #privateequity

Appendix: Company Details of Icelandic Exits

Kerecis is an Icelandic company founded in Isafjordur, Iceland, that uses sustainably sourced fish skins for tissue regeneration. This patented medical device technology has grown exponentially since its founding in 2010 and has become a leading company in the medical technology industry. With 550 employees, its products reside in the Surgical, Burn and Breach skin segments; however, Kerecis is looking to expand their product portfolios within these segments as well as expand to new ones, such as oral surgery and breast reconstruction.[1] Due to the revolutionary technology behind its products, Founder and CEO Fertram Sigurjonsson has been nominated for the 2024 European Inventor Award.[2] This distinguished honor is one of many awards Kerecis has received since its conception in 2010. Other recent awards include the 2023 Nordic Scaleup winner, 2024 Life Sciences Company of the Year ICON Awards finalist, and 2024 Iceland’s Export Company of the Year.[3] These awards are a testament to the lifechanging nature of Kerecis’ technology and the incredible growth the company has experienced.

In January of 2010, Kerecis closed its first seed investment round with New Business Venture Fund as well as gained new shareholders Baldursson, Kjartansson, Kenney, Olafsson and Haraldsson.[4] In 2014, Kerecis secured a $2 million investment deal in A3 funding to continue work on its regenerative tissue technology.[5] In 2020, a $21 million Series C funding round was completed with Laurene Powell Jobs included among investors. Mike Cadigan also helped close the round and later joined the company as their Chief Financial Officer. Additionally, Silicon Valley Bank provided a line of credit up to $15 million to meet working capital needs and help bring their products to the US in this round of funding.[6] In August of 2022, Kerecis raised $100 million in Series D funding from KIRKBI, the investment management team behind the LEGO group, as well as from the Emerson Collective, and Icelandic pension funds BRU and LSV. This round of funding valued the company at $620 million.[7] Overall, Kerecis has raised over $145.1 million in funding in thirteen investing rounds, including one seed, three debt, four early-stage, and five late-stage rounds.[8] Later, on July 7, 2023, Danish medical device company Coloplast announced its acquisition of Kerecis for a total of $1.3 billion.[9] In this transaction, $1.2 billion is reported to be an upfront cash payment while the rest will be financed through equity.[10] As of July 2023, 77% of Kerecis’ shareholders committed to selling their shares to Coloplast.

?

Alvotech is an Icelandic pharmaceutical company with 999 employees that specializes in the production of biosimilars, medical products that very closely resemble original biologic medicines.[11] Founded by Róbert Wessman in 2013, Alvotech is committed to expanding the availability of medicines around the world through the creation of their biosimilars. While its headquarters are located in Reykjavik, Iceland, Alvotech has four production sites across Europe and distributes its biosimilars around the world. Alvotech, along with Wessman, have received many awards for its products, including the Leader of the Year award at the 2018 Global Generics and Biosimilars Awards.[12] Wessman also founded Alvotech’s independent sister company, Alvogen, in 2009. Alvogen is a larger pharmaceutical company that was acquired by CVC Capital Partners in 2015.[13]?

Alvotech is currently a public company listed on the NASDAQ with a market capitalization of $3.5 billion in 2023. Alvotech was named “first dual listed Icelandic company” in both the US and Iceland.[14] In 2018, Fuji Pharma invested a total of $50 million into Alvotech.[15] In 2020, Alvotech announced a $100 million private placement deal. $65 million was completed in the first round in October of 2020 while the remaining $35 million was financed in March of 2021.[16] Investors in the first round included Korea’s Shinhan, the US’ Baxter Healthcare SA, and Germany’s Athos.[17] The second round of funding attracted more investors locally in Iceland as well as worldwide. Alvotech has seven total investors and has raised a total of $395 million over the course of seven funding rounds.[18] In 2021, Alvotech announced its merger with Oaktree Acquisition Corp. II to become a leading publicly traded pharmaceutical company.[19] This merger is expected to value the company at $2.25 billion and provide $450 million in gross profits to Alvotech and Alvotech equity holders own approximately 80% of Oaktree Acquisition Corp. II[20] Investors in Alvotech include Suvretta Capital, Athos, CVC Capital Partners, Temasek, YAS Holdings, Farallon Capital Management, Sculptor Capital Management, as well as Icelandic investors Arctica Finance, Arion Bank, and Landsbankinn.[21] ??

The Sound Clouds is an Icelandic video game developer founded in 2013 by Stefán Gunnarsson and Stefán Tór Bj?rnsson. Operating within the entertainment software industry, Solid Clouds has created numerous games, most known for its popular game Starborne. Its game Starborne alone has been downloaded by over 400,000 people from over 150 countries.[22] Its headquarters are located in Seltjarnarnes, Iceland. With 15 employees, Solid Clouds has received numerous awards and recognitions. Most recently, Solid Clouds’ game Starborne has been nominated for the “Small Screen game of the Year” at the 2024 Nordic Game Awards.[23]?

In March of 2014, Solid Clouds received a $50,000 grant in an investment round from the Technology Development Fund.[24] They received an additional $285,714 grant from the Technology Development Fund in March of 2015.[25] Later, in 2018, Solid Clouds raised $2.5 million in a venture investment round from investment firm Kj?lur fjárfestingarfélag and later, in January of 2019, Solid Clouds raised $76,500 from EASME.[26] With three institutional investors, Solid Clouds has raised $1,571,430 through private placement.[27] Finally, in June of 2021, Solid Clouds went public on the NASDAQ. As the first Icelandic gaming startup listed on the NASDAQ First North Growth Market, Solid Clouds raised $5.8 million in an oversubscribed share offering.[28]??

The Borealis Data Center is an Icelandic data service center supported by clean, renewable energy. The Borealis Data Center was founded by Bjorn Brynjulfsson and Arni Jensen in 2014 and has grown substantially since its founding. With locations in Iceland and Finland, the Borealis Data Center builds data centers in strategic locations and partners with many companies, including Nordic IT company Origo and IBM Denmark.[29][30] With a small team of 23 employees, they have been recognized for numerous industry leading certifications as well as sustainability achievements.[31] With these certifications, the Borealis Data Center is further demonstrating its commitment to excellence in exceeding standards within the industry.

In 2017, Thule Investments invested an undisclosed amount into the Borealis Data Center in a venture investment round.[32] Thule investments is an investment firm that invests in many companies in Europe, Iceland, and the US.[33] Etix Everywhere, a leader in the data center industry, supported by sponsors Tiger Infrastructure Partners and Infra Capital Partners, acquired the Borealis Data Center in 2018 for an undisclosed amount.[34] Later in July of 2021, Vauben Infrastructures Partners, a French investment fund, purchased a majority stake in the Borealis Data Center.[35] In 2024, the Borealis Data Group announced its first international expansion through its acquisition of a data center in Finland from MSP Herman IT.[36] This acquisition is reported to aid in the expansion of its artificial intelligence and high-performance computing activities.[37] This Finnish acquisition also adds to the Borealis Data Center’s portfolio of its existing three data centers in Iceland and marks the beginning of its expansion to Europe.[38]

Established in 2007, NOVA Iceland is an Icelandic telecommunication company with a team of 150 employees. As the second largest mobile phone company in Iceland, Nova has 33% of the market share and operates its own 3G, 4G, and 5G networks.[39] In 2009 and 2014 Nova was awarded the Marketing Company of the Year.[40] In 2018, Nova was awarded the “Speedtest Awards Winner” for its fastest network speed out of all telecommunications companies in Iceland.[41] Additionally, Nova is consistently labeled the mobile company with the highest customer satisfaction in Iceland.[42] Nova also has collaborated with Icelandic Startups in 2020 to create Startup Supernova, a way for startup companies to reach international markets.[43]

?Novator, the majority owner of Nova, owned about 94% of Nova’s shares in 2016, equaling about $107 million.[44] In 2017, 50% of Nova was sold by Novator in a partial exit to Pt Capital.[45] A full exit was made in 2021 when Pt Capital acquired the remainder.[46] Also, in 2017, Nova purchased the entire share capital of Símáfélagió, a company specialized in electronic communications, for an undisclosed price.[47] This purchase allowed for Nova to stop charging for calls and SMS as well as strengthened its electronic communication. Later, in June of 2022, Nova went public on the Nasdaq main market.[48] As of 2022, Pt Capital has about an 11% stake in Nova. Nova was valued at around $122-$151 million in 2022.[49]?

Men&Mice (Acquired by BlueCat) is an Icelandic company with 143 employees that offers an array of products to increase technological network safety. As one of the oldest technology companies in Iceland, Men & Mice has worked with a myriad of Fortune 500 companies, hospitals, and governments to simplify their DNS, DHCP, and IP address management. Men & Mice’s headquarters are located in Iceland but has opened offices in both Europe and the United States.[50] Since their founding in 1990, Men & Mice has been recognized and nominated for numerous awards due to their industry-leading technology, including a 2022 Blaze Inclusion Awards nomination, a 2022 Clouds Awards finalist, and the 2021 Computing Technology Award winner [2].[51]

?In 2017, Men & Mice received a $59.7K grant from the EIC Fund.[52] In 2019, Men & Mice entered an investment agreement with Stefnir, Iceland’s largest fund management company [4].[53] Investors in Men & Mice include Horizon 2020 SME Instrument, New Business Venture Fund, Icelandic Software Fund, and Stefnir [7].[54] On May 17, 2023, Men & Mice was acquired by Blue Cats Networks for $28.73 million.[55] ?

Nox Medical is an Icelandic medical company centered around sleep monitoring and diagnostics. Founded in 2006 by Sveinbjorn Hoskuldsson and Kolbrun Ottosdottir, Nox Medical is headquartered in Reykjavik, Iceland and has 107 employees.[56] Through a team of engineers, medical professionals, and investors, Nox Medical is able to live out its mission of improving the health of the individuals they serve through sleep diagnostics and research.[57] Nox Medical has received funding through a variety of sources, including the Europeans Union’s Horizon 2020 Research & Innovation Programme, Eurostars Funding, and the Icelandic Technology Development Fund.[58] Additionally, Nox Medical has been the recipient of numerous awards, including the 2021 Innovation Excellence Award and the 2021 Model Firm for Company of the Year in Iceland.[59]?

In 2019, Nox Medical and sister company Fusion Health entered a merger to become Nox Health, creating one of the largest companies in the industry with a turnover of $28,571,428 in 2019.[60][61] As a result of this merger, Alfa Framtak invested $10 million in the company for a 13% stake.[62] In total, in 2019 and 2021, Alfa Framtak invested $13.5 million from its AF1 fund after recognizing many opportunities within the sleep sector.[63] With aid from Alfa Framtak, Nox Medical accomplished a 54% revenue growth and 28% IRR in its time of investment.[64] In 2022, Vestor Capital Partners, a US private equity firm, invested an undisclosed amount in Nox Medical to aid in its development of its sleep diagnostic technology.[65] In total, Nox Medical has raised over $10 million dollars from its three investors: Vestor Capital Partners, Alfa Framtak, and the Icelandic Technology Development Fund.[66]

SLING is an Icelandic labor management tool founded by Helgi Hermannsson in 2015.[67] Through a free and accessible platform, users of the site create an account to schedule and message employees within an organization. The features of this software program aid in internal communication between the management staff of companies that use the platform. According to the founder, Sling specializes in small and medium sized businesses that have employees who work shifts. Sling has been utilized in many kinds of businesses, including restaurants, retail stores, hotels, and hospitals. Today, Sling has been utilized in over 150 countries across thirty different industries with its team of 40 individuals.[68]??

In June of 2014, Sling raised $500,000 in pre-seed funding from Boldstart Ventures and New Business Venture. They also received a $100,000 grant from the Icelandic Technology Development Fund.[69] This grant and round of pre-seed funding allowed Sling to create the technology behind their platform. In 2016, Sling signed a $2.5 million licensing deal with an undisclosed American company.[70] This deal allowed Sling to postpone a venture round of funding as well as expand its singular office in Reykjavik to an office in New York as well.[71] On July 6, 2022, Sling was acquired by American restaurant technology platform, Toast for $60.6 million.[72] This purchase was made through a combination of payments, including a payment of $42 million in cash and $18.6 million worth of stocks.[73] In total, Sling has raised over $500,000 in five investment rounds including one grant, one early-stage venture capital round, one late-stage venture capital round, one secondary transaction, and one acquisition. Its investors include Boldstart Ventures, Crowberry Capital , New Business Venture, and the Icelandic Technology Development Fund.[74]

Sentinel Pay Analytics is a data analytics software company with 21 employees that analyzes pay equity discrepancies and workforce data.[75] Located in the Iceland Design Centre in Reykjavik, Iceland, Pay Analytics was founded in 2016 to pinpoint any inequalities within a workplace that relate to pay, representation, and performance. Pay Analytics is currently used in over 75 countries in companies ranging from 20 to 300,000 employees.[76] Owned by software platform Beqom, Pay Analytics has been noted as a pioneer in its industry and has received many recognitions, most recently winning the prestigious Icelandic Innovation Award in 2023.[77]

In December 12, 2023, Pay Analytics was acquired by Beqom in an industry sale valued between $25 million and $45 million*.[78] Previously, in 2020, Pay Analytics raised $525,000 from the New Business Venture Fund in a venture round of funding.[79] This was followed by a $3.4 million Series A funding round from Eyrir V?xtur and NSA Ventures.[80][81] In total, Pay Analytics has raised $3.92 million in a venture and Series A round of funding from its two investors.[82]

Opened in November of 2021, The Reykjavik EDITION is a high-end hotel located in Reykjavik, Iceland. This luxury hotel employs a staff of 150 people and features 253 guest bedrooms and suites as well as a spa, a gym, many conference rooms, and multiple restaurants.[83] When it was built in 2018, a total of $130 million was invested into the construction of the building.[84]

?Marriott International, along with Ian Schrager and Carpenter & Company, helped fund the project.[85] Marriott Edition also offers luxurious hotels in other places around the world, including Istanbul, London, Miami, and New York. In January of 2023, Abu Dhabi Developmental Holding company (ADQ), the third largest sovereign wealth fund in Abu Dhabi, acquired the Marriott Edition hotel in Iceland for $243 million.[86]

?

Founded in 2007 by Isaac Kato, VERNE GLOBAL LTD is a data service center headquartered in the UK with data center locations in Iceland, Finland, and the UK.[87] Its 40-acre flagstaff campus in Keflavik, Iceland is fully powered by renewable energy and was opened five years after its initial founding.[88] This location is the world’s first carbon neutral facility and the only data center that is solely powered by geothermal and hydroelectric renewable energy.[89] With a team of 27 employees, Verne Global has received many awards for its contributions to science in its industry, including Gold status in the 2016 Golden Bridge Awards for their Data Center fly-through tour in its Iceland location.[90]

In seven financing rounds, Verne Global has raised $125 million.[91] In 2015, Verne Global completed a $98 million capital increase supported by shareholders SíA II and pension funds.[92] In 2020, Verne Global announced a $27 million round of funding to expand its Icelandic data center supported by its current investors Novator Partners, the Wellcome Trust, Stefnir, and General Catalyst.[93] In 2021, Verne Global was acquired by Digital 9 Infrastructure plc, a British investment fund for $320 million.[94] On November 27, 2023, Ardian Infrastructure acquired Verne Global for $575 million.[95] In this acquisition, Ardian committed to invest $1.2 billion through debt and equity to fund the continuation of its expansion across Northern Europe.[96] ?

Oculis is a biopharmaceutical company founded in 2003 by two Icelandic professors. With its headquarters located in Switzerland and a team of 36 individuals, Oculis’ products have reached an international audience and have been used by people all around the world. As Oculis lives out its mission of developing topical treatments for optic conditions and diseases, Oculis has received numerous recognitions, including the Icelandic Knowledge Award in 2023.[97]

?In 2016, Oculis closed a Series A financing round from investors Brunnur Ventures and Silfurberg.[98] In 2021, Oculis raised $57 million in a Series C financing round from investors BVCF Management, Hyfinity Investments, along with VI Partners and Willie AG.[99] This round was joined by Oculis’ existing investors Bay City Capital, Brunnur Ventures, Earlybird, Nan Fung Life Sciences, Novartis Venture Fund, Silfurberg, Tekla Capital Management, and Pivotal bioVenture Partners.[100] Later, in 2022, Oculis secured $80 million in funding in a financing round led by LSP 7.[101] Other investors included Earlybird, Novartis Venture Fund, Pivotal bioVenture Partners, Tekla Capital Management, and VI Partners.[102] This followed the merger between Oculis and European Biotech Acquisition Corp, which allowed Oculis to become the first Icelandic VC portfolio company to be publicly listed.[103] In addition to the $80 million raised, Oculis raised an additional $15 million prior to its public listing.[104] In 2024, Oculis received $59 million in an oversubscribed market offering on the Nasdaq Iceland main market. This was accomplished through the issuance of five million shares valued at $11.75 per share[105]

Established in 2007, Mila is an Iceland-based telecommunications company with 100 employees. A subsidiary of the telecommunications company, Síminn , Mila’s telecommunication network builds on years of experience and acts as a hub for telecommunications throughout Iceland.[106] Regarded as the largest telecommunication company in Iceland, Mila has worked with companies such as Ciena and Nokia to strengthen existing networks and increase 5G capabilities.[107]??

In 2021, French private equity firm Ardian Infrastructure acquired Mila for $605 million. Of the $605 million, $341 was paid in cash with the rest paid in the form of a three-year bond. Additionally, Ardian Infrastructure invited many Icelandic pension funds to coinvest in this acquisition and acquire up to 20% of the company.[108]

Founded in 2009, atNorth is a Nordic data center services company with data centers across Iceland, Finland, Sweden, and Denmark. Focused on sustainability and cost-effective solutions, At North has three data centers in Iceland that run on renewable energy and work towards the reduction of their carbon footprint.[109] With a team of 25 employees, At North has won numerous awards, most recently winning the 2024 Colocation Provider of the Year as well as the 2024 Digital Infrastructure Project of the Year.[110] These significant industry awards are a testament to the tremendous strides the company has made in their recent expansion strategy and renewable technology breakthroughs.

In 2021, At North was acquired by Partners Group, a Swiss investment management company.[111] This investment marks the fourth investment Partners Group has made in the digital infrastructure industry with a total of $4 billion invested in this industry in 2021 alone.[112] At the time of sale, At North was estimated to be worth over $286 million.[113] In 2023, At North continued its expansion strategy by acquiring two Finnish data centers from Advania.[114] At North also acquired Gompute, a Swedish high-performance services provider, for an undisclosed amount in 2023.[115] As noted in the agreement, At North added Gompute’s data center in Sweden to its portfolio. Since its founding, At North has raised $80 million in three financing rounds.[116]

Credit Info is a financial services provider established in 2003 by the shareholders of Lanstraust, Iceland’s leading credit information provider.[117] With 142 employees, Credit Info annually conducts a detail analysis on the top Icelandic companies and prestigiously announces “Iceland’s Strongest Companies,” analyzed for their strength, stability, and resilience.[118] Only about 2% of Icelandic companies receive this designation each year.

Credit Info has two institutional investors, Info Capital and Nordic Investment Group and has raised a total of $2.59 million in its three financing rounds.[119][120] In 2021, Credit Info was acquired by Levine Leichtman Capital Partners (LLCP), a global private equity firm, for $220 million.[121]

Advania UK is an information technology service company headquartered in Stockholm, Sweden. Originally founded in 2012 in Reykjavik, Iceland, Advania is one of the leading Nordic IT providers with 5,000 employees.[122] As a result of Advania’s commitment to excellence and to their customers, Advania has received numerous awards. A few of these awards include the Global Sustainability Award in 2022, Microsoft’s Partner of the Year for Education in 2023, and Microsoft’s Partner of Customer Experience in 2022.[123]?

In 2012, Advania AB formed when Iceland, Sweden and Norway locations merged.[124] Later, in 2015, the Iceland-founded company became Swedish-owned when Management, Nordic mezzanine, and Swedish investors bought out the company.[125] In 2018, Advania raised an undisclosed amount of funding in a private equity round from its two investors VIA Equity and PFA.[126] Advania has acquired over eleven companies, with its most recent being Servium in June of 2023.[127][128] Since its founding, Advania has made many strategic investments and acquisitions since its founding, totaling $1.6 billion.[129] In 2021, Goldman Sachs Merchant Banking Division acquired the majority shares of Advania alongside management and existing shareholders for an undisclosed amount.[130]

LS Retail, an Aptos Company is a software solutions company headquartered in Iceland. Founded in 1982, LS Retail offers a variety of software management solutions that utilize point of sale (POS), inventory management, and enterprise resource planning (ERP) capabilities. LS Retail has served clients across a variety of different industries, including retail, hospitality, health, and beauty. Some significant awards LS Retail has won over the years that demonstrate its success in its technological capabilities include Microsoft Partner of the Year and Company of the Year in Iceland across multiple years.[131]?

LS Retail, a company with 310 employees, has engaged in two financing rounds with Baugur Group as an investor.[132] In 2021, Aptos, a market leader in retail technology solutions, announced its acquisition of LS Retail for an undisclosed amount.[133] In the agreement, LS Retail is noted to operate as a stand-alone company.??

Tempo Financial Solutions is an Icelandic software solutions company founded in 2007 by Nordic IT service provider Origo. With a team of 350 employees, Tempo’s project and portfolio management software is utilized by over 30,000 companies, including one in three Fortune 500 companies.[134] These companies represent a range of industries and are located across the world. Tempo has also engaged in strategic partnerships to build its market presence, reaching over 600 partners worldwide.[135] Tempo has received many awards for its innovation and market leadership, most recently receiving the Atlassian Partner of the Year 2023 for Enterprise Apps.[136]

In 2017, Tempo hired AGC Partners, a global investment bank headquartered in Boston, Massachusetts, to commence a formal process for significant investment.[137] In November of 2018, US technology investment fund Diversis Capital purchased a majority stake in Tempo for $62.5 million, with Origo retaining a 45% stake in the company.[138] In June of 2022, Origo sold its entire stake in Tempo to Diversis Tempo Holdings II LLC, a company managed by Diversis Capital. The transaction valued Tempo at $600 million, with Origo receiving a $195 million cash payment as a result of the sale.[139]?

References

[1] https://www.kerecis.com/overview/#:~:text=Who%20We%20Are,Europe%20and%20several%20other%20jurisdictions

[2] https://www.kerecis.com/fertram-nominated-for-european-inventor-award-2024/

[3] https://www.nordicinnovation.org/news/press-release-kerecis-winner-nordic-scaleup-year-2023? https://www.kerecis.com/kerecis-nominated-as-the-life-sciences-company-of-the-year/ https://www.kerecis.com/fish-skin-company-kerecis-receives-the-presidents-export-award/

[4] https://www.kerecis.com/history-founder-and-founding-team/#:~:text=2020%20Kerecis%20closes%20Series%20C,study%20completes%20and%20is%20published. https://parsers.vc/startup/kerecis.com/

[5] https://www.kerecis.com/fish-skin-medical-company-completes-funding-round/

[6] https://www.kerecis.com/history-founder-and-founding-team/#:~:text=2020%20Kerecis%20closes%20Series%20C,study%20completes%20and%20is%20published. https://parsers.vc/startup/kerecis.com/

[7] https://www.kerecis.com/100-million-financing-from-lego-owner-kirkbi-and-others-values-medical-fish-skin-company-kerecis-at-620-million/

[8] https://tracxn.com/d/companies/kerecis/__mNi5wvwmOZ4jv_ruggDmbq4eK0XWkchQ9QoogKrSiCo/funding-and-investors https://www.cbinsights.com/company/kerecis/financials#:~:text=Kerecis%20has%20raised%20%24145.1M,July%202022%20was%20%24620M.

[9] https://www.kerecis.com/coloplast-announces-agreement-to-acquire-kerecis-and-raises-long-term-growth-expectations/

[10] https://www.kerecis.com/coloplast-announces-agreement-to-acquire-kerecis-and-raises-long-term-growth-expectations/

[11] https://www.alvotech.com/about-us