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Florealis raises $380,000 in second seed financing

Florealis, formerly Herberia, maker of herbal medicines, just announced an additional financing of $380,000. The company increased the size their current convertible bond, previously financed by Einvala, to a total of ~$760K (100 million ISK). The company was assisted by Beringer Finance while raising the round. As previously commented

Wasabi Iceland announces $380,000 seed financing round

Wasabi Iceland just announced a ~$380,000 (~50 million ISK) seed round of equity financing by a consortium of private investors. The company will set up their production facilities in Egilsstaðir in the east of Iceland. The company, which participated in Startup Reykjavik 2015, aims at growing wasabi both for

Growing, fast – an overview of the state of Icelandic Tech

In the last five years, turnover in the IT sector in Iceland has grown by a total of 60%, almost double the growth of other parts of the Icelandic economy, which for the same time period was 32%. The IT sector is also steadily growing as part of GDP, where

Cookie Cutter Venture Capital

Last week I wrote about the cultural difference between entrepreneurs in the Nordics and in Silicon Valley. This week I want to talk about the cultural differences between investors. In each country the investors and the investment climate shapes how startups get funded and in turn how they end up

The Digital Business Revolution and How Software is Eating Energy – The Podcast #4

In the fourth episode of the podcast, Kiddi and Jökull interview Ólafur Nielsen, CEO of Kolibri. They discuss what Ólafur calls the digital business revolution, how incumbent companies are realising and reacting to the rapid technological changes in society. Kolibri is an innovation partner that works with companies on creating

QuizUp raises $7.5 million from Glu Mobile

Glu Mobile (GLUU), maker of mobile games such as Kim Kardashian: Hollywood, just announced a $7.5 million dollar funding round in Plain Vanilla – makers of QuizUp. The funding comes in a form of convertible debt. Glu has the option to acquire Plain Vanilla if the cooperation goes well. Read

Selling the Future

During a panel discussion a couple of months ago, a number of successful entrepreneurs from the Nordic countries (Iceland, Sweden, Denmark, Norway, and Finland) were asked what was the most difficult part about raising money here in Silicon Valley from a cultural perspective. One of the panelists said it was