What Icelandic Startups does

KLAK – Icelandic Startups is a Reykjavik-based innovation support organization founded in 1999 that operates as Iceland's principal startup accelerator and ecosystem hub. Its core offering is a portfolio of named programs: Hringiða (green solutions accelerator), Startup SuperNova (run jointly with Nova at the University of Reykjavik and Huawei, hosted at the Gróska innovation campus), the annual Gulleggið startup competition, Snjallræði, Dafna, Startup Tourism, and the KLAK health and life sciences initiatives. The organization runs the VMS mentorship service, connecting founders with a network of experienced mentors, and operates hybrid accelerator cohorts through the Nordic TINC program in partnership with Innovation Norway, Vinnova, Business Finland, and Nordic Innovation House.

Underlying technology is limited to innovation-support infrastructure rather than a proprietary product platform: the accelerator stack relies on the Babele application-management platform for cohort admissions and Calendly for booking advisory sessions. KLAK's business model is primarily grant- and publicly-funded: revenue is generated through innovation grants from Icelandic and Nordic public funders, program-related fees, and in-kind contributions from corporate and academic partners (Huawei, Nova, Gróska). Its go-to-market is event-driven and partner-driven, centered on competitions, demo days (Startup SuperNova Summer Party), and co-marketing with Nordic innovation agencies, with no disclosed pricing or commercial software product.

Name

Icelandic Startups

Legal name

KLAK Icelandic Startups

Website

https://icelandicstartups.com

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

1–10 employees

Short description

KLAK – Icelandic Startups is a Reykjavik-based accelerator and innovation hub founded in 1999 that runs cohort programs (Hringiða, Startup SuperNova, Gulleggið, Snjallræði) and mentorship services for early-stage Nordic technology startups, funded by Icelandic and Nordic public innovation grants and corporate partners.

Ownership category

akta.pro rank

Product category

Startup Accelerator Services

NAICS

Business Associations (813910)

SIC

Services-Management Consulting Services (8742)

akta.pro primary industry

Accelerators & Incubators (Investor-Operated) (FSANAAAM)

akta.pro secondary industries

Youth Business Incubators & Accelerators (EDAMAHAC), Entrepreneurship Foundations & Startup Basics (EDAMAHAA)

Keywords

• Startup accelerator programs
• Innovation hub services
• Business mentorship services
• Entrepreneur support programs
• Startup competitions

Headquarters

HQ city

Reykjavík

HQ country

Iceland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Accelerator and Program Services: KLAK operates accelerator programs and startup competitions that support entrepreneurs in developing their businesses. Revenue generation is through program fees, grants, and public funding for innovation support activities.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

KLAK - Icelandic Startups operates a portfolio of business accelerators and entrepreneur workshops for Icelandic and Nordic startups. Its programs include Hringiða (green solutions accelerator), Startup SuperNova (in partnership with Nova and Huawei), Gulleggið (annual startup competition), Snjallræði (smart solutions program), Startup Tourism, Dafna, and a VMS mentor service. The organization helps startups validate ideas, develop products, and scale by connecting them with experts, investors, and other key stakeholders domestically and internationally.

Product overview

KLAK - Icelandic Startups is an accelerator and startup support organization operating as a multi-program platform. The core offering consists of several named accelerator programs (Hringiða for green solutions, Startup SuperNova in partnership with Nova and Huawei, Gulleggið competition, and Snjallræði for smart solutions), complemented by mentorship services (VMS), startup tourism experiences, and the Dafna program. The organization helps entrepreneurs realize their ideas, increase AI-based startups, and build sustainable value creation in Iceland by connecting startups with experts, investors, and other key stakeholders.

Differentiator

Problem solved

Functional benefit

Brands

• Gulleggið: Annual startup competition program
• Hringiða
• Startup SuperNova
• Snjallræði
• Dafna
• KLAK health
• Startup Tourism

Products and services

• Hringiða A business accelerator program for green solutions operated by KLAK - Icelandic Startups, supporting startups developing environmentally sustainable solutions.
• Startup SuperNova A collaborative startup accelerator program run by KLAK - Icelandic Startups in partnership with Nova and Huawei, with support from Gróska. Targets technology startups for validation and global scaling.
• Gulleggið An annual startup competition and accelerator program run by KLAK - Icelandic Startups, rewarding innovative Icelandic startups.
• Snjallræði A smart solutions program operated by KLAK - Icelandic Startups, supporting technology-driven startup innovation.
• Startup Tourism A program connecting international visitors with Iceland's startup ecosystem, providing tours, meetings, and immersion experiences.
• Dafna A startup support program offered by KLAK - Icelandic Startups.
• VMS Mentor Service A mentorship service connecting startup founders with experienced mentors for guidance and expertise, with a network of mentors available through the VMS program.
• TINC Accelerator A Nordic cross-border accelerator program combining virtual sessions with an in-person Silicon Valley component. Offers workshops, mentoring, and network building to help startups validate product-market fit and scale globally. KLAK is a partner alongside Innovation Norway, Vinnova, and Business Finland.

Quantifiable outcome

• 29 programs with 278 Nordic technology companies supported through TINC accelerator

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Partnerships

Seven partnerships are on record, tiered core.

• Innovation NorwaycoreStrategic or Co-development PartnerInnovation Norway is accepting applications for the TINC Spring 2026 accelerator program. KLAK is a partner in this intensive 6-week hybrid program for Nordic technology startups combining virtual sessions with an in-person Silicon Valley component.
• VinnovacoreStrategic or Co-development PartnerSwedish innovation agency Vinnova partners with KLAK on the TINC accelerator program, which offers workshops, mentoring, and network building to help startups validate their product-market fit and scale globally.
• Business FinlandcoreStrategic or Co-development PartnerBusiness Finland partners with KLAK on the TINC Nordic accelerator program, providing access to Finnish startup ecosystem connections alongside the Nordic Innovation House network.
• Nova (University of Reykjavik)coreStrategic or Co-development PartnerNova is a partner in Startup SuperNova, a startup accelerator program run by KLAK - Icelandic Startups with support from Gróska. Nova contributes academic resources and student engagement to the program.
• HuaweicoreGTM or Marketing PartnerHuawei is a partner in the Startup SuperNova accelerator program alongside KLAK - Icelandic Startups and Nova, with support from Gróska. The partnership provides technology industry connections and global market access for participating startups.
• GróskacoreStrategic or Co-development PartnerGróska is the home of Startup SuperNova accelerator program. KLAK and Gróska signed a partnership agreement through 2027 to continue hosting the accelerator. Gróska provides the physical space and innovation environment for the startup community.
• Nordic Innovation HousecoreStrategic or Co-development PartnerNordic Innovation House hosts the TINC accelerator program. KLAK partners with this organization to provide Nordic startups access to Silicon Valley networks and global scaling opportunities.

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Station F: World's largest startup campus based in Paris, hosting multiple accelerator programs and corporate partners. Comparable to KLAK as a hub-and-spoke accelerator operator that partners with corporates (e.g., Huawei partnership) and runs multiple themed programs under one roof.
• Antler: Global early-stage accelerator with active Nordic presence (including Nordics-specific programs). Directly comparable to KLAK in offering cohort-based accelerator programs, mentorship, and pre-seed investment to founders, with similar target customer profile.
• Katapult Accelerator: Nordic-founded accelerator and fund focused on impact and climate tech. Directly comparable to KLAK's Hringiða cleantech program in thematic focus and cohort-based delivery, with overlapping geographic scope.

Regional players

• Slush: Helsinki-based startup conference and ecosystem organization that anchors the Finnish startup scene. Comparable to KLAK as a Nordic ecosystem builder organizing flagship events (Slush conference) and connecting founders with investors and corporates.
• STING (Stockholm Innovation & Growth): Stockholm-based incubator/accelerator supporting tech startups with coaching, networks, and investor access. Comparable to KLAK as a Nordic regional accelerator offering programs, mentorship, and investor connections, though operating in a larger Swedish market.

Broad incumbents

• Y Combinator: The benchmark global startup accelerator offering cohort-based programs, mentorship, and seed funding. Comparable to KLAK as the apex player in the accelerator category, though operating at vastly greater scale and capital intensity.
• Techstars: One of the world's largest accelerator operators with multiple programs and a global mentor network. Comparable to KLAK in core accelerator mechanics (cohort-based mentorship, demo days, investor introductions) but operating at much greater scale and geographic breadth.

Others

• Innovation Norway: Norwegian state-owned innovation agency that, as a TINC partner, both collaborates with and operates in adjacent space to KLAK. Comparable as an ecosystem enabler providing funding, advisory services, and internationalization support to startups across the Nordic region.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/icelandstartups
• Facebookfacebook.com/icelandicstartups
• LinkedInlinkedin.com/company/icelandic-startups
• Instagraminstagram.com/klakicelandicstartups

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Icelandic Startups