In Q2 2016, we tracked 4 Icelandic investments totalling $4.34 million
(For the first time ever, we are producing individual quarterly funding analyses for each Nordic country, to place the Icelandic analysis in context, check out the Q2 2016 Nordic Funding Analysis)
After recording a record 8 investments in both the two quarters previous, Iceland fell back to Earth a little in Q2 2016, with just 4 investments recorded. Even still, this is more than Q2 and Q3 2015, so this isn’t a disastrous quarter by any means.
As can be expected from just 4 investments, the total raised in Q2 doesn’t look particularly favourable to previous quarters.
And it looks even worse when you put it into context on a Nordic level, with just 1.03% of the total capital invested in the Nordics in Q2 going to Icelandic companies.
And of every 100 investments happening in the Nordics right now, only 2.46 of those are happening in Iceland.
Of course, the per capita argument should be respected here, with Iceland having a drastically smaller population than any of the other Nordic countries, meaning that this is actually pretty respectable.
The biggest Icelandic investment in Q2 was the $2 million raised by Tulipops.
All of the investments are happening at early stages, however, it’s noticeable that these early-stage investments are all fairly sizeable, with just the one investment under $500,000.
This is an improvement on Q2 2015, where the majority of investments were made in the $500-$1 million bracket rather than $1-3 million as we’ve seen in Q2 2016.
In conclusion, although Q2 2016 hasn’t reached the heights of the two previous quarters, there are still some silver linings, such as the size of the rounds, and this quarter appears to be more of a correction rather than a complete slowdown.