We are thrilled to announce the launch of Blue Nova Ventures. This is a new venture fund born out of a deep partnership with the pioneering Iceland Ocean Cluster. This partnership isn’t just about funding startups—it’s about reshaping the future of our oceans through innovation, technology, and mission-driven entrepreneurship.
The Legacy of the Iceland Ocean Cluster
More than a decade ago, Þór Sigfússon launched the Iceland Ocean Cluster with a radical idea. He proposed that we could use 100% of the fish. This usage goes beyond food to include high-value applications like medical enzymes, collagen-based cosmetics, pet supplements, and even fashion. This 100% Fish model has transformed the Icelandic fishing industry. It has also become a blueprint for ocean sustainability around the world.
It began in Reykjavik and has now grown into a global cluster network. It spans 11 established clusters and 6 more in development, connecting over 200 organizations. Startups, like Kerecis, Zymetech, and Arctic Fish, have emerged from or collaborated with this network. They have created billions in value. These startups stay anchored in sustainability and innovation.
It’s no surprise that Þór received recognition from the President of Iceland. He played a crucial role in bringing the ocean economy to the forefront of national and global conversations.
I’m also incredibly proud to be building this fund. I am working alongside Kristinn Þór Sigurðsson. He is one of the General Partners of Blue Nova Ventures. Kristinn brings a unique mix of sharp analytical thinking, deep curiosity, and a strong operational mindset to the table. Over the past year, I’ve had the privilege of working closely with him. I mentored him on my approach to founder partnership. We also focused on value creation and building long-term, mission-aligned companies. He deeply believes in the potential of the blue economy. He is dedicated to supporting founders from the ground up. His energy, discipline, and drive have been instrumental. These qualities have pushed this fund ahead. I couldn’t ask for a better partners in this journey.
A Movement That Started With Startup Iceland
After Iceland’s financial crisis, we knew we had to rebuild our economy—not just new banks, but with bold ideas. That’s when I launched Startup Iceland as a grassroots initiative to inspire a new generation of entrepreneurs.
What started as a conference has now grown into a movement. It fosters a startup ecosystem from the ground up. This growth helps build one of the world’s most founder-friendly innovation environments. We’ve seen startups scale and exit, funds raised, and a true culture of collaboration between founders, investors, academia, and government.
That journey led to me being honored with the Order of the Falcon by the President of Iceland. I received this honor for my work in building a thriving startup community and promoting technology-driven entrepreneurship.
Blue Nova: The Next Step in Our Journey
Blue Nova Ventures is the next chapter. We are raising 5 billion ISK. Our goal is to invest in 15 early-stage companies across Iceland, the Nordics, the UK, and the US. These startups are solving ocean challenges through technology.
Our focus spans marine biotech, sustainable aquaculture, AI-powered ocean monitoring, and next-gen maritime technologies. But more than sectors, we’re investing in mission-aligned founders. These are the founders who believe in the power of technology to protect and regenerate our oceans.
What makes this fund unique is not just the opportunity—it’s the network behind it.
The Network Advantage
Þór and I have spent decades building networks that matter. These include founders, researchers, industry leaders, and investors. All are deeply connected to the blue economy and early-stage innovation.
We’ve helped create successful exits, supported founders from seed to scale, and built ecosystems where ideas can grow. The Iceland Ocean Cluster’s reach is extensive. Startup Iceland’s founder-first approach complements it. Together, we’re uniquely positioned to find the next generation of ocean-tech startups. We can support and scale them effectively.
Iceland has become the Silicon Valley of Fish. It is a global hub where innovation meets sustainability. Here, ocean data meets clean energy. A tightly connected ecosystem allows startups to go further, faster.
With Blue Nova, we’re leveraging that ecosystem. We support the companies that will define the future of the blue economy.
The Time Is Now
- Ocean innovation is accelerating faster than ever
- Funding in this space has grown significantly, yet remains under-served
- Iceland’s Kerecis became the first blue unicorn with a $1.3B exit
- But “Life Below Water” is still the least funded of all the UN SDGs
We believe the intersection of technology and ocean innovation is where trillions in value will be unlocked. And we’re here to help founders lead that wave.
Join Us
If you’re building something ambitious in the blue economy, we’re eager to connect. Or if you’re looking to support the pioneers who are, we’d love to hear from you. Let’s build the future of the oceans together.
Source: startupiceland.com – All rights belong to the original publisher.
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