Startup Energy Reykjavik is Iceland’s second business accelerators, founded in 2014 by Arion Bank. Seven teams are selected each year from a group of applicants to participate in the 10 weeks program where the get:
- ~40,000 USD in seed investment in exchange for 10% of the equity
- fully equipped co-working space
- access to mentors that meet the teams and give their advice in either a short term or long term relationship that develops during the program
- assistance with PR and media
- present their business ideas on Demo Day at the end of the program to investors
The brand Startup Energy Reykjavik is owned by Arion Bank.
The investment in each participating company comes from SER Holding ehf., which is owned by
- Arion Bank (34,7%)
- Landsvirkjun – The Nation Power Company of Iceland (34,7%)
- Geothermal Research Group (17,4%)
- Innovation Center Iceland (13,3%)
Board members are: Einar Gunnar Guðmundsson (Arion bank), Ríkarður Ríkarðsson (Landsvirkjun) and Hjalti Páll Ingólfsson (GEORG).
The accumulated number of investments made is the following: