Sesame Summit 2026 – application open

Icelandic startup Knittable has a chance to become the New Nordics Grand Champion during Slush 2024

Knittable will represent Iceland in the New Nordics Pitch Competition, an annual event promoted by startup network Silicon Vikings and whose grand final will take place during Slush 2024 in Helsinki this November.

The Icelandic company, a startup that unlocks the creativity of knitters, was designated as the regional winner last May during the live pitching session co-organized by Icelandic non-profit KLAK during Iceland Innovation Week, an annual festival celebrating and showcasing innovation in Reykjavik.

Pitch competition

Knittable’s runner-ups were Verna, an insurtech startup aiming to make car insurance more affordable thanks to personalized driving scores; and Kuratech, an AI-enabled legaltech startup that simplifies the workflow of liquidators dealing with bankrupt estates. Both Kuratech and Knittable took part in acceleration program Startup SuperNova 2023.

The other participants in the pitch competition were Deed Delivery, a platform for trucking firms; Jibby, a project management system for the construction sector and more; Opus Futura, an HR tech startup hoping to improve the recruitment process; PLang, a programming language designed to support natural language; and Tengdu, a platform that helps parents make friends based on interests, location and availability.

While all of these projects had qualities, Knittable CEO Nanna Einarsdóttir outperformed them in her presentation. She also made a strong impression when we met before the competition at hafnar.haus, the creative space where she has been renting a private studio after her startup obtained a grant from the Icelandic Centre for Research (RANNÍS).

Explaining the jury’s pick, Andrew Cafourek, head of technology at U.S.-based growth fund Anthos Capital, said that “one of the exciting things about markets that have a lot of potential is they aren’t necessarily obvious at first, and the deeper you get into new ideas that can make those more accessible to people and enable them to do more with them, those tend to be really exciting long term outcomes.”

Well-knit plans

Knittable is based in Iceland, but it has global appeal: There are 130 million knitters around the world, Nanna told Cafourek and his fellow judges, Iryna Krepchuk and Rafael Barroso. “We believe that your ideas are knittable,” she concluded neatly.

Beyond Nanna’s well-put-together pitch, it was Knittable’s untapped market that the jury was most impressed with; not only is knitting a much larger hobby than they expected it to be, but Knittable can also help people make more of it.

To intermediate knitters, Knittable will be a companion that helps them work on complex designs without having to worry about calculations and time-consuming mistakes. But for the most advanced among them, it will also be a new way to make money by promoting and selling their patterns. As for beginners, they will find a helpful community that will encourage them to be more creative with their knitting needles.

A freemium model is what Knittable settled on since its February soft launch after testing its now discontinued free Icelandic site, Lykkjustund. The model changed, but the spirit stayed: Its home page still refers to the Icelandic saying “Drjúg er lykkjustundin,” which it says means that a moment spent knitting is a moment well spent. (We’ll have to take their word on that.)

Knitting books at the Penninn Eymundsson bookshop in central Reykjavik
📸: Knitting books at the Penninn Eymundsson bookshop in central Reykjavik

Country-startup fit

It is certainly fitting that Knittable comes from Iceland, home to the famous ‘lopapeysa’ wool sweaters, and where knitting manuals take up whole tables at local bookshops. But the pandemic made the hobby boom all over the world, and making creative knitting more accessible could help keep the numbers up.

Knittable makes money from subscriptions, and this will likely be its main source of revenue, but it can also get other revenue streams from advertising on the free tier and from commissions on designs and yarn sold by users.

There are already online sites selling yarn, but also beginner kits and creative patterns. Direct and indirect competitors include Dreamknit, Einrúm, Kniterator, Knit&Note, Lovecrafts, Makerist, Ribblr and We Are Knitters. Knittable hopes to differentiate itself by providing both modern designs and a design tool; but ultimately, it hopes that it’s the community that will tie it all together.

While it is too early to tell whether it will become its market’s leader, it isn’t the first time Knittable has won a competition, and maybe not the last: It now stands a chance to become the New Nordics Grand Champion at Slush. If it does, it will follow the footsteps of Treble Technologies, the Icelandic audio company that went on to win the title in 2022. According to KLAK’s international projects lead, Freyr Friðfinnsson, Treble is “now one of the most exciting scaleups in Iceland.”

What’s next

Knittable’s challengers for a chance to become the New Nordics Grand Champion will include deep tech startup GaltTec, which was selected to represent the Baltics during Latitude 59; as well as AI-enabled video editing assistant Kaspar, which won the Denmark final during TechBBQ.

There will only be one winner, but all regional finalists will get access to workshops for entering the U.S. market and support from Silicon Valley and the New Nordics, an emerging term that includes the Baltic and the Nordic countries, of which Iceland just happens to be the closest to the U.S.

Disclosure: Anna Heim traveled to Iceland on an invitation from Business Iceland on behalf of Reykjavik Science City.

you might also like

Fundraising 1 day ago

Despite ongoing conflict, Ukrainian fintech companies continue demonstrating remarkable resilience in securing international investment, challenging preconceptions about wartime entrepreneurship in Europe’s eastern frontier. The latest proof comes from Fintech IT Group, which has successfully raised €16.5M in growth funding from the Ukraine-Moldova American Enterprise Fund (UMAEF), marking one of the most significant wartime investments in the Ukrainian startup ecosystem. This funding round represents more than capital allocation—it signals international confidence in Ukraine’s tech sector durability and the strategic importance of maintaining financial infrastructure during crisis periods. Ukraine wartime funding attracts international backing The Ukraine-Moldova American Enterprise Fund’s investment thesis centres on supporting critical financial infrastructure that serves both civilian and business communities during unprecedented circumstances. UMAEF, backed by the U.S. government, specifically targets companies providing essential services that maintain economic stability in challenging geopolitical environments. “We’re investing in companies that demonstrate not just financial potential, but strategic importance for regional economic resilience,” noted UMAEF representatives familiar with the deal. This approach differs markedly from traditional European venture capital, which typically prioritises pure growth metrics over strategic infrastructure value. The investment reflects broader international recognition that Ukrainian fintech companies have proven their operational capabilities under extreme stress conditions—a unique value proposition in European markets where regulatory compliance and operational resilience increasingly matter to institutional investors. Monobank’s European expansion strategy Fintech IT Group, operating primarily through its flagship Monobank platform, has established itself as Ukraine’s leading digital bank with over 7 million active users. The company’s mobile-first approach and robust API infrastructure have proven particularly valuable during wartime, when traditional banking channels face physical disruption. The €16.5M funding will primarily support technological infrastructure expansion and enhanced security measures, according to company leadership. This includes strengthening cross-border payment capabilities and developing additional financial products tailored for both domestic and international Ukrainian communities. “Our experience maintaining financial services during conflict has given us unique insights into building resilient fintech infrastructure,” explained Monobank leadership. “These capabilities position us well for expansion into other European markets where operational reliability is paramount.” The funding also enables deeper integration with European financial systems, potentially positioning Monobank as a bridge between Ukrainian diaspora communities and their homeland—a strategic advantage as refugee populations establish new lives across European capitals. This investment underscores how wartime innovation often produces solutions with broader European market applications, particularly in financial services where trust and reliability prove more valuable than flashy features. For Ukrainian startups, proving operational excellence under extreme conditions may well become their unique competitive advantage in European expansion.

Fundraising 1 day ago

The UK’s fintech landscape is witnessing a new wave of institutional backing as specialised accelerators emerge to bridge the gap between early-stage innovation and scalable growth. Against this backdrop, Antidote has secured €2.95M (£2.5M) in funding to launch its accelerator programme focused on fintech and Bitcoin-adjacent technologies. The funding signals renewed confidence in the UK’s position as a global fintech hub, despite ongoing regulatory uncertainties around digital assets. Led by Fulgur Ventures, the round reflects the growing appetite among European investors for infrastructure plays that can nurture the next generation of financial technology companies. The timing aligns with increasing institutional adoption of Bitcoin and digital assets across traditional finance, creating demand for specialised support structures. Fintech accelerator funding attracts specialist investors Fulgur Ventures’ decision to lead this round underscores the firm’s thesis around Bitcoin infrastructure and the tools needed to support mainstream adoption. The Venice-based venture capital firm, known for backing Lightning Network infrastructure companies and Bitcoin-native startups, sees Antidote as a strategic platform to identify and develop promising UK fintech talent. “The UK remains one of Europe’s most vibrant fintech ecosystems, but there’s a clear gap in specialised support for Bitcoin and crypto-adjacent innovations,” notes a Fulgur partner familiar with the investment. “Antidote’s approach combines traditional accelerator methodology with deep domain expertise in digital assets.” The investor’s portfolio strategy focuses on companies building critical infrastructure for Bitcoin adoption, from payment rails to custody solutions. Antidote fits this thesis by positioning itself as a talent pipeline for the next wave of Bitcoin-enabled financial services. Bridging traditional fintech with digital asset innovation Antidote’s programme targets the intersection between established fintech verticals and emerging digital asset opportunities. This positioning reflects broader market dynamics where traditional financial services increasingly integrate blockchain-based solutions, creating demand for hybrid expertise. The accelerator plans to support 8-12 startups per cohort, providing €50,000 in initial funding alongside mentorship from industry veterans. The programme specifically targets companies working on payment infrastructure, trading platforms, custody solutions, and compliance technology for digital assets. “We’re seeing exceptional talent in the UK who understand both traditional financial services and the technical nuances of Bitcoin,” explains Antidote’s founding team. “Our role is to provide the runway and expertise needed to turn these insights into scalable businesses.” The funding will support programme operations, mentor network development, and follow-on investment capacity for portfolio companies. Antidote also plans to establish partnerships with major UK financial institutions seeking exposure to digital asset innovation without direct investment risk. This launch reflects the maturation of Europe’s digital asset ecosystem, where specialised support infrastructure is emerging to complement general-purpose accelerators. With regulatory clarity improving across EU markets, accelerators like Antidote are positioning to capture the next wave of fintech innovation at the intersection of traditional finance and digital assets.

Fundraising 1 day ago

Germany’s tax advisory sector faces a looming crisis. With 57% of the country’s tax advisors aged over 50, the profession confronts both a demographic cliff and mounting pressure to digitalise decades-old processes. Into this gap steps AnyTax, which has secured €1 million in pre-seed funding from IBB Ventures to modernise Germany’s tax infrastructure through intelligent automation. The Berlin-based startup’s timing couldn’t be more strategic. As Germany’s Mittelstand grapples with increasingly complex tax regulations whilst traditional advisors edge towards retirement, AnyTax’s platform promises to bridge the growing expertise gap through technology that augments rather than replaces human judgment. German tax modernisation attracts strategic investment IBB Ventures’ investment reflects a broader recognition that Germany’s tax advisory market—worth billions annually—requires urgent technological intervention. The Berlin-based VC, backed by the city’s investment bank, has consistently backed companies addressing structural inefficiencies in German business processes. “The German tax system’s complexity creates both challenges and opportunities,” notes an IBB Ventures spokesperson. “AnyTax’s approach of augmenting advisor capabilities rather than replacing them aligns perfectly with how German professional services are evolving.” The funding round positions AnyTax within a growing cohort of European RegTech companies that specifically address continental European regulatory environments, rather than adapting Anglo-Saxon solutions. This localised approach proves increasingly valuable as EU member states maintain distinct professional service requirements. Addressing Germany’s tax advisor shortage through technology AnyTax’s platform targets the critical bottleneck facing German businesses: accessing quality tax advice amid advisor shortages. The company’s technology enables existing advisors to handle larger caseloads whilst maintaining compliance standards, effectively multiplying capacity within the existing professional framework. The startup’s solution addresses uniquely German challenges, including the complex interplay between federal and state tax obligations that confounds even sophisticated international businesses operating in Europe’s largest economy. By automating routine compliance tasks, AnyTax frees advisors to focus on strategic tax planning—precisely where human expertise adds most value. Founder insights suggest the €1 million will primarily fund platform development and partnerships with established German tax advisory firms, recognising that success requires deep integration with existing professional networks rather than attempting to bypass them entirely. AnyTax’s funding reflects broader momentum in European professional services technology, where regulatory complexity creates sustainable competitive moats for startups that truly understand local market dynamics. As Germany’s tax landscape grows increasingly sophisticated, platforms like AnyTax become essential infrastructure rather than mere efficiency tools.

Subscribe to
our Newsletter!

Stay at the forefront with our curated guide to the best upcoming Tech events.