Margeir and Sunna on the final day of Hringiða, a business accelerator run by KLAK – Icelandic Startups.
June 18. 2026Bifröst Founders Secure 9 Million ISK Grant for Food Tech Startup IORDEN
A food technology startup co-founded by two Bifröst University students has secured one of the largest individual grants awarded by Lóa, Iceland's rural innovation fund, this year — 9 million ISK to develop a traceability and quality management solution for small food producers.
IORDEN, based in Flateyri in the Westfjords, was founded by Margeir Haraldsson Arndal, a creative studies student at Bifröst, and Sunna Guðlaugsdóttir, who completed her MA in Cultural Management at Bifröst in June. The company has built a combined hardware and software platform that automates quality record-keeping and food traceability for small and medium-sized producers — farmers, sole traders, and smaller food businesses that need to meet strict regulatory requirements but lack access to large-scale automation systems.
The grant will fund the next phase of IORDEN's development as the team works to bring the solution to market.
From a January Hackathon to International Recognition
IORDEN's story began at the Gullleggið–Landsbankinn Idea Sprint in January 2026, where Margeir and Sunna met and formed their partnership. Progress since then has been swift. The team won the JBT Marel industry challenge at Gullleggið, placed second in the Gullleggið 2026 grand final, and received a separate grant from the Student Innovation Fund earlier this year. They have also been invited to present IORDEN at an international innovation event in Latvia this autumn.
The Lóa grant now adds significant institutional backing to what has become one of the more talked-about early-stage ventures to emerge from Iceland's startup competition circuit in 2026.
Rooted in Bifröst
Margeir, who is set to complete his BA in Creative Studies at Bifröst this autumn, has pointed to the university's entrepreneurship electives and the mentorship of lecturer Fida Abu Libdeh as formative influences on IORDEN's development. Sunna's MA in Cultural Management, completed at Bifröst just months before the grant was announced, brought complementary skills in organisation and management to the founding team.
Rector and staff at Bifröst University extend their congratulations to Margeir and Sunna on this achievement — a strong example of how academic study and real-world entrepreneurship can develop in parallel.