Yessica Klein
8 min read
09 November 2025
Stefanía Ólafsdóttir had lived in over 30 places before finishing high school. Like many in Iceland, where nearly 70% of the population lives in the capital area, she eventually found herself based in Reykjavík, drawn in by its collaborative startup scene. “It’s not Silicon Valley yet,” she says, “but maybe the Silicon Valley of the North. It’s a close-knit community of people who like to help each other out.”
Before founding Avo, Stefania was already well-versed in the world of data. She began her career as the first data analyst at QuizUp, a mobile game that became the fastest-growing app in App Store history at the time. “That’s where we learned how important user experience data is for making decisions, but also how painful it is to ensure its quality,” she says.
That pain led Stefanía and her cofounders to create Avo, a platform that helps product teams around the world track, manage and improve data quality. After being the first Icelandic company to complete Y Combinator in 2019, Avo scaled rapidly, working with companies across New York, Berlin, Amsterdam and San Francisco, where she lived until what was intended as a temporary visit to Iceland was made permanent by the COVID era.
How did your time in San Francisco shape your journey as a founder?
San Francisco lives and breathes tech. Everyone you meet asks what you’re building and how they can help. That energy is contagious, and really productive. But it’s also a difficult place. The inequality is staggering. I often felt like I was part of the problem, especially as the tech scene pushed people out of their homes. Iceland feels much more grounded, and there’s something powerful about coming back here, getting off the plane and feeling the wind hit your face. That’s nature reminding you where you are.
What did Y Combinator change for you and Avo?
It gave us momentum and access to a powerful network. We were suddenly surrounded by people who had already done what we were trying to do: built and scaled startups, raised funding, solved hard problems. The YC community is very “pay it forward,” which meant people were generous with time and advice. It also forced us to sharpen our pitch and move fast.
What’s the founding story behind Avo?
At QuizUp, we built internal tools to fix data quality, painfully, over several years. Then I had the same problem again at another startup. Through consulting and hundreds of interviews with teams at Twitch, Airbnb, Spotify and others, we confirmed how widespread the frustration was. A few had built their own solutions, but nobody wanted to maintain them. That’s when we realized there was a real opportunity to do something about it.
“Every single person in Iceland wears multiple hats. We make things work.”
Has the Icelandic culture influenced your approach to entrepreneurship?
Absolutely. Icelanders don’t let anything stop them. If a system doesn’t work, we break it down. There’s a cultural drive to make things work – even if you have to wear five hats to do it. Our former national football coach was also a dentist – that says a lot. It’s probably part weather, part history, but we’re a nation of doers.
What kind of leadership culture do you try to cultivate at Avo?
Transparency and autonomy are huge for us. I don’t believe in rigid hierarchies. Iceland has shaped that — people here don’t defer to authority just because it exists. We encourage everyone to contribute ideas and take ownership. That kind of mutual respect builds trust, which is the foundation for great collaboration.
What’s something people get wrong about startups?
That it’s a quick adventure. I remember thinking I’d exit my first startup within three years. My favorite analogy to this is the Rick and Morty sketch “In and out, 20-minute adventure.” But it’s hard work, and it takes time to build something great. For every yes, you get a hundred nos, whether you're pitching to investors, selling or hiring. But the challenges build your muscle. And as you build your muscles and the steep hills get more approachable, it’s not like you allow yourself to cruise up the hill. You always push yourself. It always burns, but it gets faster and easier over time. I credit my team for carrying Avo forward. One of the most rewarding things is seeing people grow. When a team member tackles something hard, and the next time does it faster and with more confidence, that’s everything.
How do you take care of yourself in the midst of all that?
I’ve not always been great at it, but I’ve learned. I walk to work. I spend time with my family. I make space each day without screens – playing piano or guitar, hiking or just hanging out with my daughter. That helps me tune out and reset.
“If your idea is truly worthwhile, it’s risky. That’s why it hasn’t been done yet.”