Investment strategies

At ALVA Capital, we invest in real estate and companies we believe in. We emphasize the development of new opportunities with long-term value creation as a guiding principle.

We invest in real estate

ALVA Capital Real Estate Development focuses on developing residential and commercial properties for short-term and long-term rentals. We have diverse real estate development projects in Iceland and the United States.

We invest in companies

ALVA Capital invests in companies either by providing them with growth capital or through innovation and investments in technology companies. We provide our companies with operational support and help them grow into market-leading companies.

Real Estate Investments

Alva Capital began to focus on real estate development and investments in real estate in 2020. The real estate portfolio that the company has built is unique in Iceland, where great emphasis is placed on well-located apartments and hotel rooms.

Today, the portfolio comprises over 200 rental units and over 10,000 square meters. The company specializes in short-term rentals to tourists but also uses part of the portfolio in long-term rentals to individuals.


Some of our current investments.

ALVA Fasteignir

2020 – Present

Real estate companies. Today, the portfolio has over 200+ rental units and over 10,000 square meters. The company specializes in short-term rentals to tourists but also uses part of the portfolio in long-term rentals to individuals.

ALVA Hotel

2021 – Present

Alva Hotel is the leader in Iceland in fully equipped "self-checkin" hotels and apartments. Alva operates three hotels with new rooms, suites, and luxury apartments. One of the three hotels is an apartment hotel. All the hotels are located in the heart of Reykjavík.

ALVA Homes

2021 - Present

A real estate company located in the state of Florida in the United States. The central part of the portfolio is in a long-term lease.

ALVA Framkvæmdir

2022 - Present

A company that works on diverse construction and development projects. The company's goal is to become a leader in its field in the future by using the best technology and production methods.


2017 - Present

Inkasso is a financial technology company that specializes in claims management. Inkasso has transformed debt collection services in Iceland by making the service more human and promoting a change of mindset towards the debt collection process for everyone it touches.


Controlant's role is delivering value across the entire supply chain through significantly increased product flow and visibility of condition quality. It simultaneously minimizes waste with an entirely new class of automated Cold Chain as a Service® solution.

Previous investments.

Some of our previous investments.


2011–2021, sold to Kvika bank

Moberg is a software company headquartered in Zagreb, Croatia. Today, over 50 software experts work in the company.


2012-2021, sold to Kvika bank

Netgíró is a leading payment service provider in its field. Netgíró was founded to create safer and simpler purchases in stores and online.

Two Birds

2021, exit

A leading innovative company in the field of financial technology. The company develops new and user-friendly business solutions for individuals and companies in the real estate and financial market.


2019 - merged with Netgiro

Aktiva was a lending platform that connected borrowers and investors to save users from the high costs of traditional banking and thus reduce costs to consumers.


2020 - sold to investors

Heimkaup is a company in the retail market and we employ a diverse group in various jobs. Heimkaup has been a leader in online sales in Iceland as well as in the operation of convenience stores, while Heimkaup operates Extra, 10-11 and three stores at Orkuna.


2017 - merged with Inkasso

Mynta was a financial technology company that specialized in billing and claims management.


2019 - sold to investors

Hó is the largest discount site in Iceland and the first on the market. hó has over 80,000 customers, almost 30% of the Icelandic population. The company aims to provide the best service with 100% security.


2017 - sold to investors

Bland is the largest online market in Iceland, with over 200 thousand users. On Bland, anyone can buy and sell anything; there is also an active discussion board. Blað has been one of the biggest web portals in Iceland since 2000.


Exit 2014

The space station is the video gamer's specialty store! They buy your old games, and you use the money to lower the cost of new video games! The space station was founded on June 21, 2008, and the first store was in Skeifun.


Exit 2014

Skífan was one of Iceland's most popular and famous record labels and record stores. They sold music albums of all types, DVDs, and video games. The company was founded in 1975 and was 40 years old when it closed its stores and merged with Heimkaupi.

Mói Media

Exit 2016

Mói was one of the most extensive news and entertainment media in Iceland and had, among others, the following websites:,,,,, and Móa's goal was to guarantee users access to the most popular and best entertainment content on the Internet at all times.

About us

The investment company ALVA Capital was founded in 2012, and the company’s primary focus is investing in the development and operation of real estate. We plan big things in real estate development in the coming seasons, but Alva Capital is a leading investment company in technology and financial technology. We have founded some of the top companies and have operations in several countries.

We launched our real estate investment strategy in 2020, using a data-driven approach to investing and developing short- and long-term rental units.

Social Responsibility

ALVA Capital takes social responsibility seriously and has long supported humanitarian work. Among other things, we have helped children living in poverty.

ALVA Capital has been a proud sponsor of ABC Children’s Aid since 2018. But ABC Children’s Aid supports children in Burkina Faso to attend school with tuition, books, stationery, school uniforms, meals, and health care.

ALVA Capital will continue to support ABC Children’s Aid proudly.


Skorri Rafn Rafnsson - CEO

Skorri Rafn Rafnsson is the founder and CEO of ALVA Capital. Skorri has founded and owned several companies and has also held the chairman and managing director positions. Examples include Inkasso, Netgiro, Heimkaup, Hópkaup and Bland. Skorri founded, among others, Netgíro and Moberg. He has also been the manager of Iceland's largest online store. In addition, Skorri has worked as a CEO at software development and financial technology companies in Europe. Skorri is an experienced business investor who can transform start-ups into successful multinationals.

Örvar Rafnsson - Forstöðumaður eignaumsýslu og gæðastjórnunar
Örvar Rafnsson - Director of Asset Management and Quality Management

Örvar is an experienced project manager. He previously worked for the Red Cross in emergency response and operation of quarantine hotels. Before that, he worked in finance and claims management at Wow Air. He graduated with an MA in international relations in 2013, focusing on security and defense.

Gunnar Páll Viðarson - Framkvæmdastjóri ALVA framkvæmdir ehf.
Gunnar Páll Viðarson - Managing Director - ALVA Construction

Gunnar is a construction technician from the University of Reykjavík. Gunnar has extensive experience in local government and managing large projects over the past two decades. Among the multifaceted projects that Gunnar has undertaken is the construction of water treatment plants at Klettagarði and Mýrargatu, construction of a dam at Kárahjúki, control of earthworks for Bechtel/Alcoa at the Fjarðaáls project, pouring of new airstrips for Isavía, new construction of Alþingi and Einingarverksmiðin, along with other large projects.

Contact us.