Portugal has emerged as a compelling destination for entrepreneurs, offering a high standard of living, favourable weather, and a pool of specialised talent, vital for fostering rapid growth in its startup ecosystem.
With seven unicorns including Farfetch, Outsystems, Talkdesk, and Feedzai, Portugal’s startup ecosystem gained global recognition, supported by a robust infrastructure of over 150 accelerators and incubators managed by the National Network of Incubators.
Despite showing less investment in 2023, the Portuguese startup landscape is a fertile ground for startups to flourish. Government initiatives such as The Startup Visa facilitating entry for non-EU-Schengen startup founders, or the E-Residency Program attracting digital nomads and entrepreneurs.
Furthermore, Portugal’s appeal extends beyond its supportive ecosystem, as it offers unique incentives such as zero tax on cryptocurrencies. This tax-friendly environment attracts startup founders with unrealised capital gains in cryptocurrencies like Bitcoin and Ethereum, further enhancing Portugal’s allure as a destination for innovative ventures.
While you can be dreaming of Portugal and maybe planning a trip south, we decided to identify 10 super promising startups that we think have an exciting year ahead:
Connected: Founded in 2023 to affordably connect humankind, Connected is unleashing a new wave of IoT-based business models, and contributing to bridge the digital divide. Based in Porto, the startup raised a €2 million funding round to expand the team and accelerate the development of its proprietary technology.
Ethiack: Founded in 2022, Ethiack is a cybersecurity startup that helps automate attempts to identify network vulnerabilities using ethical hackers. This is achieved by using a blend of human-led but machine-assisted ethical hacking services. This Coimbra-based startup has raised €78k in funding.
Framedrop.ai: Coimbra-based Framedrop is an AI tool that automatically finds the best moments in YouTube and Twitch content and turns them into short-form videos. Founded in 2023, the startup has processed over 3 million minutes of content across more than 13 thousand streams, with support for subtitles in 25 languages, and has raised €1.1 million in total funding.
Glooma: Braga-based Glooma is a portable glove connected to a mobile application designed for home-based self-screening for breast cancer. Founded in 2021, health tech startup Glooma has raised €500k to raise awareness regarding the significance of prevention and regular health check-ups, particularly advocating for early diagnosis among women.
Miles in the Sky: Founded in 2021, Miles in the Sky is an all-in-one learning platform aiming to transform the learning experience for students and professionals. Lisbon-based edtech startup has raised €1.5 million to support its mission to deploy more effective learning experiences.
MyCareforce: Lisbon-based MyCareforece is a platform to connect nurses and auxiliary technicians to available shifts in healthcare institutions. Since its founding in 2021, the health tech startup expanded its operations from Portugal to Brazil, alongside raising €2 million to invest in the development of the platform.
Neuraspace: Coimbra-based Neuraspace aims to revolutionise spacecraft operations by addressing the space debris problem, enhancing satellite operators’ protection from collisions and liability risks while improving insurance risk assessment, utilizing advanced Machine Learning algorithms. The spacetech startup has secured over €2.5 million since its founding in 2020.
Paynest: Founded in 2022, Paynest is a financial platform that enables companies to differentiate themselves by offering a comprehensive suite of benefits that enhance the financial well-being of their employees. The startup has raised a total of €2 million for product development, team expansion and to accelerate the company’s planned expansion across Europe.
Rauva: Founded in 2022, Rauva, “a business super-app”, enables control of all of the financial aspects of business in one place. Lisbon-based Rauva acquired Banco Empresas Montepio in September 2023 for around €30 million. This acquisition has allowed it to strengthen and diversify its service offerings.
Relive: Lisbon-based Relive is supporting the next generation of real estate entrepreneurs, by supporting agents to build successful businesses. Ultimately, the platform helps to promote efficiency in the real estate business and allows them to win more deals. Founded in 2021, Relive has raised €1 million.
Editors note: This article was made in collaboration with Jorge Pimenta, Innovation Director at IPN. Also, if you’re a corporate or investor looking for exciting startups in a specific market for a potential investment or acquisition, check out our Startup Sourcing Service!
