Portugal

Porto

#71-80

Emerging Startup Ecosystem

Members: ScaleUp Porto

Top 10

Europe Ecosystem in Bang for Buck

Top 20

Europe Ecosystem in Affordable Talent

Porto has been pursuing a sustained path of growth as an innovation and entrepreneurship hub, backed by a talented and highly-skilled community and a supportive environment - committed to becoming a leading destination for founders to start and scale their businesses.

Filipe Araújo

Vice-Mayor & City Councillor for Environment, Climate, Innovation and Digital Transition, Finance, Employment and Entrepreneurship, Porto City Council

Highlights

Porto’s startup ecosystem thrives on a strong blend of talent, innovation, and quality of life, supported by a growing network of incubators, tech hubs, and a collaborative community that fosters entrepreneurial growth. Recognizing Porto’s international attractiveness, the Financial Times’ European Cities of the Future ranked Porto once again as Europe's best large city for investment attraction. Additionally, Porto saw a 51% increase in total VC funding and an impressive 163% increase in median seed round from 2024 to 2025 – one of the few large European cities to see substantial funding growth over the past year.

Aligned with this trajectory, ScaleUp Porto - an initiative by the Porto City Council - plays a key role in reinforcing the city’s position as a European hub for entrepreneurship. By empowering startups and scaleups and connecting key ecosystem stakeholders, ScaleUp Porto drives economic development and accelerates the growth of the region’s dynamic ecosystem.

Central to this effort are flagship initiatives like Porto Tech and the SIM Conference. Porto Tech is reshaping the local tech landscape by cultivating community, collaboration, and innovation—empowering the next generation of founders through 30+ events that attracted over 6,000 attendees in 2024. The second edition of the SIM Conference (Startups & Investment Matching), held in May 2025, connected 3,500 entrepreneurs, including 400 startups and more than 230 investors, from all around the world.

To strengthen its talent pool, Porto partnered with the European Innovation Academy, connecting to a global network of top-tier, career-ready talent, and supporting entrepreneurship on an international scale.

Ecosystem by the Numbers

ECOSYSTEM VALUE

(H2 2022 - 2024)

$7.5 BN

GLOBAL AVG. $20.4 bn

NUMBER OF UNICORNS

(ACTIVE UNICORNS)

GLOBAL AVG. 4

SOFT. ENGINEER SALARY

(2024)

$33 K

GLOBAL AVG. $52 K

TIME TO EXIT

(2020 - 2024)

13.5 years

GLOBAL AVG. 11.2 years

TOTAL EARLY–STAGE FUNDING

(H2 2022 - 2024)

$129 M

GLOBAL AVG. $514.8 m

MEDIAN SEED ROUND

(H2 2022 - 2024)

$1 M

GLOBAL AVG. $889 k

EARLY-STAGE FUNDING
GROWTH

(2021 - 22 VS. 2023 - 24)

Scale of 1 (lowest) to 10 (highest)

EXIT AMOUNT

(2020 - 2024)

$1.5 BN

GLOBAL AVG. $8 bn

ECOSYSTEM VALUE GROWTH

(H2 2020 - H2 2022 VS H2 2022 - H2 2024)

48%

GLOBAL AVG. -14%

MEDIAN SERIES A ROUND

(H2 2022 – 2024)

$6.4 M

GLOBAL AVG. $6.8 m

TOTAL VC FUNDING

(2020 - 2024)

$1.4 BN

GLOBAL AVG. $5.2 bn

EXIT COUNT (#)

(2020 - 2024)

2020

2021

2022

2023

2024

GLOBAL AVG. 86

Sub-Sector Strengths

Software

Porto's software industry is solidifying the city’s position as a leading technological hub in Europe. In September 2024, Spanish retail giant Mercadona established a major technology hub in Porto, aiming to hire over 1,000 tech professionals to reengineer internal applications. Xelerate.tech is also expanding its operations in the city, growing its software development team, and launching an investment strategy to scale its presence. Facilities management software startup Infraspeak secured a $19.9 million (€18 million) funding round in October 2024, highlighting Porto as a launchpad for scalable software solutions.

Health

Porto is committed to growing its health sector, supported by strong R&D expenditure and robust public-private collaboration. Home to research leaders such as Fraunhofer Portugal and the Institute for Research and Innovation in Health, Porto is an innovation center with global relevance. The ecosystem supports the full innovation lifecycle, with success stories like Sword Health, a health tech unicorn that achieved a $3 billion valuation in 2024. The city has also seen significant exits, including FairJourney Biologics, reinforcing investor confidence in the sector.

Fintech

Porto is a strategic Fintech hub, currently home to four unicorns: Revolut, Anchorage Digital, SaltPay, and Feedzai. Fintech thrives in Porto’s ecosystem due to a strong pipeline of tech talent from the University of Porto and UPTEC incubator. The Portugal Fintech Report 2024 highlights eight high-potential companies, six of which are currently incubated at UPTEC: Impacte, Jscrambler, Ethiack, Probely, Tagpeak, and Invisible Collector. The report also features alumni Coverflex and Ubirider — the latter recently selected for Mastercard’s Start Path Emerging Fintech program.

Reasons to Move Your Startup to Porto

Strong Business Environment

Porto is a driving force in Portugal’s startup landscape, hosting the technology centers of eight unicorns. Located in one of the most densely populated regions in the country, NW Portugal accounts for 42% of Portugal's workforce and 36% of its GDP. Over the last five years, it has attracted more than $4 billion in foreign investment, generating more than 23,500 jobs and signaling international confidence in the region.

Access to Skilled Talent

Porto benefits from a strong talent pool, with 37% of residents holding a degree and 45 higher education institutions driving innovation. It is the leading region in Portugal in patent submissions, with the University of Porto at the forefront. Portugal’s Digital Nomad Visa further supports international talent acquisition, allowing non-EU/EEA/Swiss nationals to reside and work in the country on both a temporary and permanent basis.

Local and Global Connectivity

Porto offers a supportive and dynamic environment for startup growth. Porto is home to 50+ coworking spaces, accelerators, and incubators, as well as 60 communities of founders, tech builders, and enablers that meet regularly, providing essential resources and fostering collaboration among entrepreneurs. On a global scale, Porto’s coastal location and global ties make it a key gateway to European and international markets.

Selected Startup Organizations

Startup Genome Members

MEMBER

ScaleUp Porto

ScaleUp Porto is the municipal agency responsible for promoting, empowering, and supporting the growth of the city's entrepreneurial ecosystem. It has boosted economic development by activating the ecosystem, facilitating connections among stakeholders, and promoting impactful entrepreneurship initiatives and programs.

Key Ecosystem Players

UPTEC

Porto’s leading incubator supports early-stage companies in tech, science, and creative industries by connecting them with university knowledge, resources, and a strong network of mentors and partners.

U.Porto Innovation

Facilitates university-industry knowledge transfer by growing spin-offs, offering IP support, and mentorship. Recognized spin-offs gain access to the entrepreneurial network The Circle, which currently includes over 100 spin-offs.

Founders Founders

Founders Founders is a founder-led community offering workspace, mentorship, and networking to help startups scale together through peer support, growth programs, and immersion in entrepreneurial culture.

PORTIC

Porto Innovation Centre promotes applied research and entrepreneurship, linking businesses with researchers to co-develop tech-based solutions that address societal and industrial challenges.

Porto Innovation Hub

Porto Innovation Hub is a municipal platform fostering digital and civic innovation by connecting public, private, and academic players to co-create solutions for Porto’s urban challenges.

Explore more ecosystems

Work with us

If you are interested in working with us to drive global attention to your ecosystem, please get in touch with Marina Krizman, Director of Business Development.

GET IN TOUCH