Porto startups reach more than 6.4 billion euros in associated value

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Miguel Nogueira

Porto startups reached more than 6.4 billion euros (6.9 billion dollars) in ecosystem value between 1 July 2021 and 31 December 2023. The information is contained in the Global Startup Ecosystem Report (GSER) 2024, from Startup Genome, launched at London Tech Week. The result gives the city of Porto direct entry into the Top 100 Emerging Ecosystems.

The figures now revealed represent an annual growth of 53% in Porto's technological ecosystem value, compared to the period from 1 July 2019 to 31 December 2021. In view of the significant growth in this measure of economic impact (calculated using the value of exits and start-up valuations), the city of Porto has moved up more than 30 places and won a place in the Top 100 Emerging Ecosystems for the first time. This rise 'highlights Porto's remarkable progress over the last year', emphasises the press release from Startup Genome, which involved the Global Entrepreneurship Network in the ranking.

For the Councillor for Economy, Employment and Entrepreneurship, Ricardo Valente, the valuation supports the work carried out by the municipality in this area. 'Porto is establishing itself as one of the main centres of entrepreneurship in Europe, with a booming startup ecosystem. This success is the result of the city's commitment to creating a favourable environment for startups to thrive, but above all of the talent and dedication of our entrepreneurs', he said.

Porto is establishing itself as one of Europe's leading entrepreneurship hubs"

These words are corroborated by Marc Penzel, co-founder and chairman of Startup Genome. 'With a large pool of tech talent and an extensive pipeline of early-stage startups, the value of Porto's startup ecosystem has grown by an impressive 53%, making it one of the fastest-growing ecosystems not only in Portugal, but also in Europe', he says.

With regard to the startups' ability to hire technological talent, the Global Startup Ecosystem Report (GSER) 2024 also reinforces Porto's good position, placing it among the 35 best European ecosystems in terms of accessible talent.

The value of Porto's startup ecosystem grew by an impressive 53%"

GSER is developed from data on startup ecosystems around the world, collected through a rigorous quality control process, with information from more than 4.5 million companies in more than 300 innovation ecosystems. The report shows trends in the startup world and has three rankings: 'the top 40 global ecosystems', 'emerging ecosystems' and a 'regional ranking'.

Startup Genome's Global Startup Ecosystem Report is drawn up by a consortium of representatives from more than 40 countries and analyses the current state of startup activity and investment. The document also guides public and private sector leaders on how to develop thriving startup communities - one of the main drivers of job creation and economic growth.

See the full report here.