Driven by factors such as government support, skilled talent, and various opportunities, the Portugal startup ecosystem is thriving. Lisbon and Porto are the startup hubs in Portugal. Some of these startups have bold innovations and strong market potential and are already making waves across the country. Various startups in industries such as healthcare, AI, and education are contributing to the country’s entrepreneurial scene.
Why Do People Like Launching Startups In Portugal?
One important factor that startups find extremely beneficial is when the country’s government offers support to startups. In Portugal, the government has set up various government incentives as well as robust tax incentives that are very helpful for startups. Support is a key factor when choosing a location to launch a startup. Not only does the government offer support, but programmes such as Startup Visa and Startup Portugal+ help startups with promoting entrepreneurship, attracting international talent, as well as providing critical funding. All these factors are very essential to help an earlystartup succeed faster.
Portugal is also a country that has a strategic location since startups can easily facilitate access to global markets and seek European connections. Its easy connection to the rest of Europe, Africa and South America makes it a strategic place for a startup that wants to expand internationally.
Portugal and nearby countries have some of the best universities in Europe and possibly the world; this makes it easier to attract top talent. Since Portugal is also known to have a lower operational cost and cost of living compared to other countries such as the US, it also makes it possible to develop top talent at affordable prices.
Many startups are succeeding very fast, with many startups already receiving unicorn status within only a few years. This shows the potential for startups in Portugal, and in addition to this factor, Portugal is a beautiful, laid-back country that is great to live in.
10 New Startups In Portugal
These are the 10 new startups in Portugal that are showing potential:
1. MyCareforce
MyCareforce is a healthcare startup that was established in 2021 in Lisbon, Portugal. They have created a platform that connects nurses with available shifts; this optimises the recruitment process from sourcing to payment.
They have seen that traditional hiring methods are not working as they did in the past, and in addition, it is harder for nurses to find a job that suits their needs and qualifications. Now this process can be better for both parties.
In 2023, the company received a significant investment from a venture capital firm.
2. NeuraSpace
NeuraSpace is a startup that was founded in 2020 in Coimbra, Portugal. They have developed an AI collision avoidance and debris monitoring system for satellites.
They have seen that more and more constellations are deployed in low Earth orbit as the years go on, and there will be a need to make sure that your fleet is safe.
With an impressive $27.5 million in funding, NeuraSpace is now keeping an eye on over 300 satellites for clients such as the European Space Agency.
3. PayNest
PayNest is a fintech startup that was established in 2022 and has its headquarters in Lisbon, Portugal. They have developed a platform that helps workers access their salaries, and it offers additional services such as financial coaching and emergency pay options. This platform is designed to improve employee financial well-being.
This company is different from others because of the fact that it integrates with HR systems to enhance employee benefits. The company is gaining traction and recognition, with €1.5 million already raised.
4. Connected
Connected is a Porto-based startup that was launched in 2023 in Coimbra, Portugal. This startup focuses on connectivity gaps and tries to address that through affordable satellite communication.
By using IoT business models, the company can bridge the digital divide and also reduce setup and operational costs. The company has already received €2 million in funding. Their mission to overcome the digital divide aligns well with Portugal’s sustainability goals.
5. Ethiack
Ethiack is a cybersecurity startup that was founded in 2022 in Coimbra, Portugal. Ethiack offers a collaborative platform for offensive security, empowering organisations to fend off cybercrime while also rewarding ethical hackers for their efforts.
The platform can provide companies with a complete report of descriptions of vulnerabilities and the respective severity of the companies. The platform also has guides to mitigate the problems and clarify any doubts, which can in turn help a company detect weaknesses in their systems.
During a seed round, the company was able to raise €4 million in funding. This money will be used to improve their Hackbot, enhance vulnerability detection and also to expand into other markets.
6. Framedrop.ai
Framedrop.ai is a startup that was founded in 2021 in Coimbra, Portugal. They have developed an AI-driven content creation tool that finds highlights from lengthy videos and then creates shorter clips. This helps content creators to easily share shorter highlights clips with their audiences on their socials.
Framedrop is really honing in on the creator economy, which is riding the wave of the skyrocketing demand for short-form video content. With some early-stage funding and a steadily growing user base, it’s shaping up to be a promising contender in Portugal’s AI startup scene.
7. Bloop
Bloop is an e-commerce and social shopping startup that was established in 2024 in Portugal. It is the first Social Shopping network where users are rewarded for sharing their authentic shopping experiences. This creates a marketplace where shoppers earn credit and sellers gain free advertising.
Bloop has recently closed a EUR 850,000 investment round. Bloop is shaking up the e-commerce scene with its innovative decentralised model that combines social influence and buying power. As it sets its sights on expanding into Spain and France, Bloop is making a splash as a daring new player in Portugal’s startup landscape.
8. Mobmio
Mobmio is a startup that was established in 2023 in Funchal, Portugal. They have made a mobile app growth platform that assists brands in getting new users and publishers to monetise effectively.
Mobmio is shaking things up in mobile marketing by teaming up with trusted publishers and influencers to attract users for apps in e-commerce, finance, and entertainment. With a solid €480,000 in funding, their global partnerships and adaptable payment options are helping them shine in the industry. By prioritising high-quality traffic, Mobmio is setting itself up for impressive long-term growth.
9. PluggableAI
PluggableAI is a startup that was founded in 2022 in Braga, Portugal. They integrate AI and smartphone sensors into mobile apps for brands, festivals, and TV shows to enhance fan engagement.
The company’s system harnesses the power of artificial intelligence along with non-intrusive smartphone sensors to shake up digital marketing. It delivers notifications right when they’re needed, helping businesses build a positive brand image, keep users engaged with their apps, and boost response rates.
With an impressive €1.85 million in funding, PluggableAI is changing the game for how brands connect with their “super fans.”
10. QuantumNova
QuantumNova is a startup that was founded in 2023 with their headquarters being in Coimbra, Portugal. They specialise in post-quantum cybersecurity solutions that protect businesses from quantum computing threats.
The company provides post-quantum cryptographic algorithms that protect sensitive information, secure communication channels, and ensure future-proof cybersecurity. This empowers enterprises, government agencies, and IT professionals to play a vital role in creating a safer digital society.
Quantum-safe encryption, such as what you find with the QS-P Network VPN, guarantees data security without the hassle of major IT changes. With robust support from both industry leaders and academic institutions, QuantumNova is stepping up to meet a crucial need for the future.
