<h3 class="wp-block-heading" id="h-lisbon-home-to-web-summit-s-world-renowned-event-maintains-a-strong-reputation-as-a-tech-hotspot-discover-why-the-portuguese-capital-is-the-ideal-place-for-startups-to-plant-roots">Lisbon, home to Web Summit’s world-renowned event, maintains a strong reputation as a tech hotspot. Discover why the Portuguese capital is the ideal place for startups to plant roots.</h3>



Lisbon is a resilient city that always bounces back from adversity. Just as the Portuguese population rebuilt the city following the devastating 1755 earthquake, the economy has undergone <a href="https://medium.com/nova-sbe/the-portuguese-environment-for-startups-1adc70200885" target="_blank" rel="noreferrer noopener">a hi-tech transformation since the 2007 recession.</a>



<h4 class="wp-block-heading" id="h-why-is-lisbon-a-great-place-for-startups">Why is Lisbon a great place for startups?</h4>



At a governmental and entrepreneurial level, Portugal offers a range of startup support to continue developing and promoting innovation. In recent years, Portugal invested widely in its economy, which has led to an <a href="https://www.nytimes.com/2018/07/22/business/portugal-economy-austerity.html" target="_blank" rel="noreferrer noopener">economic renaissance</a>.



While Lisbon’s tech scene is still in its early stages, it’s a growth area that’s developing rapidly. Startups based in the Portuguese capital are worth an impressive <a href="https://www.theportugalnews.com/news/2022-05-17/lisbon-startups-worth-21-billion/67137" target="_blank" rel="noreferrer noopener">€2.1 billion as of 2022</a> – a three-fold increase from half a decade ago.



It’s not hard to get your head around why.



A city with an international outlook, Lisbon is ranked as the <a href="https://immigrantinvest.com/insider/portugal-best-destination-for-digital-nomads-en/" target="_blank" rel="noreferrer noopener">number one</a> city globally for digital nomads, while Portugal as a whole is ranked as the <a href="https://www.idealista.pt/en/news/lifestyle-in-portugal/2024/07/24/64638-portugal-is-the-15th-best-country-to-live-in-according-to-foreigners" target="_blank" rel="noreferrer noopener">15th best country in the world for people working abroad</a>.



English is widely spoken, and Portugal was ranked <a href="https://completeenglishclub.com/general-en/the-worlds-best-non-native-english-speakers/?lang=en" target="_blank" rel="noreferrer noopener">ninth in the world for non-native English language proficiency in 2023</a>. The country also has a<a href="https://www.umultirank.org/blog/In-which-European-countries-are-STEM-graduates-most-highly-recognised/" target="_blank" rel="noreferrer noopener"> high ranking of graduates in STEM subjects,</a> surpassing the EU average.



And that’s not all. According to <a href="https://startupheatmap.eu/best-startup-cities/" target="_blank" rel="noreferrer noopener">Startup Heatmap Europe</a>, Lisbon also ranks <a href="https://startupheatmap.eu/best-startup-cities/">sixth on the list of the best startup cities in Europe</a>, while the <a href="https://rankings.ft.com/incubator-accelerator-programmes-europe/c/ranking/europes-leading-start-up-hubs" target="_blank" rel="noreferrer noopener">Financial Times</a> ranks Startup Braga and Startup Lisboa &#8211; Unicorn Factory Lisboa as seventh and tenth respectively out of all startup hubs across Europe in 2024.



<figure class="wp-block-image size-full"><a href="https://websummit.com/tickets/attendees/" target="_blank" rel="noreferrer noopener"><img loading="lazy" decoding="async" width="656" height="368" src="https://websummit.com/wp-media/2024/07/Lisbon-3.png" alt="" class="wp-image-90094" srcset="https://websummit.com/wp-media/2024/07/9ZqVMvwZ-Lisbon-3-300x168.png 300w, https://websummit.com/wp-media/2024/07/Lisbon-3.png 656w" sizes="auto, (max-width: 656px) 100vw, 656px" /></a></figure>



<h4 class="wp-block-heading" id="h-what-are-some-of-lisbon-s-top-startups">What are some of Lisbon’s top startups?</h4>



In technology, as in mythology, unicorns are rare. Despite the size of the community compared to others in Europe, several major unicorn companies have emerged from Lisbon’s tech scene in recent years.



<a href="https://www.outsystems.com/" target="_blank" rel="noreferrer noopener">OutSystems</a>



Founded in Lisbon in 2001, OutSystems is one of the world’s first market-leading, low-code software development systems. It currently has a valuation of US$4.3 billion.



<a href="https://www.talkdesk.com/" target="_blank" rel="noreferrer noopener">Talkdesk</a>



Talkdesk, now based in San Francisco, is a cloud-based customer contact centre and AI software provider with major clients such as IBM and Trivago. Founded in Lisbon in 2011, Talkdesk now has a valuation of more than US$10 billion.



<a href="https://www.farfetch.com/" target="_blank" rel="noreferrer noopener">Farfetch</a>



Perhaps most well-known by consumers, online luxury fashion retail platform Farfetch was founded by Porto native José Neves in 2007, and reported an expected valuation of <a href="https://www.farfetchinvestors.com/financial-news/news-details/2023/Farfetch-Announces-First-Quarter-2023-Results/default.aspx" target="_blank" rel="noreferrer noopener">US$4.9 billion for 2023</a>.



Here are some other exciting up-and-comers from the ‘white city’:



<a href="https://www.barkyn.com/" target="_blank" rel="noreferrer noopener">Barkyn</a> is a subscription service for pet owners that combines food delivery with televet support. (HQ: Porto. Founded: 2017.)



<a href="https://unbabel.com/" target="_blank" rel="noreferrer noopener">Unbabel</a> is an AI-powered language operations platform that uses machine learning and crowdsourcing to improve translations in customer service. (HQ: Lisbon and San Francisco. Founded: 2013.)



<a href="https://www.zaask.pt/" target="_blank" rel="noreferrer noopener">Zaask</a> is an online marketplace for hiring local professionals, freelancers and micro-companies across a range of services. (HQ: Lisbon. Founded: 2012.)



<a href="https://www.sensei.tech/" target="_blank" rel="noreferrer noopener">Sensei</a> is a computer vision and AI company leading the way in autonomous retail by enabling stores of all sizes to be checkout-free. (HQ: Lisbon. Founded: 2017.)



<a href="https://www.defined.ai/" target="_blank" rel="noreferrer noopener">Defined.ai</a> offers AI companies a range of data solutions to improve machine learning and make AI smarter. (HQ: Seattle. Founded: 2015.)



<a href="https://www.uniplaces.com/" target="_blank" rel="noreferrer noopener">Uniplaces</a> is an online platform for booking student accommodation across Europe. (HQ: Lisbon. Founded: 2011.)



<a href="https://swordhealth.com/" target="_blank" rel="noreferrer noopener">Sword Health</a> is a clinical-grade digital solution for musculoskeletal pain. (HQ: New York. Founded: 2015.)



<h4 class="wp-block-heading" id="h-what-support-does-the-portuguese-government-offer">What support does the Portuguese government offer?</h4>



Lisbon is a city that is “open and thriving for innovation,” according to Fernando Medina, former mayor of Lisbon. The Portuguese and Lisbon governments have invested a lot of energy and resources into developing Portugal’s industry. As such, they operate several different initiatives aimed at attracting and developing new enterprises:



<a href="https://www.startuplisboa.com/startup-lisboa-info" target="_blank" rel="noreferrer noopener">Startup Lisboa</a> is an incubator founded in 2012 by the Municipality of Lisbon, bank Montepio and IAPMEI (Portuguese Agency for Competitiveness and Innovation). It’s a nonprofit organisation set up to support early-stage enterprises.



<a href="https://www.investlisboa.com/site/en/" target="_blank" rel="noreferrer noopener">Invest Lisboa</a> is a strategic partnership between the Lisbon City Council and Portuguese Chamber of Commerce. It was founded in 2009 to attract investment, companies, and talent to the city.



<a href="https://startupportugal.com/" target="_blank" rel="noreferrer noopener">Startup Portugal</a> is a public-private think tank that links governments, entrepreneurs, incubators and accelerators via an information hub.



<a href="https://startupportugal.com/pt/programs/200m-2/" target="_blank" rel="noreferrer noopener">200M</a> is a state-sponsored investment fund, managed by Banco Português de Fomento, that co-invests in high-growth Portugal-based startups.



<h4 class="wp-block-heading" id="h-what-funding-is-available-for-startups">What funding is available for startups?</h4>



The ecosystem is maturing, with scaleups relying less on non-dilutive funding and having access to funding rounds beyond Series A, according to the Building Global Innovators report from 2020.



While foreign investment still accounts for the bulk of funding available for startups in Lisbon, there is an ever-growing list of domestic VCs and incubators.​​



Incubators



<a href="https://beta-i.com/" target="_blank" rel="noreferrer noopener">Beta-i</a> was founded in Lisbon during the 2009 financial crisis. It focuses on connecting startups with investors and government institutions through its accelerator programme.



<a href="https://brpx.com/" target="_blank" rel="noreferrer noopener">Bright Pixel Capital</a> was founded in 2016 by a team of experienced web and telecommunications experts. The incubator offers a development model to mitigate some early-stage risks for startups.



<a href="https://www.bgi.pt/" target="_blank" rel="noreferrer noopener">BGI (Building Global Innovators)</a> is a collaboration of Portugal’s 12 leading science and engineering universities, working to build connections between deep tech startups, corporations and investors.



<a href="https://teclabs.pt/en/tec-labs/">Tec Labs</a> is the University of Lisbon’s innovation centre. It provides assistance with R&amp;D and incubation for startups.



<a href="https://www.fabricadestartups.co/" target="_blank" rel="noreferrer noopener">Fábrica de Startups</a> offers incubation and acceleration for startups. It assists entrepreneurs in identifying business ideas, designing business models, finding customers and launching their companies.



<a href="https://demium.com/" target="_blank" rel="noreferrer noopener">Demium</a> is an international talent investor, providing mentoring and business advice for startups. Its partner fund offers a €100,000 pre-seed investment with up to €500,000 in follow-on investments.



<a href="https://www.edpstarter.com/" target="_blank" rel="noreferrer noopener">EDP Starter</a> has partnered with Microsoft, Amazon and EY. It provides expert-led mentoring and training to help enterprises connect with key industry partners.



<a href="https://maze-impact.com/maze-x/" target="_blank" rel="noreferrer noopener">Maze X</a> is an impact accelerator with a three-month sprint methodology work programme to help ambitious startups take off successfully.



VCs



<a href="https://www.portugalventures.pt/en/" target="_blank" rel="noreferrer noopener">Portugal Ventures</a> has invested €201.8 million since 2012. The VC aims to give Portuguese startups a global presence.



<a href="https://www.indicocapital.com/">Indico Capital Partners</a>’ current portfolio has raised more than €1.7 billion from global investors since 2018. The fund invests in SaaS, marketplaces, AI, IoT, fintech, cybersecurity and digital companies from pre-seed to Series A.



<a href="https://www.faber-ventures.com/" target="_blank" rel="noreferrer noopener">Faber Ventures</a> is an early-stage VC that focuses on the intersection of science and technology, driving digital transformation and climate action.



<a href="https://www.armilar.com/en/" target="_blank" rel="noreferrer noopener">Armilar Venture Partners</a> is an independent VC fund, managing more than €260 million in assets across a range of deep tech sectors.



<a href="https://www.bynd.vc/en" target="_blank" rel="noreferrer noopener">Bynd Capital</a> is an early-stage VC founded in 2010 with a particular focus on seed and early-stage startups that have an Iberian connection.



<a href="https://semapanext.com/" target="_blank" rel="noreferrer noopener">Semapa Next</a> focuses on Series A to late-stage investment, building long-term partnerships with startups.



<a href="https://www.edp.com/en/innovation/edp-ventures#what-we-do" target="_blank" rel="noreferrer noopener">EDP Ventures</a> is the VC arm of Energias de Portugal, investing in early-stage startups in the energy sector.



<a href="https://www.shilling.vc/" target="_blank" rel="noreferrer noopener">Shilling Capital Partners</a> works on a profit-sharing model. Each founder the fund invests in receives a stake in the fund to foster a sense of community among startups.



<h4 class="wp-block-heading" id="h-what-s-next-for-lisbon">What’s next for Lisbon?</h4>



Investment and innovation continue to grow in Lisbon thanks to the city’s global outlook and ability to attract talent.



<a href="https://hubcriativobeato.com/en/home/">Hub Criativo do Beato</a>, located on the site of the Manutenção Militar factories in Lisbon’s Beato neighbourhood, is the city’s new pole of innovation and creativity. This joint venture between Lisbon City Council and Startups Lisboa is one of Europe’s largest creative and entrepreneurial hubs – and the home of the Web Summit Lisbon office.



Web Summit will continue to call Lisbon home until 2028, bringing some of the world’s leading entrepreneurs, experts and investors together in the city for the foreseeable future.



Not only is Lisbon home to a thriving startup scene, but it’s also a beautiful place to live. With delicious food, bustling nightlife, stunning vacation spots and easy-going people, it provides opportunities inside and outside of the office.



As a startup grows, Lisbon can be somewhere for founders, entrepreneurs, investors and employees to put down roots.



<h4 class="wp-block-heading" id="h-if-you-re-a-lisbon-based-startup-check-out-the-web-summit-startup-programme-we-ll-be-back-in-the-city-this-november-for-another-inspiring-event-get-your-ticket-today">If you’re a Lisbon-based startup, check out the<a href="https://websummit.com/startups" target="_blank" rel="noreferrer noopener"> Web Summit startup programme</a>. We’ll be back in the city this November for another inspiring event.<a href="https://websummit.com/tickets/attendees" target="_blank" rel="noreferrer noopener"> Get your ticket today</a>.</h4>



Main image: <a href="https://websummit.com/" target="_blank" rel="noreferrer noopener">Web Summit</a>

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