This article is going to look at some of the top Portuguese startups that are worth following in 2023. Portugal is home to many booming industries, some of which include the machinery, textiles, and food industries. This southern European country has a huge export economy and ranks highly on the list, creating many top startups.
The current startup market is huge and growing in Portugal, with over 2,200 startups being registered. With $1 billion in funding being made by startups in 2021, businesses are doing very well at getting started and hitting their industries with a new fresh perspective.
Startups based in Portugal's capital alone reach a combined value of €2.1 billion, or $2,227,932,000. This was based on recent figures from 2022, proving just how ready the Portuguese startup industry is for business.
There are also government schemes that have been put in place in Portugal to support startups getting off the ground. Startup Portugal is a public-private organisation launched in 2016, that is working with the government in Portugal. The non-profit organisation has a goal to promote entrepreneurship and new thinking whilst boosting Portugal's ecosystem. It is aiming to launch new legislation to help startups. There is a large amount of funding for the recovery and resilience programme that supports startups. StartUp Portugal has €125 million for this programme with the aim to open applications for startups soon. In 2020, the Portuguese government also announced a €25M economic relief plan to help the startup ecosystem.
1. TMRW Sports
Year Founded: 2021
HQ: Cascais, Lisboa, Portugal
Size: 1-10
Founders: Mike McCarley, Rory McIlroy, Tiger Woods
The first company on our list of Portuguese startups to follow in 2023 is the sports venture startup TMRW Sports. It is also known as just TMRW. The company uses technology and industry knowledge to create better approaches to sports, media, and entertainment. TMRW Sports launches golf leagues as well as holding events in stadiums to give people new ways to enjoy sports and entertainment. The company operates in the information technology, sports and media, and entertainment industries looking for innovative ventures.
TMRW Sports has managed to raise $14.7M in total funding through just one funding round. This funding round was supported hugely by a wide range of investors. 68 investors helped to raise the funding in October 2022.
2. Casafari
Year Founded: 2017
HQ: Lisbon, Portugal
Size: 251-500
Founders: Dmitry Moskalchuk, Mila Suharev, Nils Henning
Casafari is a Portuguese startup that was founded in 2017 and is currently based in Lisbon. The company is behind a real estate network that helps real estate agents by providing them with a comprehensive view of the market that has been completed at the most recent possible point. With fluctuations in the housing market, this is incredibly important for real estate agents.
Since being founded, the business has generated a large amount of startup funding. In total, the business has managed to raise a figure of 119.2 Million Euros to further its growth and development. These funding rounds have seen the business generate support from 21 investors.
3. Promptly
Year Founded: 2018
HQ: Porto, Lisboa, Portugal
Size: 11-50
Founders: Luis Magalhaes
The next Portuguese startup on the list to follow in 2023 is Promptly. This startup is a health data analytics company that collects, integrates, and analyses data. It works with partnerships healthcare organisations to be the spearheads of a better healthcare system that works for its customers. The service allows you to track treatments and follow up with your results. It also allows you to monitor your condition easily and make it shareable with your doctor. This process also allows clinicians to receive real-time, up-to-date information about their patients.
This startup has completed three funding rounds altogether, raising $4.6M with help from six investors. Promptly's most recent funding round took place on the 8th of December 2022 but previously had funding rounds in June of 2021 and January of 2020.
4. Exclusible
Year Founded: 2021
HQ: Lisbon, Lisboa, Portugal
Size: 11-50
Founders: Artur Goulão, Olivier Bureau, Pierre Guigourese, Romain Girbal, Thibault Launay
The next Portuguese startup works with top luxury brands. Exclusible is working hard to create a business model that provides an NFT marketplace for these luxury brands. The company also shares regular content to teach its customer base more about the industry. Content about NFTs, crypto, and the metaverse can all be found on the company blog. This allows customers to get to know the brand and what it is all about.
Since being founded in 2021, the company has managed to raise €7.2M in total funding. This money was made through just two funding rounds, supported by six investors with four lead investors. The most recent funding round took place in October of 2022 which raised €5M.
5. Didimo
Year Founded: 2016
HQ: Leça Da Palmeira, Porto, Portugal
Size: 11-50
Founders: Veronica Costa Orvalho
Didimo is our next Portuguese startup to follow through 2023. It is operating in the 3D technology and artificial intelligence industries. This startup is doing things many of us have not seen before. Didimo takes the customer and immerses them in any digital experience they wish. With just a quick, simple photo, the technology can turn the customer into a digital didimo that can experience things on the screen.
This futuristic and unique startup company has raised a large amount of funding across eight funding rounds. The total funding amount currently sits at around $15.9M. This was made with the help of twelve investors. In October of 2022, four investors helped raise $7.2M in funding.
6. Kitch
Year Founded: 2019
HQ: Lisbon, Lisboa, Portugal
Size: 11-50
Founders: Nuno Rodrigues, Rui Bento
The food delivery startup Kitch is working hard to help restaurants make the delivery process more smooth and more efficient. This is a great startup that is making small restaurants find new customers and boost their profits. Kitsch allows businesses to sell their food and their dishes online exactly how they want to. The aim of Kitch is to keep the power in the hands of the restaurant. Allowing businesses to keep their quirkiness and personality on their online store helps restaurants build memorable brands that encourage loyal customers.
In just two funding rounds, the company has managed to secure help from eight different investors and raise an impressive amount. The total funding currently sits at €4.3M. Kitch's last funding round took place in May of 2021 and was supported by four investors.
7. Landing.Jobs
Year Founded: 2013
HQ: Lisbon, Portugal
Size: 51-100
Founders: Jose Paiva, Pedro Carmo Oliveira
Landing.Jobs is a Portuguese startup that was founded in 2013 and is currently based in Lisbon, Portugal. The company has created a national recruiting and job search platform specifically created for tech talent. This platform helps tech talent to get work and be paid by companies all across the world, which provides better access for opportunities than workers may normally have available.
Since being founded, the business has successfully raised startup funding. The company's last funding round took place in March 2020. In total, the business has managed to raise a figure of 2.8 Million Euros in startup funding, with this total being achieved through the support of three investors.
8. Rely.io
Year Founded: 2021
HQ: Almada, Lisboa, Portugal
Size: 1-10
Founders: José Velez, Tiago Marques
Another startup that could be worth keeping an eye on in 2023 is the Portuguese startup Rely.io. It is also known as detech.ai. This company is powered by artificial intelligence and is a monitoring platform that helps organisations or businesses to understand their IT operations. It turns complex or confusing data into understandable information that can be acted upon. The platform helps its customers to stay connected with their own customers by analysing data that explains behaviors. This way, businesses can keep on top of their IT operations and sort technical problems to help them grow.
In two funding rounds, the top Portuguese startup raised $2.4M with the help of eight investors. The most recent funding round took place in September 2022 which raised $2M in funding.
9. Pleez
Year Founded: 2020
HQ: Lisboa, Portugal
Size: 11-50
Founders: Afonso Pinheiro, Vasco Sampaio
Another food-tech startup from Portugal worth watching in 2023 is Pleez. The company claims to be much more than just a delivery company. It helps restaurants make business decisions by informing them more about the business data. Pleez measures restaurants' impact by analysing the results of menu changes so each restaurant knows more about its brand. The startup offers different package services, so each restaurant or business can pick what will suit the budget best. There is a market insight package, a basic integral management package, and a premium (or Pleezium) integral management package.
This startup has completed three funding rounds, raising $1.7M in total funding all together. These funding rounds were supported by two investors and the most recent one took place in April of 2022.
10. Smartex.ai
Year Founded: 2018
HQ: Porto, Lisboa, Portugal
Size: 51-100
Founders: Antonio Rocha, Gilberto Loureiro, Paulo Ribeiro
Smartex.ai is a top startup in Portugal working in the artificial intelligence sector. This Portuguese startup might be worth following in 2023 as it is aiming to change the textile industry through AI and computer vision. The AI and computer vision that Smartex.ai is using is designed to spot textile faults during automated inspections. The cutting-edge technology is being used to enhance and reimagine the outdated textile industry. This real-time inspection was designed to be used for circular knitting machines so any defects can be spotted immediately, whilst the mistake is made.
The Portuguese startup has raised a very impressive $27.6M in total funding since it was launched in 2018. It has done this through six funding rounds that took place between February of 2019, when the first funding round was made, to November of 2022, when the last funding round was made. Ten investors supported these funding rounds across the years, with two lead investors. Nine of the ten investors were involved in the most recent funding round on the 3rd of November 2022, which raised $24.7M of the total funding amount.
11. Cross Border Talents
Year Founded: 2013
HQ: Lisbon, Portugal
Size: 251-500
Founders: Ricardo Nobre
Cross Border Talents is a startup in Portugal that was founded in 2013 and is currently based in Lisbon. The company works in recruitment and helps to place people from Portugal into a range of jobs in the United Kingdom. Some of the jobs it recruits for involve engineering, IT, medical and contact centre work. This provides a range of opportunities for workers to create a better future.
Since being founded, the company has not received any startup funding to further its growth. Despite this, the company has successfully received a grant from EASME to the value of 71,400 Euros in 2015, which helped the business to accelerate its growth.
12. Aptoide
Year Founded: 2011
HQ: Lisbon, Portugal
Size: 51-100
Founders: Alvaro Pinto, Ines Rola, Paulo Trezentos
Aptoide is a Portuguese startup that was founded in 2011 and is currently based in Lisbon, Portugal. The company has created a marketplace environment for Android users, which allows developers, integrators and others to host their own apps for download independently on their own stores. These stores can be created by developers through the use of the Aptoide system.
The business has gone through a number of funding rounds since being founded, with the startup in Portugal raising a total of $25.9 Million in startup funding. This funding was achieved through the support of six investors.
13. DreamShaper
Year Founded: 2013
HQ: Lisbon, Portugal
Size: 51-100
Founders: Joao Borges, Miguel Queimado, Pedro Querio
DreamShaper is a startup in Portugal that was founded in 2013 and is currently based in Libson, Portugal. The company has created an online tool that is more specifically tuned to project-based work in educational settings. The tool helps students to create better and more meaningful project work, which improves learning ability and the ability of students to develop better socio-emotional skills.
The startup has gone through a single round of startup funding since being founded, with the most recent taking place in November 2016. This funding round was supported by Alpac Capital and the business managed to raise 3.5 Million Euros with their support for their EdTech startup.
14. Coverflex
Year Founded: 2019
HQ: Braga, Portugal
Size: 11-50
Founders: Luis Rocha, Luis Rocha, Miguel Santo Amaro, Nuno Pinto, Rui Carvalho
Another Portuguese startup that is worth following in 2023 is Coverflex. This startup believes that compensation should not be difficult to get. So, the company is working in the debit card, employee benefits, fintech, and insurtech industries to make it easier for people to get compensation. The startup offers its services to accountants, managers, and employees so everyone can find a simple solution. The solution is completely digital and helps businesses operate more smoothly with their employees.
In April 2021, the Portuguese startup ran its most recent funding round, raising €5M of the €6M total funding. It had previously run just one funding round but has had help from five investors with one lead investor.
15. Forall Phones
Year Founded: 2016
HQ: Lisbon, Portugal
Size: 51-100
Founders: Jose Costa Rodrigues
Forall Phones is a Portuguese startup that was founded in 2016 and is currently headquartered in Lisbon, Portugal. The company focuses on decreasing the impact of technological waste on the environment by refurbishing and reselling electronic goods that would usually be sent to landfill. This also helps people to get access to more up-to-date technology, at lower prices.
Since being founded, the business has managed to raise a figure of 4.5 Million Euros. This funding has been achieved with the help of a single investor, that has supported the business all the way up until its most recent Series A round.
16. 3HB Hotels
Year Founded: 2017
HQ: Faro, Portugal
Size: 251-500
Founders: Miguel Pinheiro
3HB Hotels is a Portuguese startup that was founded in 2017 and has its head office in Faro. The company is a chain of hotels that has steadily grown to encompass six hotels since being founded. With Portugal being one of the premiere holiday destinations in Europe, the company is never short for visitors to its hotels and it is very likely that they will continue to purchase additional sites for growth and further development.
Despite the fact that the company works in a capital-dense industry, there is no publicly available information about the business seeking VC funding. As the business continues to bring in additional sites, it may entertain the idea of bringing in outside capital.
17. Wegho
Year Founded: 2018
HQ: Porto, Portugal
Size: 251-500
Founders: Carlos Franco de Magalhaes
Wegho is a startup in Portugal that was founded in 2018 and is currently based in Porto, Portugal. The company has created an online platform for home cleaning and facilities services. Their platform allows people to book help on demand, so that they can get quick access to all of the services they need to maintain their home from a range of service providers.
The business has gone through a single round of startup funding, with this round being a Seed Funding round that took place in November 2018. This funding round allowed the company to raise a figure of 1.7 Million Euros, with the support of an unknown number of investors.
18. Cleanwatts
Year Founded: 2020
HQ: Coimbra, Coimbra, Portugal
Size: 51-100
Founders: J Basilio Simões, James McDougall, Jorge Landeck, Luisa Matos, Michael Pinto
Cleanwatts is another top startup in Portugal. It is part of the huge and ever-growing industries of clean energy, cleantech, and SaaS. This company is definitely one to follow through 2023 and beyond as it is working hard to meet the needs of local energy communities whilst using clean energy. Cleanwatts offers a digital operating system for renewable energy communities. It connects meter optimisation for community members with the meter grid resiliency and transaction management. The company has decades of industry experience developing and using digital solutions to real-life problems.
This Portuguese startup has raised €16.1M in total funding since being launched. The company made this through just three funding rounds with the help of four investors. Cleanwatt's first funding round took place in January of 2021 and the most recent funding round happened in June of 2022.
19. Nexllence
Year Founded: 2020
HQ: Lisbon, Portugal
Size: 251-500
Founders: Nuno Lopes
Nexllence is a Portuguese startup that was founded in 2020 and is currently based in Lisbon. The company operates in the technology sector by providing solutions for cybersecurity, integration consulting, the development of applications and solutions for the creation of online content. This helps businesses to get all of the help they need for their technology requirements.
Despite the rapid growth of the business since being founded, there is no publicly available information on any VC investments that have been made. As the business continues to expand and thrive, startup capital may become a reality for the team.
20. Readiness IT
Year Founded: 2015
HQ: Porto, Portugal
Size: 251-500
Founders: Joao C, Nuno Couto
Readiness IT is a Portuguese startup that was founded in 2015 and is currently based in Porto, Portugal. The company provides full IT solutions for other businesses, which includes systems integrations. The primary service is the integration of ConceptWave products for its clients.
Since being founded, there has been no record of the company receiving any form of VC funding. As the business continues its rise, it is likely that some funding may be seen in the future.
21. NAORIS
Year Founded: 2020
HQ: Aveiro, Portugal
Size: 1-10
Founders: David Joao Vieira Carvaho, Monica Oravcova
The next startup on our list is one that works within the artificial intelligence and cyber security sectors. It also operates in the information technology, software, and machine learning industries. The Portuguese startup is called NAORIS. This startup provides its customers with a distributed cybersecurity ecosystem. It offers this cybersecurity to any organisation of any size.
Naoris has raised an impressive $11.5M of funding in total. This was done through three funding rounds with the help of ten investors and two lead investors. The latest funding round took place in July of 2022 with seven investors.
FAQs
How Many Startups Are There in Portugal?
There are currently more than 2200 startups in Portugal.
What is the Average Investment in Portuguese Startups?
The average investment can be difficult to define, however in Lisbon alone, startups have 3.2x their raise from 2021, with a total of 333 Million Euros being raised in the city during 2022.
What Startup Industrys Are The Strongest in Portugal?
The top startup industries in Portugal are IoT, healthcare, enterprise software and marketing.
