Portugal’s capital city, Lisbon, is known for its old-world charm that captivates residents and tourists alike. Compared to other Western European countries, the cost of living in Lisbon is relatively low. With warm summers and mild winters, it offers favourable living conditions all year round.
Aside from its rich history and intricate architecture, the city is gaining momentum as a bustling tech hub. It has a strong startup scene that is welcoming for entrepreneurs looking to start their ventures. With its good quality of life, desirable climate and inviting business environment, it’s no surprise that Lisbon is home to some of the most successful startups in the country.
Why Are Startups Thriving In Lisbon?
51% of Portugal’s startups are based in Lisbon, and Dealroom reported that the city’s startups raised more than £2.5 billion in 2022, three times more than in 2021. In addition to an affordable cost of living, operational costs are also fairly low compared to elsewhere in Europe. With its strategic location, Lisbon provides startups with easy access to other European markets as well as global ones.
The Web Summit, a global technology conference, is held annually in the city. It has a reputation of being one of the most influential tech events worldwide. Every year, investors, startup founders and industry leaders come together in Lisbon to discuss new technological trends and innovations.
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Top 10 Startups To Watch In Lisbon
Let’s take a look at some of the startups that have taken advantage of Lisbon’s exciting business environment.
1. HiJiffy
HiJiffy is an AI-powered communication tool for hotels, resorts and hostels in the hospitality industry. It provides AI conversational solutions to interact with guests and respond to queries. It also streamlines all queries into one platform and provides more control over bookings. The company has raised more than £2.1 million in funding and currently operates in more than 50 countries.
2. Virtuleap
Virtuleap is a health and education VR startup that uses virtual reality and artificial intelligence to help with cognitive assessments and training. Founded in 2018, they offer games to train cognitive skills such as memory, problem solving and motor control. The company has received 14 industry awards and secured £1.9 million in funding from GED ventures to-date.
3. Checkfirst
Checkfirst is an AI-powered inspection and scheduling tool that can improve workforce efficiency by up to 5x. It assists with maintaining compliance with industry standards by storing information and automates inspection for a streamlined process. Admin tasks and inspection bookings can also be automated to improve team capacity.
4. Bridge In
Bridge In is a Lisbon-based company that offers team relocation, payroll and Employer of Record services to private-owned and publicly listed companies, startups and scale-ups who want to expand into Europe. Since its inception, the company has saved its clients £103 000 and served more than 10 unicorn companies. They have also attracted £22 million in foreign investments.
5. Drivit
Drivit was founded in 2014 to use technology and data to make roads safer for travel and make mobility more sustainable. It is integrated into other apps and offers features such as route optimisation, EV recharge and driving advice based on weather or traffic issues.
6. Coverflex
Coverflex is a compensation management solutions for employees. It combines benefits, insurance, meal allowances and discounts into one card for employee use. Their mission is to give people more options and value for their work, and to improve the quality of life for employees. The company has raised £500 000 in investment funding.
7. Codacy
Founded in 2012, Codacy provides developers with solutions to assist with merging clean, quality and secure coding. With their product, development teams can build high quality, secure applications. The tool allows for quick integrations and scaling, increased developer efficiency and measured engineering performance.
8. Neroes
Neroes is an AI-driven tech startup based in Lisbon that specialises in improving mental health and performance in athletes. Both founders, Pedro Pestana and Hugo Ferreira, are passionate about human performance and using scientific knowledge to benefit human empowerment.
9. Windcredible
Started in 2022, Windcredible produces vertical axis wind turbines. This a renewable energy technology that generates electricity from wind. Their goal is to create a centralised energy generator in urban areas, making it accessible to everyone. The company has raised £197 000 in funding.
10. Busup
Busup offers private shared-transport services for companies, schools, universities and individuals. It includes exclusive routes for a single company, shared routes for different organisations or door-to-door routes with the goal of reducing your transport costs. The company has raised £930 000 in investment funding to date.
