It might be everyone’s dream to move to Portugal. Beautiful beaches, amazing food, and weather. Its vibrant startup scene is now another reason to add to the list. Like in neighboring Spain, the country was hit hard with a headache-inducing unemployment rate that was concentrated primarily on Portugal’s youth. Instead of plunging the country into a deeper recession, this moment inspired an entrepreneurial zeitgeist that hurled Portugal headfirst into a technological renaissance. The government is taking this opportunity and running with it, offering benefits to startups like a €200 million venture capital matching fund open to all startups headquartered in Portugal and the StartUP voucher which gives 400 entrepreneurs a grant every year to develop their startup idea. The international tech scene has already caught on to the country’s potential with a number of startups relocating or opening secondary offices there. Perhaps the most well-known relocation was the annual Web Summit’s move from Dublin to Lisbon in 2016. These transplants will only add to Portugal’s now unstoppable startup ecosystem. Selecting the hottest young scale-ups from Europe Together with Adyen we set out to search for the hottest young scale-ups based on their performance, growth, and potential. The top-5 of each country will join the Tech5, a community of the hottest young tech companies in Europe and Israel. Today we highlight Portugal. We did our research, consulted with our advisory consortium of 100 investors, influencers, entrepreneurs and experts across Europe and selected the five hottest young Portuguese scale-ups. These companies are selected to join the Tech5… [Read full story]
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