Hello, this is Sergei, editor and founder of Startupt.co.

This week has been a whirlwind of activity, with significant developments across various sectors. From the impressive performance of tech giants lifting the NASDAQ, to the promising funding rounds for local startups, the dynamism of our ecosystem is truly inspiring. It's remarkable to see how Portugal continues to attract substantial investments, fostering a thriving environment for new and existing ventures.

In our "Raised" section, we're excited to highlight the achievements of startups like Unlockit, which recently secured €1.4 million. This not only underscores the potential of the PropTech industry but also reflects the growing confidence investors have in Portuguese innovation. Similarly, the expansion of international players like Hefring Marine into our market showcases Portugal's appeal on the global stage.

Don't miss our "News from Startups" segment, where we delve into the latest from SheerME, Jsonify, and other trailblazers making waves with their groundbreaking solutions. Additionally, the upcoming VivaTech event in Paris promises to be a fertile ground for networking and discovering cutting-edge technologies.

Our "News from Incubators and Accelerators" section features the return of the Clean Future acceleration program and the launch of the Portugal Blue Digital Hub. These initiatives are pivotal in driving sustainability and digital transformation, essential themes for the future of our industries.

As always, we round off with a curated list of upcoming events, from AI conferences to pitch competitions, ensuring you have ample opportunities to connect, learn, and grow.

Thank you for being a part of our community. Your engagement and feedback drive us to continuously improve and deliver content that matters to you. If you have any news or stories you'd like to share, don't hesitate to reach out — just reply on this email.

Startups in Portugal raised $216m already this year

Image credits: Startupt.co

As of May 21, 2024, Portugal's startup ecosystem includes 7.95K total companies, with 1.55K funded and 411 acquired. There are 95 companies at Series A+ funding and 10 at Series C+. Additionally, 52 companies have gone public. And by the way, there is only one unicorn from Portugal in the list of 1200 European unicorns ranked by Sifted — Feedzai.

OutSystems is ranked as the top company in Portugal according to the Tracxn Score. Other notable companies include SWORD Health, Unbabel, Affidea, and Aptoide. OutSystems has raised $572M, SWORD Health $295M, Unbabel $106M, Affidea $30.9M, and Aptoide $27.6M.

In 2024, up to May, $216M has been raised in 25 equity funding rounds across Portugal, compared to $49.3M raised in 23 rounds during the same period in 2023, marking a 337.55% increase in funding. These figures reflect the significant investment activity and advancement within Portugal's startup sector.

◉ It's been years since innovation transformed the way consumers schedule visits to beauty or barber salons. Despite becoming highly digital, the industry and its merchants have lagged, still relying on phone appointments. SheerME introduces the innovation, efficiency, and agility the beauty and wellness sector needs with a super app for consumers and a free platform for acquisition, marketing, and management. To learn more about how SheerME is digitalizing the beauty and wellness sector, bringing innovation to both consumers and merchants, listen to the interview on RTP. (RTP 🇵🇹)

◉ Later this year, the French computer and office equipment rental scaleup Fleet plans to establish a team in Portugal, a market it estimates could generate €700,000 in revenue during the first year. Having entered Spain over two years ago, Fleet is now expanding its presence to Portugal, expecting significant gross revenue. Fleet, currently active in four markets, aims to expand to ten countries this year, including Italy, Ireland, the Netherlands, Belgium, Luxembourg, and Austria. (ECO 🇵🇹)

◉ Earlier this month, Jsonify showcased its innovative platform at the Betaworks startup accelerator demo day in New York. Jsonify leverages computer vision and AI to convert arbitrary webpages and documents into structured data. This tool can sync competitors' product listings to Google Sheets, monitor business reviews from multiple sources, or compile up-to-date spreadsheets of companies in target sectors. Described as the 'Zapier of data', Jsonify allows users to build custom workflows in the cloud at scale. The platform has handled nearly a million requests and is rapidly expanding its customer base and revenue. Jsonify is now poised to bring its powerful data extraction and synchronization capabilities to a global audience. (Jsonify)

◉ VivaTech, Europe’s biggest startup and tech event, will take place in Paris from May 22-25, 2024. This event promises a daily dose of tech and startup news, insights, and innovations. We are proud to participate with nine innovative Portuguese startups: Biometrid, Powerdot, Infraspeak, Goparity | Impact finance, Leadzai, BHOUT, X-Plora / VizitAR, Follow Inspiration, S.A., and Skyline Digital AG. This is an excellent opportunity to explore the latest advances from our startups and discuss future technologies at the E58 cluster in Hall 1. Don't miss our Pitch Contest on May 23rd at 4:05 p.m. (aicep Portugal Global | France)

◉ Hefring Marine, originally based in Reykjavik, is expanding its operations to Portugal, joining the PortugalBlue portfolio. The startup's innovative Intelligent Marine Assistance System provides vessel operators with real-time decision-making support, enhancing safety and fuel efficiency through guided speed and route choices. This move underscores the importance of not only investing in local founders but also attracting international players with advanced technologies to develop R&D, create jobs, and expand activities. We wish Faber all the best in this new venture. (Expresso 🇵🇹)

◉ The EmpoWomen Program, supported by the EU's Horizon Europe, has launched its first cohort to elevate women-led startups in the deep-tech industry, offering an exclusive two-year acceleration journey, mentorship, and €45,000 in equity-free funding. Among the standout participants are three startups from Portugal — GOTECH Antimicrobial, The Newsroom, IPEXMED. Other participants: HUGUP (Poland), Astroteq.ai (Poland), Heilo (Poland), IQ Biozoom (Poland), Pinky CyberSafe (Moldova), INNOSENSUS (Lithuania), GMZ Enerji Sistemleri (Turkey), P-Agro Minerals (Latvia). With support from Business Angels Europe, these startups will receive intensive training, expert guidance, and invaluable networking opportunities over the next six months. (Startup Wise Guys)

◉ Portugal's startup ecosystem is flourishing with innovative advancements in AI and software technologies, supported by strong government backing and a dynamic venture capital environment. From Lisbon's established tech hubs to emerging centers across the country, Portuguese startups are making significant strides. As 2024 approaches, several startups stand out as key players to watch in this vibrant and rapidly evolving landscape. Look at the list of some very promising startups form our country, ranked by RealRate.

◉ The Clean Future acceleration program returns, connecting Lisbon with Helsinki, Marseille, and San Sebastian through partners Urban Tech Helsinki, L'Accélérateur, and Donostia Sustapena. Over 10 weeks, startups can expect mentoring from top experts, international exchanges, masterclasses, and a robust sustainability community. Key partners MEXT: Mota-Engil Next in Construction, Emel in Mobility, GS1 Portugal in Retail, and Eletrão in Sustainability, with Galp's operational support, will guide participants. Prizes include €10,000 for the overall winner and €5,000 for category winners, plus potential pilot projects and partnerships. (Apply here)

◉ Coverflex and Codacy are participating in the Unicorn Factory Lisboa initiative to promote innovation and entrepreneurship among university students in Portugal. The Future Innovators Program aims to encourage entrepreneurial spirit within the national academic community and reshape the perception of entrepreneurship as a viable career path for young Portuguese. According to Gil Azevedo, the program's primary goal is to develop critical skills and an innovative spirit in young people through practical experiences based on real challenges. The program, divided into two stages, includes e-learning training, opportunities to learn from specialists, and two hackathons focused on education, digital transformation, and smart cities. (Armilar 🇵🇹)

◉ Startup Madeira is participating in the Portugal Blue Digital Hub, which is set to launch in July. The Portugal Blue Digital Hub (PBDH), led by Fórum Oceano and involving 16 other national entities, aims to promote the digital transformation of SMEs and public entities in the national blue economy sector. The initiative focuses on enhancing interoperability between companies, stimulating entrepreneurship, and attracting foreign investment, with a special emphasis on developing AI-based services. Additionally, the PBDH seeks to digitalize the public sector related to maritime activities, simplifying access to data. In the coming days, PBDH will introduce the consortium members and outline the project's objectives leading up to the launch event in July. The Portugal Blue Digital Hub project is part of the Recovery and Resilience Programme funded by the European Commission. (The Portugal Blue Digital Hub)

◉ N1 Investment Fund is excited to announce a new partnership with Build Up Labs, a startup studio and incubator. Build Up Labs ideates, builds, and grows multiple startups using a lean process. In 2020, it became a certified incubator for the Startup Visa program from Startup Portugal and IAPMEI. The studio specializes in creating and validating digital product ideas through ideation, business models, UX, development, growth hacking, and social media management. The incubator supports early-stage startups with mentorship, strategic partnerships, investment access, networking activities, and a like-minded community. (N1 Investment Fund)

◉ Startups owning facilities, machinery, and production equipment can now apply for the Portugal 2030 opportunity, running from May to September, offering up to 40% financing. This initiative supports building new facilities, increasing production capacity, adding new products, or integrating innovative technologies. Eligible expenses include machinery, technology transfer, patent rights, licenses, and external services in engineering and marketing, with new facilities applicable to tourism and industry sectors. For more details and to apply, visit Granter.ai.

◉ The Network of Social Innovation Incubators (RIIS) and the Center for Economy and Social Innovation (CEIS) have launched a fully funded training program for technicians of social innovation incubators. This initiative aims to enhance and update the theoretical and practical skills of these technicians, supporting RIIS's mission to promote entrepreneurship and social innovation across Portugal. RIIS represents around 25 incubators working collaboratively to empower and recognize their contributions, while CEIS focuses on empowering social economy entities through professional training and skill validation. This program promises significant advancements for the social innovation sector in Portugal. (Registration and information)

◉Portugal Ventures will open a call on Thursday for startups related to decentralized technology (Web3) with investment tickets between 200 thousand euros and 1.5 million euros. The State's venture capital company decided to launch this call to mark the official inauguration of the Web3 Hub in Alvalade. (O Journal Economico 🇵🇹)

◉ Tiago Gaspar Sampaio and Pedro Ferreira have launched a new platform connecting job seekers with startups and scaleups in Portugal. In its first week, the platform attracted over 11,500 page views and generated 42,000 impressions on LinkedIn, receiving more than 70 support and collaboration messages. The founders are optimistic about their contribution to the Portuguese startup and tech ecosystem. (Startupjobs.pt)

◉ Transitioning from corporate life to entrepreneurship is a journey filled with unexpected challenges and rewards, requiring a shift in mindset, stepping out of comfort zones, and facing uncertainty. However, the freedom, creativity, and personal growth make it worthwhile. Cintia Mano reflects on her decision to leave the corporate world, describing it as a life-changing experience. Now, as an angel investor, she supports other entrepreneurs, leveraging lessons from her own journey. She encourages aspiring entrepreneurs to take the first step, embrace the unknown, and begin their adventure. (LinkedIn)

◉ Gil Azevedo, Executive Director of Unicorn Factory Lisboa, joined SuperToast by Instinct for the Innovation Talk to discuss the launch of the Lisboa Innovation for All - Social Impact Challenge. This challenge aims to find solutions for improving the lives of students and innovating in education, increasing quality of life and access in healthcare, and promoting social integration of immigrants. The winners will receive a total prize of 360,000€. (SuperToast by Instinct)

◉ The CCINP - Chamber of Commerce and Industry NL-PT is renewing its commitment to strengthening the business relationship between the Netherlands and Portugal. Led by Marisa Monteiro Borsboom, the CCINP team has established a new board of advisors, with the Portuguese Ambassador to the Netherlands, Clara Nunes dos Santos, appointed as an Honorary Member. The Chamber also introduced Special Envoys, a Talent Hub, and a Startup Council. Additionally, the Chamber unveiled a comprehensive rebranding and website redesign to reflect the evolving business landscape. Key activities include facilitating new partnerships, expanding contacts across the Benelux markets, leveraging the potential of the new generation, and supporting economic relations and innovation. (aicep Portugal Global | The Netherlands )

◉ The 2024 National Technological Bodies and Infrastructures Mapping Process has been launched, with forms to be completed by June 30th. This process aims to update the entities mapped by the ANI, identifying those involved in the co-creation and transfer of knowledge between the scientific and technological system and the business sector, as well as the technological infrastructures that enable these activities within the national innovation system. Forms and further details are available here 🇵🇹.

◉ A groundbreaking Startup Pitch Competition has been launched, offering a €50,000 prize for the winning project in sustainability. Open to startups worldwide, this competition seeks to empower innovative projects that tackle sustainability challenges through digital solutions. The deadline for applications is June 21, 2024, providing a unique opportunity for startups to showcase their digital solutions and accelerate their impact. (Global Summit)

◉ The Web3 Coding Academy event will take place on Monday, May 27th, from 12:30 PM to 2:00 PM at Instituto Superior Técnico, AEIST - Associação dos Estudantes do Instituto Superior Técnico, in the meeting room on the 1st floor of the AEIST pavilion. This session will explore the potential of web3 coding and blockchain applications, and introduce a scholarship program for students. Attendees will learn about the endless possibilities of blockchain and web3 coding, and discover scholarship programs and rewards. Apply here.

◉ Applications are now open for the 11th edition of the Crédito Agrícola Entrepreneurship and Innovation Award, providing a platform to showcase innovative solutions in agriculture, agri-food, and forestry. This award welcomes projects focused on the energy transition, carbon neutrality, and the valorization of endogenous resources, all aimed at sustainable progress. Winners in each category will receive €5,000 and have the chance to earn special distinctions. Applications are open until June 28th, offering a prime opportunity for innovators to gain industry recognition. For more details and to submit your idea, check out the Application Guide and apply.

⏩ What else? In brief

• VC funding into European fintech remains stagnant, with last quarter's $2.7bn investment mirroring the same period last year and significantly lower than 2021's $6.3bn, yet some fintechs continue to raise capital and expand their teams despite the slowdown (Sifted)
• The EU has given the final 'green light' to the world's first rules on artificial intelligence, which include prohibiting certain applications, limiting the use of biometric identification systems by police, and establishing exemptions and transparency rules. (Observador 🇵🇹)
• In 2023, the startup landscape saw significant investment activity, with the global count of unicorns—privately held firms valued over $1 billion—surpassing 1,200 by May 2024, as reported by CEOWORLD magazine's list of the most successful unicorn startups for 2024. (CEO World)

🛠️ Useful Tools For Startups

• LLM API Price Calculator: Does exactly what is in its name — calculate the price for the tokens according to the prompt.
• Multi AI Agent Systems: "Multi AI Agent Systems with crewAI," created by founder and CEO João (Joe) Moura and Andrew Ng, Founder of DeepLearning.AI, and learn how to break down complex tasks into specialized subtasks for multiple AI agents to execute.
• Taskinfinity: AI fundraising co-pilot
• PDF Summarizer: Well... actually you can summarize pdf using Claude.ai, but this tool can do it in a style.

Let us know what tools help you run your startup: hi@startupt.co.

That's all for today! See you next week. And don't forget to check your email on Monday — you'll find "7 questions for 1 startup".