Catalonia has 2,102 startups in 2023, 4% more than the previous year and the highest number in the historical series. This is according to a study by ACCIÓ, which also indicates that it has almost doubled since the start of the ecosystem analysis in 2016. In 2023, companies closed 288 financing rounds with a size of 688 million euros. The report also highlights that in 2022, Catalan startups will achieve a turnover of €2.1 billion, a 14% increase on the previous year. In addition, for the first time there are more than 20 thousand workers. Specifically, according to 2022 data, the sector will generate 20,600 jobs, an 8% increase over the previous year.
The Minister of Business and Employment, Roger Torrent, emphasized the “strong and sustainable” growth of the Catalan startup ecosystem in recent years. “Year after year, we are creating a strong and solid ecosystem with a call for continuity,” he said in a press conference, stressing that the highest point in the historical series in the number of startups has been reached.
These are data, according to the minister, that highlight the “maturity” of the system and future expectations for this dynamism to continue in the coming years. Torrent also stressed that in addition to this figure, the fact that the ecosystem is getting stronger helps attract foreign investments and also strengthens the commercial fabric of Catalonia in all its dimensions.
From a sector point of view, they are mainly dedicated to health (16.9%), business services and software (15.2%), ICT and mobile (5.7%), food (5.2%), and sustainability and energy (5%). It also highlights that the ecosystem contains 213 sub-initiatives, i.e. initiatives by start-ups from the university or research community.
Of the 2,102 startups that Catalonia will own in 2023, 339 are new. On the contrary, there are 259 companies that have ceased to be part of the directory, of which 106 went bankrupt and the rest because they are more than ten years old and therefore no longer qualify as startups.
Regarding unicorns, Torrent noted that Catalonia and its ecosystem are capable of generating 7 unicorns and have the potential to reach 14, although he preferred not to specify any horizon for getting there.
More workers and business volume
The report finds that startups generate 20,600 jobs and have total billings of €2,112 million (14% more than the previous year), according to 2022 data. The Minister of Business and Competitiveness, Albert Castellanos, has noted that the current dynamics indicate a “maturity” of the ecosystem. The number of startups issuing invoices of more than half a million euros increased from 26% in 2020 to 39% in 2022.
For this reason, he celebrated that there are more startups, but most of all that on average they pay more bills and employ more workers, transforming the ecosystem into one that is “more mature and has a greater ability to transform.”
Regarding the investment raised, during 2023, 288 financing rounds worth 688 million euros were closed. Castellanos assessed the activity positively and that financing rounds increased in a European context that “was not particularly positive for attracting capital.”
In the last five years (2019-2023), Catalan startups raised €5,276 million, 231% more than in the previous five-year period (2018-104), when it was €1,594 million. Torrent highlighted this development by pointing out that in five years the number of startups has multiplied by two and the volume of investment has risen by three, all of this in a period also marked by the pandemic. He concluded by saying: “We will continue this line in 2024, and by providing the tools, we hope that we will have budgets as soon as possible and that this will contribute to a positive impact.”
In response to a question about the fact that growth this year is lower than last year and that it may have reached its maximum, the council member admitted that “when the starting point is high, growth is easier.” But he looked to the future with optimism, and said that historical development indicates that 2024 will be a good year “despite the doubts and difficulties.”
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