The recent report on technological and innovative companies in the Basque Country for the year 2024, presented by Ecosistema Startup, reveals a dynamic and expanding panorama. With a total of 698 technology companies, of which 311 are startups, 111 are scaleups and 276 are SMEs, this classification is carried out based on what is established in the Startup Law and with the support of ENISA. The report has had the support of Up! Euskadi, the Basque Government platform that monitors, identifies and promotes startups, giving them visibility and putting them in contact with investors and strategic partners in the region.
The Basque Country stands out as a benchmark in innovation, in the three territories: Bizkaia, Gipuzkoa and Araba.
Bizkaia has 165 technology companies, generating 2,920 jobs and an annual turnover of 198.25 million euros; Notable investments include €30 million for Lookiero and €6 million for Libere Hospitality.
Gipuzkoa stands out with 175 technology companies, which create 3,130 jobs and generate 222 million euros annually. Donostia-San Sebastián is the main focus with 73 startups and 24 scaleups. The notable investment includes €25 million for Multiverse Computing, reflecting the territory’s ability to attract capital in health and technology.
Likewise, Araba presents 94 technology companies, generating 1,175 jobs and a turnover of 50.75 million euros. Vitoria-Gasteiz leads with 47 startups and 10 scaleups.
The report makes visible the notable growth that the Country has experienced in the founding of innovative companies since 2020. This expansion is reflected in the increase in the number of startups, scaleups and technological SMEs, which have reached a total of 698 in 2024. This growth is driven by key sectors such as eHealth, biotech, energy, industry 4.0 and cybersecurity. Specifically, the eHealth sector has 64 companies, generating 1,080 jobs and a turnover of 32.25 million euros. The biotech sector, with 46 companies, generates 1,355 jobs and 58.75 million euros in turnover. Energy and industry 4.0 are also prominent sectors, contributing significantly to the regional economy.
More than 40 annual investment rounds since 2020
The Basque ecosystem is one of the most consolidated in terms of investment in the state startup scene. The Basque community has raised more than €800M by its startups between 2016 and 2024. Satlantis and Multiverse, names of investment in Basque startups, have played a prominent role in this journey, as both companies closed two rounds in 2021 that raised the sum total for that year above the annual average.
20% of women entrepreneurs
The gender gap continues to be a challenge for the Basque Country although it has one of the highest numbers in terms of entrepreneurs: 20% of the founders in the Basque Country are Women, while 80% are men, however, the Data continue to reflect the need for policies and programs that encourage greater female participation in the entrepreneurial ecosystem.
The report highlights that the Basque Country is on an upward trajectory in terms of innovation and technological entrepreneurship. With the continued support of the regional government and a strong network of accelerators and investment programs, Euskadi is well positioned to become an innovation hub at the state and international level. Although it faces challenges such as the gender gap, the strategies implemented promise a promising future for the Basque technological ecosystem.
More than 7,000 technology companies analyzed in the State
The national report from ‘El Referente’ confirms that the number of technology companies in Spain exceeds 7,000 companies, of which 3,640 are startups and 1,185 scaleups, which generate an economic impact for the country of more than 11,500 million euros annually and generate more than 99,919 direct jobs in the sector.
The report’s methodology is based on data obtained from the ‘Startup Ecosystem’ platform, the largest database of startups, investors and business angels in Spain. To prepare this report, more than 15,000 companies have been analyzed, selecting more than 7,000 Spanish technology companies and offering detailed information on founders, sectors, types of companies and other relevant data. Quarterly, the data is validated with the Commercial Registry thanks to an agreement with INFORMA, thus ensuring the accuracy of the annual billing, the number of people employed and the situation of the companies.
The report includes only companies incorporated with a tax identification code (CIF). The companies have been validated by the Commercial Registry, discarding those that have been extinguished or liquidated, and include companies with a year of incorporation equal to or after 2010, except for specific exceptions. Three types of companies are established (startups, scaleups and SMEs) taking annual turnover and years of life as classification criteria. The location of the companies is based on the tax address, data obtained from the Commercial Registry via INFORMA. The data has been obtained and updated from the platform until June 1, 2024.
It should be noted that the report has had the support of ‘ENISA’, ‘Patio Campus’ and ‘Up! Euskadi’, which has actively participated in carrying out exhaustive scouting of the region.
You can download the complete report on the Startup Ecosystem of Euskadi, HERE
