Portugal is emerging as a powerhouse of innovation, with three of its startups making a remarkable impression in the latest Deloitte Technology Fast 500 EMEA ranking. This prestigious list, which highlights the fastest-growing tech companies across Europe, the Middle East, and Africa, displayed i-charging, Bloq.it, and Coverflex among the top ten performers, has an extraordinary achievement for a country of Portugal's size.

Leading the Portuguese contingent is i-charging, a mobility tech company focused on electric vehicle (EV) charging solutions. With a staggering 65,881% growth rate, i-charging not only topped the Portuguese list but ranked among the fastest-growing companies in the entire EMEA region. The company's success is a testament to the rising global demand for sustainable mobility and smart energy infrastructure, as well as its ability to offer scalable, future-proof solutions in a sector critical to the green transition.

In second place among the Portuguese startups and third overall is Bloq.it, which designs and deploys smart locker systems for last-mile logistics, retail, and public spaces. The company saw a 32,351% increase in annual revenue, closing 2024 with €36 million in sales. Bloq.it has capitalized on the e-commerce and urban delivery boom, offering flexible infrastructure that meets modern consumer needs while reducing delivery inefficiencies.

Third among the top Portuguese entries is Coverflex, a fintech platform revolutionizing how companies manage compensation and employee benefits. With 10,534% growth, Coverflex ranked seventh on the EMEA list, driven by a compelling SaaS model and the global trend toward more personalized, flexible work benefits. Their product fits well in a post-pandemic world where businesses seek digital-first HR solutions to attract and retain top talent.

These successes are not isolated. In total, 15 Portuguese companies made Deloitte’s 2024 Fast 500 ranking, and five of them grew by more than 1,000%. Other notable mentions include Horus Software (1,187%), Effy (1,138%), genisis-studio (840%), Ztech (672%), and Replai (479%). These companies span various industries, from software and AI to music and biometric technology, highlighting the breadth of innovation in Portugal.

Several factors contribute to this surge. Portugal’s startup ecosystem has matured significantly, benefiting from government support, tech-friendly legislation, and an influx of talent—both domestic and international. Cities like Lisbon and Porto have become hotspots for entrepreneurs and digital nomads, offering competitive operating costs and quality of life that rivals other European capitals.

Moreover, Portuguese startups are focusing on global problems with scalable tech solutions. From climate tech to fintech, these companies are not just responding to local needs, they are targeting international markets from day one. Many of these startups also benefit from a strong culture of collaboration, partnerships with universities, and access to EU and VC funding.

The Deloitte Fast 500 ranking shows that the average growth rate for EMEA companies was 1,585%. Portuguese startups, however, far exceeded this benchmark, proving their ability to innovate at scale. As the world looks to new centers of tech excellence, Portugal stands out as a growing force in the global digital economy; agile, ambitious, and ready to lead.

Author

Paulo Lopes is a multi-talent Portuguese citizen who made his Master of Economics in Switzerland and studied law at Lusófona in Lisbon - CEO of Casaiberia in Lisbon and Algarve.

Paulo Lopes