The Valencian startup ecosystem grows by more than 15% in 2024, with Artificial Intelligence at the forefront

Data from the Startup Observatory of the Valencian Community shows a 15.45% growth in the number of startups compared to 2023, totaling 1,517 startups that have created 20,022 jobs. The region’s entrepreneurial ecosystem now includes 1,780 entities, growing by 6.14%, with startups as the main driver.

Valencian startups stand out for their focus on technology, with Artificial Intelligence present in 21.07% of them. This year, the most dynamic sectors have been Nanotechnology, New Materials, Robotics, and Cybersecurity, leading the creation of new startups. This specialization strengthens the region’s positioning as a global tech hub.

Regarding the territorial distribution of startups, this observatory, driven by Startup Valencia with the support of the Directorate General of Entrepreneurship and Internationalization of the Ministry of Innovation, Industry, Commerce, and Tourism of the Generalitat Valenciana, reports that 66.14% of these entities are located in Valencia, while Alicante and Castellón represent 11.01% and 2.74%, respectively.

Moreover, 67% of startups have expanded their teams compared to last year, and more than 38% now have over 11 employees, up from 30% in 2023. This growth is also reflected in revenues, with 14.2% of startups surpassing one million euros in revenue in 2023, compared to 13% the previous year. Additionally, 56% of the surveyed startups reported revenues exceeding 100,000 euros, a significant increase from 22% in 2022.

On the other hand, the Valencian innovation and tech ecosystem is mainly composed of service providers (132), followed by associations and communities (67), universities (33), investors (39), coworking spaces (31), accelerators and incubators (28), corporate venturing (24), and public institutions (10).

The social and environmental commitment of the innovative ecosystem is evident, with 76% of startups aligned with the triple impact (Social, Environmental, and Financial), and 83% committed to the Sustainable Development Goals (SDGs). Another noteworthy figure is the growth of female entrepreneurship: 34% of entities have at least one female co-founder.

The Valencian Community as an international tech leader

As Juan Luis Hortelano, president of Startup Valencia, points out, “this more than 15% growth in the number of startups in the Valencian Community compared to the previous year, along with the 21% increase in jobs created, confirms that the region continues to establish itself as an important hub for innovation and tech entrepreneurship both nationally and internationally”.

Meanwhile, Ester Olivas, Director General of Entrepreneurship and Internationalization at the Ministry of Innovation, Industry, Commerce, and Tourism of the Generalitat Valenciana, affirms that the data “once again confirms the innovation and growth capacity that characterizes our region, with a dynamic entrepreneurial ecosystem that continues to create jobs and generate wealth in our territory, and whose support is a priority for this Consell.”

In this regard, the seventh edition of VDS, the international tech event organized by Startup Valencia, taking place on October 23 and 24 at the City of Arts and Sciences, boosts Valencia’s transformation into a global tech hub. It is one of the most important events in Southern Europe, bringing together the best startups and scaleups from around the world, along with the most influential corporations and investors globally, every year since 2018.

VDS2024 aims to surpass the record numbers of previous editions. This seventh edition is expected to welcome over 12,000 professionals from more than 100 different countries, over 700 investors with an investment portfolio of more than 200 billion euros, and feature over 600 renowned speakers and more than 2,500 startups.

The theme of VDS2024 is ‘Embracing Evolution: Invest in the Leaders of Tomorrow.’ The international tech event will explore the positive impact of the tech revolution on society through the voices of the most prominent leaders from the global innovation ecosystem.