Spain and Portugal have long been seen as something of a bargain bucket by international VCs.
Founders in the region have had to learn to do more with less available local capital, and linguistic ties make Iberia a natural launchpads for expansion into LatAm.
So, who might make up the next generation of Spanish and Portuguese unicorns? Sifted asked four investors in the region to pick the companies they’re most excited about. There's just one rule: no portfolio companies.
Here are Iberia’s startups to watch.
Sofia Santos — partner, Faber Ventures
Faber is an early-stage, Lisbon-based firm.
Windcredible — Lisbon, Portugal
The company is tackling the need for decentralised energy generation in an urban environment using innovative wind turbines. Due to their versatility, its micro wind generators are ideal for urban, industrial and rural applications. They can be mounted on the ground, roofs, poles and towers, as well as on vehicles and vessels, generating power wherever it’s needed.
SurfACT — Porto, Portugal
The early-stage startup produces microbial surfactants, a type of chemical used in many industrial processes, from renewable resources through yeast fermentation. These eco-friendly surfactants can replace synthetic alternatives in various industries, such as cosmetics and agriculture. They are produced sustainably, have low toxicity and are highly biodegradable.
DOJO AI — Lisbon, Portugal
Dojo is a self-service, all-in-one brand operating system that integrates data with a team of expert AI agents, providing SMBs with an accessible marketing workforce. From continuous market and competitive research to strategic advice, campaign planning and content creation, DOJO is a key tool to grow a brand online.
Kate Cornell — partner, Acurio Ventures
Acurio, previously branded All Iron Ventures, is an early-stage firm based in Bilbao. It closed a €150m fund in September.
Happy Scribe — Barcelona, Spain
Happy Scribe develops automatic speech-to-text software. It’s a bootstrapped company with a great mindset and has achieved significant milestones with very little. It’s got an amazing culture and a young and dynamic team with big ambitions.
Superlativa — Barcelona, Spain
The company develops and sells natural supplements to combat stress and improve wellbeing. It’s a profitable business with strong unit economics. It’s had very good product feedback from customers and is already distributed in many chemists across Spain.
Livo — Barcelona, Spain
Livo is developing a platform to address staffing shortages in nursing by connecting health centres to a network of care providers looking for flexible work. The team has a unique skillset for the marketplace they are building, as well as great execution capabilities.
Ricardo Marvão — cofounder, Beta-i
Beta-i is a Lisbon-based accelerator and early stage investor.
Bhout — Lisbon, Portuga
A Portuguese startup specialising in fitness, Bhout merges physical boxing workouts with AI and gamification, creating a smart punching bag that tracks users' performance and provides real-time feedback. It offers an engaging way to improve fitness through interactive technology.
Neuraspace — Coimbra, Portugal
Focused on space sustainability, Neuraspace is working on AI-driven solutions for space debris management. Its technology helps to predict and prevent collisions between space objects, ensuring safer operations for satellites and spacecraft.
Valvian — Lisbon, Portugal
Valvian is a Portuguese startup that focuses on healthcare technology, specifically within medical device innovation. Its primary goal is to develop AI-driven solutions for minimally invasive cardiovascular procedures. By creating advanced tools and systems that enhance the accuracy and safety of heart valve surgeries, Valvian aims to improve patient outcomes and reduce procedural risks in the field of cardiology. This is the new startup from founder Nuno Prego Ramos, who exited the startup CellmAbs for about €1bn.
Beatriz Gonzalez — founder and managing partner, Seaya Ventures
Seaya is a Madrid-based firm investing in early-stage startups and climate tech. It closed a €300m climate tech fund in July.
Embat — Madrid, Spain
Embat is a next-gen treasury management tool for the mid-market. Embat provides a centralised tool for banking connectivity, treasury processes, payment automation and automated accounting and reconciliation. This allows finance teams to save up to 75% of the time dedicated to these tasks, while providing real-time and global insights on cash and debt positions.
Flanks — Barcelona, Spain
The startup is developing a platform for wealth managers, asset managers and advisors. It’s building a new category of wealth management technology, bringing automation and insights through a technology infrastructure layer. Flanks digitises and aggregates multiple data sources with a single API, giving a 360° view of an investment portfolio in real time. This can automate up to 80% of the manual processes performed by wealth managers.
Green Eagle — Madrid, Spain
Green Eagle is a SaaS solution to improve operations in the renewable assets industry, which is extremely complex and does not scale. Its product seamlessly integrates into all existing IT of independent power producers and utilities, automating their operations. Its asset portfolio already comprises over 30 gigawatts connected in more than 15 countries worldwide, having acquired big brands such as RWE.