Catalonia has 340 deep-tech startups, a 6% increase over last year

Catalonia is home to 340 deep-tech startups, marking a 6% increase over last year, as noted in a study by ACCIÓ- Catalonia Trade & Investment. This data was shared by Jaume Baró, Secretary for Business and Competitiveness and CEO of ACCIÓ-Catalonia Trade & Investment, during a meeting with several Catalan startups that received Startup Capital grants to become "deep tech" companies that the Government grants through the agency. Launched in 2023 with insights from venture capital and business angels, this funding line has thus far supported ten companies with over €1.4 million.

“The steady growth of deep-tech companies consolidates Catalonia as a point of reference for developing technologies”

Jaume Baró, Secretary for Business and Competitiveness and CEO of ACCIÓ-Catalonia Trade & Investment

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Deep-tech companies are rooted in science, technology, or engineering and demand STEM expertise to pioneer knowledge and technology for addressing global challenges.

Catalonia's 340 deep-tech startups now provide 2,735 jobs, a 17% increase from last year, and generate €166 million in revenue, up 3%. Since the first study in 2022, deep-tech startups have grown by 17%, with revenue up 34% and employment up 58%.

According to Jaume Baró, "When we talk about startup ecosystems, quality now matters as much as quantity. The steady growth of deep-tech companies consolidates Catalonia as a point of reference for developing technologies that lay down the rules today and for the future".

In this regard, "this group of companies has the potential to lead the development of new solutions in strategic fields and sectors for Catalonia", he added. In fact, Baró noted that "nearly half of the deep-tech startups in Catalonia provide applications in the health sector, and when we include those operating in the green energy sector, they account for 60% of the total".

A snapshot of the ecosystem

The report Analysis of the Deep Tech Startup Ecosystem in Catalonia 2024 (.PDF document), prepared by the Department of Business and Labour through ACCIÓ-Catalonia Trade & Investment, highlights the strategic importance of these companies for the Catalan economy and society and underlines the growth of this ecosystem in the country. This study will be officially presented on November 5th at the Barcelona Deep Tech Summit, organized by Barcelona Activa.

According to this study, deep-tech accounts for 16% of Catalonia's startup ecosystem. These companies primarily focus on biotechnology (37%), artificial intelligence (28%), sustainable and advanced materials (11)—referring to those materials designed or synthesized to offer enhanced functionality or new properties compared to conventional substances—clean energy and batteries (6%), and robotics (6%). Notable areas include photonics, blockchain, supercomputing, semiconductors, and quantum technology.

On the other hand, it is noteworthy that the number of deep-tech startups has increased over the past three years by 17%, outpacing the overall growth of the emerging business ecosystem, which stands at 11%. Indeed, deep tech startups have risen from representing 15% of the total in 2022 to more than 16% in 2024.

This growth in emerging knowledge-based companies has also impacted patent generation. Notably, 52% of these firms hold at least one patent or a system for protecting their intellectual property. The report further analyzes the profiles of professionals within these companies. It concludes that 29% of deep-tech startups have at least one foreign founder, while 43% of their workforce comprises foreign employees. The Catalan deep tech ecosystem comprises startups and other key players, including 44 centers that generate spin-offs (such as universities and research groups linked to hospitals), 11 incubators and accelerators, and 42 venture capital funds, among others.

The leading hub in Southern Europe

The analysis reveals that Barcelona is the leading hub in Southern Europe for funding secured by deep-tech startups, attracting €544 million from 2019 to 2024. Within the broader European context, the Catalan capital is ahead of cities such as Copenhagen, Madrid, and Amsterdam, among others. Notably, 78% of Catalonia's deep tech startups have secured venture capital funding, with 40% of these attracting investment rounds exceeding €1 million.