Portugal is expected to attract investment of 230 million dollars (198 million euros) this year, a drop of 8% compared to 2024, according to the State of European Technology 2025 report by venture capital Atomico released this Wednesday, 19th.
The study ‘State of European Tech – SoET5’ (in English) states that “Portugal is expected to raise 230 million dollars in 2025, a drop from the 250 million [215 milhões de euros, à taxa de câmbio atual] of the previous year, ranking 14th in Europe in terms of total capital invested”.
In the report, Atomico states that “35% of respondents in Portugal are more optimistic about the future of European technology than they were in 2024, while 38% maintain the same perspective”.
It also highlights the unicorn Tekever, which surpassed the market value of one billion dollars in 2025, “placing Portugal among the 11 European countries with companies that reached this milestone”.
The report on the state of the art of technology in Europe confirms that it is “at a crossroads”, as “there has never been a better time to be a founder of a technology company” in the region, as “the continent has the talent, ambition and ideas to lead”, but “has not yet realized its full potential on the global stage”.
In this sense, this 11th Atomico report presents a “bold roadmap for action and a call for mobilization to boost the first European technology company valued at trillions of euros”.
The European technology sector is now worth “almost four trillion dollars – the equivalent of 15% of GDP [produto interno bruto] -” and currently has almost 40,000 technology companies with funding, “compared to less than 10,000 in 2016”.
Technology “is no longer a sector, it is the driving force that is reshaping everything: the way we govern, defend, power our homes, manage money and provide healthcare”, says Tom Wehmeier, ‘partner’ and ‘head of intelligence’ at Atomico, quoted in a statement.
“Sovereignty in technology is not about protectionism, but about agency and choice – building the capacity, trust and capital to shape the future, while maintaining the freedom to act independently and lead on Europe’s own terms”, he considers.
The report identifies four ambitions for Europe: to facilitate large-scale creation, growth and expansion across European borders; make Europe the destination of choice for the world’s most ambitious talents; mobilize Europe’s equity capital to drive deep, complete markets fit for global champions; and strengthen risk culture as a fundamental infrastructure.
In the last decade, the innovation base in Europe has grown to 2,850 active investors (compared to 1,350 in 2016).
“Europe is home to the fastest-growing company of all time, Lovable. 28 companies have already surpassed the $1 billion valuation mark this year, the strongest year since 2022, bringing the total number to more than 400,” the report notes.
Southern Europe “welcomed three unicorns in 2025, bringing the total to 25.” Spain recorded an 18% increase in invested capital compared to the previous year and now has 12 unicorns, one more than last year, “with AI momentum growing through companies such as Multiverse Computing (latest funding round of $208 million) and TravelPerk (last funding round of $200 million)”. Italy also added a unicorn this year.
The State of European Tech report is prepared by Atomico in partnership with Amazon Web Services, Orrick, HSBC Innovation Banking and Slush.
The survey took place between September and October this year and responses were received from more than 2,500 fully qualified responses.