Iberian Startups Created 6,000 New Jobs In 2020

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Startups in Spain and Portugal created almost 6,000 jobs in 2020, despite Covid-19. This is according to the study ‘Analysis of a new generation of start-ups in Spain and Portugal’, promoted by CaixaBank through DayOne, with the collaboration of IESE.

Despite the scenario of uncertainty and general economic slowdown, the companies analysed created almost 6,000 jobs in 2020. One out of every three companies included in the analysis increased their sales in 2020 compared to the previous year. The average increase in turnover was 22% without cutting staff or taking special measures to regulate employment.

63% of the startups state that the Covid-19 crisis has had no impact on the number of employees. In fact 70% of the sample increased the workforce in the period 2019-2020 and 90% expect to increase it in 2021. Of the ‘startups’, 64% are made up of teams of 1 to 5 employees.


72% of the startups analysed are founded by entrepreneurs who have already launched three or more companies. In addition, 75% of the entrepreneurs have more than 6 years of experience in the sector in which they are involved. Amongst them, 31% have over 11 years experience, according to the study.

Compared to last year, the percentage of startups formed by women remains at 12%, with only 27% of the companies in the sample having female representation amongst the founders. On the other hand, the number of startups formed only by men increased from 50.4% to 53% in one year.

Compared to 2019, the percentage of companies which made international sales fell by 7%. Of those that do sell abroad, 34% do so only through online channels. Thirty-eight percent of startups sell in Latin American and North American markets. That said, Europe remains the most relevant market for 43% of the sample, according to the study.

Since their birth, in total, the startups analysed have raised more than 300 million euros. These companies continue to be financed mainly, 59%, with their own funds, both in Spain and Portugal, with a slight increase of 3% compared to the previous edition. Next as main sources of financing, family and friends, with 11%; business angels, with another 11%; and venture capital, with 7%, which clocked up a slight increase over the previous year.

About the Author

The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.