Portugal news - Portuguese startup Coverflex ranks 4th fastest growing startup in Southern Europe, according to the Sifted-Financial Times ranking. The diagram shows the Top 10 fastest growing startups in Southern Europe.
Portuguese fintech Coverflex is headquartered in Braga and has a total funding of nearly 20 million euros, with revenue CAGR of 312.98% and 101 employees. Coverflex is a compensation management solution that rolls benefits, insurance, meal allowance and discounts into one product. Cofounded by Nuno Pinto, Miguel Santo Amaro (the CEO), Rui Carvalho, Luís Rocha and Tiago Fernandes, the company raised a €15m Series A in 2023 led by SCOR Ventures, alongside business angels such as Job van der Voort, CEO of payroll platform Remote. The new funding brought the startup’s total raised to €20m since launching in 2021 and helped the company expand into Italy.
The Sifted 50 ranking for Southern Europe ranks the fastest-growing startups across Andorra, Cyprus, Greece, Italy, Malta, Portugal, San Marino and Spain by revenue growth. The 50 startups combined have raised €1.03 billion in funding and generated revenues of €1.02 billion over the past three financial years, employing nearly 4,800 people.
To be eligible for the Sifted-Financial Times ranking, startups had to meet the following criteria: headquartered in southern Europe as per Sifted’s definition; founded in or after 2014; with a maximum headcount of 999; being private and independent; the majority of revenue must be generated by proprietary technology; producing at least three years of revenue data; and revenue (annualized if necessary) of at least €100k in the base year (2020, 2021 or 2022) and at least 1 million euros in the most recent financial year (2022, 2023 or 2024). Companies were required to submit signed documentation to support disclosed financial information not publicly available.
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