The Global Startup Ecosystem Report 2023

Emerging Ecosystems Ranking

Emerging ecosystems are startup communities at earlier stages of growth. The methodology for this ranking of the top 100 emerging ecosystems is intended to reflect this, showcasing the ecosystems displaying high potential to be top global performers in the coming years.

The factor weights used to rank these ecosystems are slightly different from those used with the top ecosystems to reflect their emerging status and emphasize the factors that have more influence in ecosystems that are just beginning to grow. Less weight is given to the number of exits over $50 million and startup activity is more focused on early-stage funding than in the top 40 ecosystems. For more information, please see the Methodology section.

Key Findings

  • The top 100 Emerging Ecosystems are collectively worth over $1.5 trillion in Ecosystem Value, a 50% increase from July 1, 2019–December 31, 2021 to July 1, 2020–December 31, 2022.
  • Europe is the most represented region in the Emerging Ecosystems ranking and has expanded its share from 37% to 41% since the GSER 2022.
  • Copenhagen is at #1, moving from the runners-up in the main ranking due to being outperformed by other regions such as Zurich. However, its Ecosystem Value increased by 29% and it saw growth in early-stage funding amount and in the number of exits over $50 million, with review platform Trustpilot the top exit in an IPO valued at $1.5 billion.
  • Barcelona has moved up five positions since last year, reaching #4. Its highest-valued unicorn, tech-enabled delivery platform Paack, was valued at $1.6 billion, helping to take the Ecosystem Value to $21 billion, a 91% increase from 2022.
  • Estonia has moved up an impressive 28 positions since the GSER 2022, reaching #10. Its rise is thanks to an increase in early-stage funding rounds, a 100% increase in exits over $50 million, and the new inclusion of CRM and intelligence platform Pipedrive’s 2020 $1.5 billion buyout.
  • New Zealand has moved up 14 positions, reaching #20 in the Emerging Ecosystems ranking thanks in part to an increase in exits of over $50 million and a new unicorn, Lodestone Energy, valued at $1.3 billion.
  • Further supporting the pattern of India growing and China declining, Pune has moved into the 31–40 range from 51–60 in 2022, experiencing both an increase in exits over $50 million and in the number of unicorns, while Guangzhou dropped seven positions from last year, to #14.
  • Riga has entered the Emerging Ecosystem ranking for the first time, in the 91–100 range, thanks in part to print-on-demand service Printful achieving unicorn status by raising $130 million in 2021.

Top 10 Emerging Ecosystems by Ecosystem Value

Top 10 Emerging Ecosystems by Early-stage Funding Value

Emerging Ecosystems With Four or More Unicorns in the Last 10 Years