The Global Startup Ecosystem Report 2024

Emerging Ecosystems Ranking 2024 (Top 100)

Emerging ecosystems are startup communities at earlier stages of growth. The methodology for ranking the Top 100 Emerging Ecosystems is designed to reflect this, showcasing the ecosystems displaying high potential to become top global performers in the coming years. The factor weights used to rank these ecosystems differ slightly 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 refer to the Methodology section of the report.

  • The Top 100 Emerging Ecosystems collectively have an Ecosystem Value of over $1.6 trillion, a slight increase from 2022.
  • Europe is the most represented region in the Emerging Ecosystems ranking, with a 42% share in the Top 100 Emerging Ecosystems, followed by North America with a 27% share.
  • Madrid has moved up 12 ranks to claim the #1 position, thanks to large exits and unicorns.
  • Barcelona has moved up two positions since last year, reaching #2. Barcelona is home to three unicorns, with the highest-valued unicorn, TravelPerk, valued at $1.6 billion.
  • Jakarta and Metro Rhein-Ruhr have both entered the Top 10 of Emerging Ecosystems at #6 and #9, respectively.
  • Greater Lausanne Region has moved up 16 positions to reach #11.
  • Milan has climbed 14 positions to reach #14.
  • Ottawa has advanced from the 71-80 range in 2023 to the 61-70 range in 2024.
  • Mexico City, the top Latin American Emerging Ecosystem, has shown impressive growth, reaching the 21-30 range from the 41-50 range in 2023, thanks to an increase in exits over $50 million.
  • Athens has entered the Top 100 Emerging Rankings, reaching the 51-60 range in 2024. Its highest-valued unicorn, the Fintech platform Viva Wallet, was valued at $1.7 billion, helping to increase its Ecosystem Value to $4.2B, a 40% increase from 2023.

Top 10 Emerging Ecosystems by Ecosystem Value (H2 2021 - 2023)

Top 10 Emerging Ecosystems by Early-Stage Funding Value (H2 2021 - 2023)

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