Contents

Emerging Ecosystems Ranking 2025 (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.

Key Findings

  • Wuxi moved up 14 positions to become the #1 Emerging Startup Ecosystem, driven by an increase of 67% in exits over $50 million.
  • Jakarta gained four positions in the Top Emerging Ecosystems ranking, making it #2 overall.
  • Istanbul gained 10 positions due to growth in Performance, Funding, and Market Reach, making it the #3 Emerging Startup Ecosystem.
  • Two ecosystems in the Top 15 Emerging Ecosystems ranking moved up 13 places: Nanjing to #9 and Phoenix to #11.
  • Riyadh had the most significant growth of any MENA ecosystem in the Top 100 Emerging ranking, moving up from the 51-60 range in 2024 to the 21-30 range this year thanks to major growth in exits over $50 million, including rasan.co’s $1.1 billion exit.
  • Las Vegas moved up an impressive 53 places to break into the Top 30 Emerging ecosystems. Hartford, Connecticut moved up from the 61-70 group in 2024 to the 21-30 range this year.
  • Mexico City remains the top Latin American Emerging Ecosystem, ranking in the 31-40 range.
  • Chongqing entered the Top 100 Emerging Ecosystems ranking for the first time, with two exits over $50 million placing it in the 61-70 range.
  • Pune moved up significantly from the 91–100 range in 2024 to the 41–50 range this year. The ecosystem saw a billion dollar exit with retail startup FirstCry.com being acquired for $2.8 billion.
  • Gothenburg, Sweden entered the Top 100 Emerging Ecosystems ranking thanks to two exits over $50 million.

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