More 40 million euros and 100 engineers will accelerate the establishment of businesses in Porto

With Porto increasingly reinforcing its position as an international technological centre, the Luso German business accelerator Xelerate.tech anticipates an annual investment between 7 and 8 million euros throughout the next five years, which makes up a total of 35 to 40 million euros. Until 2024 more than 100 software development engineers will help the establishment of new foreign technological companies in the region.

The latest example is the arrival of Advanced Apllication which, by the end of the year, will have created more than three dozen job posts in the city.

Before this, it had already taken an important role in the establishment of the technological centre of the Danish ISS WorldServices in Porto, where the Xelerate.tech has the role of “external management which defines all the processes, from human resources to the necessary aid in dealing with the Portuguese legislation”, the technological director explained, emphasising the way they have “boosted the process of digital transformations in these companies”.

To the newspaper ECO, Pedro Rocha noted that the decision by the companies to establish themselves in Porto is influenced by the recognition of the universities in the region, which is an “international technological centre” characterized by “talent in the technological area”.

Last year, the head of the technological department of Xelerate.tech had already revealed to Jornal de Negócios that the “city of Porto was a natural choice”.

“Surrounded by renown universities which produce highly qualified young people, the city takes part in a vibrant and prosperous environment for many technological sectors”, Pedro Rocha praised, at the time of the announcement with the German AVL Software and Functions, “one of the main technology companies in the world for the development, simulations and tests in the automotive industry”, which at the moment employs two dozen people.