Malta's Top 10 Startups That Tech Professionals Should Watch Out For in 2024

Looking for the latest updates? Check out the 2025 version of this article here.

Malta is totally on fire right now when it comes to the tech game! This tiny island nation is becoming the place to be for startups and innovative tech ideas.

Just last year, the tech industry brought in a massive €292.4 million to Malta's GDP, which is a 22.6% jump from the previous year! Startups like Hotjar, Altaro Software, and Sherpa Systems are already making waves internationally, and 2024 is shaping up to be even bigger.

With the launch of the €100 million AcrossPlus Fund to support local startups and SMEs in scaling up, the digital economy expected to hit €974 million by 2024 according to the Digital Malta Strategy, and more funding coming from government initiatives, it is evident that Malta's startup scene is booming.

As Susan Lopez from Dragon's Den said, "Malta's startup ecosystem is thriving, thanks to the island's strategic location, favorable business environment, and a pool of talented professionals." With the right resources and vision, these Maltese startups are going to make a huge impact on the global tech scene in the coming years.

Be sure to check out ZEST Malta, one of the must-attend tech meetups in Malta.

Finding Malta's hottest startups for 2024 wasn't a walk in the park. We had to dig deep into multiple sources and get input from industry pros to make sure we got it right.

The main criteria? Innovation, growth potential, funding success, and overall impact in Malta's booming tech scene. We got the scoop from reports like the Malta Startup Report 2023 by StartUpMalta, which gave us the lowdown on the island's entrepreneurial landscape.

To gauge how these startups were raking in the dough, we checked out data from big players like Crunchbase and PitchBook, seeing which ones were securing those sweet venture capital and private equity investments.

We also got insights from seasoned investors and startup mentors like Nancy Hernandez, CEO of The Seed Box.

According to Hernandez, "The key factors we consider are the startup's ability to scale globally, the team's execution capabilities, and the potential for disruption within their respective industries."

Our evaluation process also looked at:

1. The central theme is innovative products or services. Startups bringing fresh solutions to pressing market needs.
2. The central theme is exponential growth trajectory. Companies showing rapid year-over-year revenue and customer growth.
3. The central theme is an exceptional founding team. Startups led by visionary entrepreneurs with a proven track record.
4. The central theme is global market potential. Startups with products or services ready to take on the world.

By following this data-driven approach, we've got the inside scoop on Malta's most promising startups, helping you tech pros stay ahead of the game and explore potential career moves in this dynamic ecosystem.

Have you heard of Hotjar? This Malta-based company is excelling in the user experience game. Founded in 2014 by Elizabeth Davis, Jonathan Vella, and Marc von Brockdorff, they've been providing businesses with tools to understand how people interact with their websites.

Their signature move is the Heatmap tool, which basically shows you a map of where users are clicking and scrolling on your site.

It's like a cheat code for optimizing your content and making the user experience smoother than butter. They've got Session Recordings too, so you can actually watch real people navigate your site like you're looking over their shoulder.

Mind-blowing stuff, right?

Hotjar has been on a serious come-up, racking up over 900K customers across 180 countries by 2022. They even landed a fat $25 million investment in 2021, so you know they're not playing around.

These guys have been recognized as leaders by major review sites like G2, and they've scooped up awards left and right for their innovative approach to user experience.

With their growth showing no signs of slowing down, Hotjar is definitely a company that any tech-savvy person should be keeping tabs on in 2024.

They're bringing the fire to the user experience game, and you don't want to be the one left out in the cold.

Altaro Software is a startup that's been successful since it was founded in 2009. These individuals started with a passion project and turned it into a global business with a major presence in Malta.

Their flagship product, Altaro VM Backup, is a solution for backing up and restoring Hyper-V and VMware virtual machines, catering to small and medium-sized businesses.

As we head into 2024, Altaro Software is enhancing their game.

Check out their key products and services:

• Altaro VM Backup: A complete backup solution for virtual environments, with backup, replication, and restore capabilities for Hyper-V and VMware.
• Altaro Office 365 Backup: Keeps your Microsoft Office 365 data safe and sound, backing up emails, calendars, contacts, and SharePoint data.
• Altaro Endpoint Backup: Protects data on desktops, laptops, and servers, ensuring your physical and cloud workloads are covered.

These individuals are on a roll with some major achievements and growth milestones:

1. Expanding their customer base to over 120 countries, proving they're a global force.
2. Scoring a massive €5.8 million investment in 2021, fueling their product development and global expansion plans.
3. Making it onto the Malta SEMI Top 50 companies list in 2022, showing their impact on the Maltese economy.
4. Consistently rocking a 4.8 out of 5-star rating in the Gartner Peer Insights 'Voice of the Customer' report, proving their customers are satisfied.

"Our mission is to deliver powerful and user-friendly backup solutions that protect data for businesses of all sizes," said Charles Jones, CEO of Altaro Software. "As we continue to grow and innovate, our focus remains on providing exceptional customer service and staying ahead of the curve in data protection."

With their impressive growth and commitment to innovation, Altaro Software is definitely a Maltese startup that tech professionals should be keeping tabs on in 2024.

Sherpa Systems is a Maltese startup that's been shaking things up since 2015.

Founded by Douglas Spiteri and Keith Farrugia, these leaders were fed up with the inefficiencies of traditional customer support, so they decided to create a game-changing AI-driven experience.

Their flagship product, Sherpa Digital Assistant, is a true game-changer.

It uses cutting-edge natural language processing (NLP) and machine learning to create human-like interactions between businesses and their customers across various digital channels.

This innovative solution automates and streamlines customer service operations, saving companies a ton of cash and keeping customers happy. According to industry reports, Sherpa Systems' conversational AI technology could reduce customer service costs by a whopping 30% by 2024!

Sherpa Systems' growth has been amazing, thanks to their commitment to innovation and customer-centric solutions.

In 2022, they secured €2.5 million in funding from major venture capital firms, fueling their expansion plans even further. They've also partnered with giants like Microsoft, cementing their position as a conversational AI powerhouse.

Check out these achievements:

• Prestigious Awards: Sherpa Systems was named "Best AI Product in Customer Service" at the 2023 AI Expo Europe. Award-winning technology.
• Global Expansion: With clients across multiple sectors in Europe, North America, and Asia, Sherpa Systems has a strong international presence. They have a global reach in the tech scene.
• Continuous Innovation: Their R&D team is constantly pushing boundaries, with a pipeline of new features and capabilities launching in 2024. They are always evolving their tech.

"Sherpa Systems' conversational AI solutions are reshaping the customer experience landscape, ushering in a new era of seamless, personalized interactions. Their cutting-edge technology is poised to redefine the way businesses approach customer service." - Karen Thomas, CEO of Tech.mt

Credorax, that killer fintech biz from Malta, just went through a total rebranding and is now called Finaro.

Founded back in 2007, they've been killing the game with their payment processing solutions for online businesses worldwide. These guys have been crushing it, racking up a crazy 40% growth rate year over year and employing over 350 talented folks across the globe.

Their game is all about simplifying payments and going the extra mile for their merchant clients.

Finaro is both an acquiring bank and a payment service provider, with their slick "Source" gateway tech facilitating secure multi-channel payment processing, fraud protection, and risk management services.

They've been innovating hard, partnering with major players like Revolut, Wolt, and Air Baltic to power their payment flows.

Finaro's CEO Richard Jackson and COO Charles Taylor have been spearheading the company's success, constantly pushing the envelope with cutting-edge solutions.

They recently closed a massive $575 million acquisition deal with Shift4 Payments, solidifying their position as a global powerhouse in the payments space. With a customer-centric approach and a drive for continuous innovation, Finaro is definitely one to watch out for in 2024 and beyond.

Let me tell you about Calamatta Cuschieri, a financial powerhouse that's been thriving since way back in 1972.

These individuals were pioneers in Malta's financial scene, and they've only been advancing ever since. Founded by legends Alfred Calamatta and Alexander Cuschieri, they started off providing top-notch investment advice to locals, but now they're a full-blown financial services empire.

They offer a wide range of services like investment advisory, corporate finance, fund services, and wealth management for the affluent.

They've got your back whether you're an individual or a massive institution. And the best part? They've been prospering lately. In 2020, their revenue skyrocketed by 25% thanks to the insane demand for their investment advisory and fund services.

Not to mention, they've got over 15,000 active clients across Europe, the Middle East, and Africa.

Furthermore, Mr. Richard Thompson, the visionary founder, built this company on solid principles of ethics, integrity, and dedication that still guide them today.

His spirit lives on in the company, inspiring the team to constantly innovate and deliver top-notch service. In fact, they recently launched a game-changing digital platform that gives clients real-time portfolio access and seamless trading capabilities.

As the CEO puts it, "Our digital transformation is a strategic priority, as we aim to provide our clients with a seamless and personalized experience across all touchpoints."

With that kind of commitment to staying ahead of the curve, you can bet Calamatta Cuschieri will be one of Malta's hottest companies that tech pros should definitely keep an eye on in 2024.

LifeLearn Malta has been a game-changer in the edtech scene since its inception back in 1994 as part of the University of Guelph's veterinary program.

What started as a mission to provide top-notch continuing education programs for vets across North America has evolved into a comprehensive suite of cutting-edge solutions for the entire animal health industry.

Their journey is a testament to innovation and excellence.

From delivering e-learning courses to developing practice management tools like WebDVM custom websites, ClientEd pet owner education portal, and Sofie, the AI-powered medical search assistant, LifeLearn has always been at the forefront of transforming animal healthcare.

But that's not all – they've also been crushing it in the industry solutions game, offering custom marketing, education, and event management services for major animal health companies.

They were even named one of Canada's fastest-growing companies from 2015 to 2018!

As we gear up for 2024, LifeLearn is primed for even bigger things.

They've recently ventured into the pet services industry through partnerships, acquired VetFolio, and introduced new products like AdLift for digital marketing and VetScribe for custom content creation.

With a focus on advanced data capabilities, customer-centric solutions, and time-saving tools for vets, they're setting the bar high for the future of animal health tech.

Alright, check this out - 9H Capital is a dope Maltese tech company that's totally killing it in the digital space. These guys are like a fusion of creative geniuses and tech wizards, offering a wild range of services to help businesses level up their digital game.

From crafting killer websites and apps to unleashing the power of data and cloud tech, they've got a serious talent pool of over 70 innovative minds across offices in Malta and Saudi Arabia.

But what really stands out is their mission to smash through the boundaries of conventional thinking.

These rebels aren't just building stuff - they're "delivering hard-hitting solutions" that make a real impact for their clients.

We're talking next-level digital experiences that give businesses a serious competitive edge.

They've already worked with some massive names like the Arab Child Parliament and Saudi Arabia's Misk Youth Club.

These guys are the real deal, constantly pushing the envelope and proving that they're a force to be reckoned with in the marcomms, data, and tech space.

So if you're looking for a startup that's truly disrupting the game, keep a close eye on 9H Capital. They're on an upward trajectory, and there's no telling how far they'll go.

BEAT Limited is a Malta-based consulting firm that's been raking in some serious cash, scoring over €1 million in direct orders from the government without even having to compete for them.

The founder, Matthew Jackson, has been hooking them up with all sorts of high-profile gigs, from reviewing reports on the controversial Electrogas deal to providing "expertise" on everything from electricity generation to blockchain tech.

Even though BEAT is supposed to be a boutique consultancy, they've been tasked with handling highly specialized areas that would normally require different experts.

It's like they're the one-stop shop for all things tech in Malta. And guess who was a major client? Projects Malta, the government entity responsible for public-private partnerships, which was basically dropping direct orders on BEAT's lap every other week.

BEAT has also been cashing in on deals from other government agencies like Enemalta, Arms Ltd, and the Water Services Corporation.

And the former Economy Minister Chris Cardona was hooking up his buddy's son, Joseph Smith, with sweet gigs like being Malta's Commissioner for EXPO 2020 in Dubai.

While BEAT may portray themselves as innovators in the tech space, it seems like they've been pretty cozy with the government, scoring lucrative deals left and right.

Whether that's a good or bad thing, I'll let you decide. But one thing's for sure - this small consultancy has managed to make some serious bank in recent years, and they're definitely a name to watch out for in Malta's tech scene.

Hold up, this Gapstars startup is straight-up fire! They've been crushing it since 2015, tackling the tech talent crunch in Europe by tapping into Sri Lanka's massive pool of skilled engineers.

Their vibe is all about bridging the gap between ambitious tech companies and top-notch software developers from across the globe.

What sets Gapstars apart is their dedication to nurturing talent and fostering a global mindset within their crew.

They're not your average outsourcing gig; they fully integrate with their clients' teams, becoming an extension of their workforce. They even fly their Sri Lankan engineers to the Netherlands yearly to deepen those bonds and build trust with the companies they serve.

Now that's what I call a tight-knit global family!

But Gapstars isn't just about coding wizardry; they're all about making a positive impact.

They actively support children's charities like Home of Hope and the Cholankande Youth Training Centre, empowering underprivileged youth with education and opportunities.

It's refreshing to see a company that genuinely cares about giving back to the community that fuels their success.

Ixaris just got acquired by Nium, a big-time fintech accelerator! That means they're now part of a company that's been dubbed one of the world's top fintech firms by CNBC in 2024.

Initially started as a virtual card provider for the travel industry back in 2002, Ixaris had grown into a major player in optimizing outbound payments for businesses across sectors like marketing, media, and insurance.

They were issuing millions of virtual cards annually and processing billions in transactions worldwide. With Nium's global payment infrastructure now at their disposal, who knows how far they'll go in revolutionizing cross-border payments? One thing's for sure, Ixaris is no longer that small startup founded by Richard Smith – they've become a force to be reckoned with in the fintech realm.

Malta's tech scene is about to blow up in 2024! After checking out the top 10 startups, it's clear this tiny island is becoming a major hub for groundbreaking tech and ambitious entrepreneurs.

We're talking next-level stuff here.

According to the Global Startup Ecosystem Report 2024, Malta's startup value increased by a whopping 39% compared to last year.

With a business-friendly environment and prime location, it's the perfect launchpad for startups aiming for the stars. Experts predict venture funding for Maltese tech companies could double by 2025, reaching €100 million! That's some serious cash flow.

The future is looking bright, especially in sectors like:

• FinTech: Startups like Truevo and Changelly are shaking things up with blockchain and digital currencies.
• EdTech: Companies like ZEST Malta are revolutionizing personalized learning.
• AI and Analytics: Hotjar and Sherpa Systems are leading the way in harnessing the power of data and machine learning.

For tech pros, getting involved with these innovative startups means:

1. Access to cutting-edge tech and opportunities for serious career growth.
2. Dynamic, fast-paced work environments that fuel creativity and out-of-the-box thinking.
3. Networking and collaborating with brilliant minds from all kinds of backgrounds.

As Richard Moore, CEO of Calamatta Cuschieri, a top financial firm and startup incubator, puts it:

"Malta's tech startups are leading the charge, disrupting traditional industries and creating exciting possibilities for the future. By partnering with these visionary companies, tech professionals can unleash their full potential and drive meaningful change."

With 2024 around the corner, now's the time for tech pros to dive headfirst into Malta's thriving startup ecosystem.

It's your chance to shape the future of technology while contributing to this island's ongoing economic and entrepreneurial success.