In nature as in business ecosystems, there are certain species whose absence or overabundance signals the overall health of the economy. One of the most telling indicators is the group commonly known as gazelle companies. These are firms under five years old that have demonstrated sustained growth, generating more than half a million euros in turnover each year of their existence and achieving at least 20% growth for three consecutive years. In short, young, high-potential companies that drive job creation and energize activity within a sector.
The population of gazelle companies declined during the pandemic, and recovery is now taking hold. They have a strong footprint across the country, including Alicante, which ranks as the sixth province with the most qualifying enterprises. Nationally, the arrival of the coronavirus reduced the number of working gazelles from 834 in 2019 to 354 in 2021. That figure rose to 470 in the following year and reached 701 in the current fiscal year, according to Iberinform Credit and Guarantee.
In the state’s case, the impact was even more pronounced, as two-thirds of these firms disappeared during the pandemic. The count fell from 46 in 2019 to 16 in 2021. By 2022, signs of recovery appeared, and the census reached 22. While still below pre-pandemic levels, the trajectory is clearly positive and points to a gradual rebound.
Geographically, the gazelle presence is widespread across the region. The city of Alicante leads with the highest concentration of gazelle companies in its metropolitan area, including four gazelles in addition to two in nearby towns. Elche follows with two headquarters. Gazelle activity also clusters in other towns such as those in Vega Baja, Cox, Jacarilla, Montesinos, and Torrevieja.
Photo caption: An industrial area in Alcoy.
Other notable locations include Marinas, Altea, Benidorm, Xàbia, La Nucía, and the interior towns like Alcoy, Bunyola, Ibi, Elda, and Villena. On a national scale, Madrid accounts for the largest share of gazelles with 164 firms, followed by Barcelona, Valencia, Murcia, and Málaga. Seville, Las Palmas, Tenerife, and Zaragoza also feature prominently in the rankings.
Sectors
Looking at the activities of gazelle companies across the country, manufacturing and restoration lead the way, making up about 14% of the total. This reflects a rebound in consumer demand in the hospitality sector after lockdowns. In second place, shipping and logistics account for roughly 6.1% and reflect the surge in online shopping and home delivery. Construction makes up about 5.6%, while electrical installation and related services account for around 4.1%.
Across the broader landscape, the largest share of gazelle activity remains concentrated in manufacturing and hospitality-related services, with logistics playing a critical supporting role as consumer patterns shift toward ecommerce and rapid delivery.
Nearly 300 Catalan companies have relocated to Alicante as part of a wider process of regional realignment. The distribution of activities shows first movement into technology-led service sectors, with programming and digital services comprising a meaningful share, followed by private construction, management consultancy, engineering, and other technological services. Iberinform data positions technology services as a leading area for future gazelles in this region.
Of course rapid growth does not automatically equal robust financial health. The analysis notes that about 8.9% of gazelle firms carry a heightened risk of non-payment, underscoring the importance of prudent financial management even amidst fast expansion.
Overall, gazelle companies contribute to a substantial national turnover and employment base. The sector comprises mostly Limited Liability Companies (about 98%), a structure that lowers initial capital requirements. Roughly 3% have grown into large enterprises, but the vast majority remain small or micro-sized firms. Together they sustain around 21,700 jobs with a combined turnover exceeding 4.4 billion euros.