In recent years, Cyprus has seen a rapid development of its tech sector, which has become an increasingly vital component of its economy, reflecting a broader trend of innovation and growth. Tools like the Cyprus Tech Ecosystem Map—launched in 2022 by TechIsland in collaboration with Dutch data management company Dealroom—provide real-time insights into the sector’s expansion. This live monitoring tool vividly illustrates the daily growth and dynamism within Cyprus's tech landscape, showcasing a sector that is evolving at an impressive pace.

Government initiatives and support programs have played a crucial role in fostering this vibrant ecosystem. Programs such as Startup Cyprus and Youth Entrepreneurship offer essential resources and support to emerging companies and young entrepreneurs. These initiatives are designed to cultivate talent, provide funding opportunities, and create a nurturing environment for startups. As a result, Cyprus is rapidly establishing itself as a major tech hub in Europe, with an increasingly robust infrastructure to support its growing number of tech ventures.

Cyprus has seen a remarkable transformation in its entrepreneurial landscape. Once primarily known for its tourism and financial sectors, the island has diversified into technology, innovation, and startup culture. In the Startup Blink Global Startup Ecosystem Index 2024, Cyprus has made significant strides, marking a notable achievement for the island nation. This year, Cyprus has experienced the most substantial rise within the top 60 global startup ecosystems, ascending nine positions to secure the 45th spot. This milestone is particularly impressive as it represents the first time Cyprus has broken into the top 50 globally.

Moreover, Cyprus's major cities have also seen impressive advancements in the global rankings. Limassol, Nicosia, Larnaca, and Paphos have all made their mark, appearing in the global top 1,000 cities for startups. Each of these cities has demonstrated substantial progress, reflecting the overall enhancement of Cyprus's entrepreneurial ecosystem and its growing influence on the international stage.

The Cypriot government has played a crucial role in fostering this growth. Initiatives such as the Cyprus Startups Visa Program and various funding schemes have provided crucial support to nascent businesses. Additionally, the Cyprus Chamber of Commerce and Industry (CCCI) has been actively involved in promoting entrepreneurship through various programs and events.

These are just 5 of the many startups that have started up operations in Cyprus and ended up achieving global success and recognition: 

Industry: Productivity Software/Collaboration Tools

Founded: 2017

Headquartered in Nicosia, Fibery is a dynamic work and knowledge platform specifically designed with startups in mind. It offers an integrated solution that consolidates various disconnected tools into a single, cohesive platform. This all-in-one approach enhances organizational intelligence by simplifying information discovery and sharing, ultimately improving the quality of data-driven insights available to companies.

Fibery's platform is crafted to scale alongside the companies that use it, providing a flexible foundation that can evolve as teams grow. This allows organizations to create a customized workspace tailored to their unique needs and workflows, supporting their expansion over time. Since its establishment in 2017, Fibery has made significant strides, including a notable $5.2 million funding round at the beginning of 2023 and achieving a 2x increase in monthly recurring revenue (MRR) throughout 2022. 

Industry: PropTech/Real Estate

Founded: 2021

Ask Wire, a cutting-edge PropTech startup based in Nicosia, Cyprus, is revolutionizing the real estate industry with its advanced data analysis capabilities. The company provides comprehensive property insights that are crucial for banks, insurers, and ESG-conscious investors. By offering real-time data and detailed market analysis, Ask Wire is transforming the way these stakeholders assess real estate, making the decision-making process more informed and transparent. Recognized as the Best Fintech for Real Estate in Europe for 2022, Ask Wire has quickly established itself as a key player in the PropTech space.

In 2023, Ask Wire was voted among the 10 most promising startups from Cyprus, a testament to its rapid growth and impact. The company has already secured over €1.7 million in funding, which has fueled its expansion beyond Cyprus, including a successful entry into the Greek market. With an impressive 98% user satisfaction rate and 30,000 website views in its first month, Ask Wire keeps on gaining significant traction and scaling upwards on a global level. 

Industry: Fintech/Payment Solutions

Founded: 2020

Pay.com, a reputable payment gateway headquartered in Limassol, has quickly established itself as a key player in the fintech industry and has rapidly expanded to 5 global offices. Specializing in secure online payment solutions, Pay. caters to a diverse range of e-commerce businesses, from large-scale enterprises to individual entrepreneurs and micro-merchants. The company’s mission is to build an inclusive financial ecosystem that supports merchants of all sizes in achieving their goals.

In addition to its robust payment processing capabilities, Pay. is committed to innovation and staying ahead of industry trends. The company continually enhances its platform with new features and technologies to meet the evolving needs of its clients. Pay.'s success and rapid expansion reflect its strong commitment to helping merchants thrive in the digital economy, making it a trusted partner for businesses looking to scale globally.

Industry: HealthTech/Nutrition

Founded: 2019

Simple is a mindful nutrition app based in Limassol, Cyprus, dedicated to guiding users toward healthier eating habits through gradual lifestyle changes and disciplined food choices. The startup’s mission is to help individuals transition to a healthier diet by slowly altering their habits and promoting mindful eating practices. Simple achieves this by offering a suite of tools designed to support users in their journey toward better nutrition.

The app provides users with personalized insights based on data collection, pattern recognition, and health education. It integrates seamlessly with the Health app (HealthKit), allowing it to track essential health metrics such as steps, weight, and water intake. By analyzing this data, Simple offers tailored advice and suggestions that help users optimize their fasting routines and improve their overall well-being. The app also includes a wealth of resources, including articles, magazines, and educational content, to support users in making informed choices about their diet and health.

In 2020, the startup secured €4.1 million in funding, which has fueled its growth and the ongoing development of its platform. With its focus on personalized nutrition and user empowerment, Simple is at the forefront of the movement to help people achieve lasting health improvements through sustainable changes in their eating habits.

Industry: FashionTech/Augmented Reality

Founded: 2021

Zero10, based in Limassol, Cyprus, is an innovative AR-fashion platform that is redefining the fashion industry by enabling virtual try-on experiences for brands. This cutting-edge technology allows consumers to virtually try on clothing, offering a seamless and interactive shopping experience that bridges the gap between physical and digital retail. With a strong presence in New York and over €6.7 million in raised funds, Zero10 is at the forefront of fashion technology, pushing the boundaries of what’s possible in the global fashion market. The platform is quickly becoming a go-to solution for brands looking to integrate augmented reality into their customer experience strategies, setting a new standard for the future of fashion retail.

The success stories of startups like Fibery, Ask Wire, Pay., Simple, and Zero10 illustrate the dynamic and rapidly evolving entrepreneurial landscape in Cyprus. These companies are not only making a mark locally but are also establishing themselves as influential players on the global stage. Supported by a robust tech ecosystem, innovative government initiatives, and a growing talent pool, Cyprus is quickly becoming a prominent hub for startups in Europe. As more startups continue to emerge and scale from this vibrant ecosystem, Cyprus's reputation as a global innovation leader is set to strengthen further.