Cyprus’ technology sector is witnessing remarkable growth, with 850 startups and scaleups currently active, according to the latest insights from TechIsland's Cyprus Tech Ecosystem map. This real-time monitoring tool provides invaluable data on the local tech landscape, highlighting key trends and developments.

Fintech emerges as the dominant sector in the Cypriot ecosystem, boasting 186 companies. Furthermore, the ecosystem is supported by 217 investors, indicating strong investor confidence and a healthy funding environment. TechIsland also reports that 22 Cypriot companies currently hold patents.

In a notable achievement, Limassol-based UFL made headlines with a significant funding round in December 2023, backed by international football superstar Cristiano Ronaldo. This investment underscores the global appeal of Cyprus' tech startups and the growing interest from high-profile global investors.

Despite these successes, there remains a vast untapped potential, with almost 600 startups and scaleups eagerly waiting for their first investor. This scenario presents a plethora of opportunities for venture capitalists and angel investors looking to explore new ventures in a dynamic market.

Established in 2021, TechIsland, a non-profit IT Association, aims to transform Cyprus into a world-class destination for talent. The organization is at the forefront of accelerating the island's innovative ecosystem by advocating for a better regulatory and legal framework for companies and talent, both local and relocating to Cyprus. The organization also actively engages in corporate social responsibility activities focusing on education, health, ecological, and societal issues.