The Research and Innovation Foundation (RIF) has unveiled “BOOST”, an ambitious blended finance programme aimed at supporting innovative companies in Cyprus. With a total budget of €2 million, this initiative is designed to propel businesses that are shaping the future of innovation.

BOOST is a grant programme tailored for Certified Innovative Companies. It provides financial assistance to companies that secure equity-based investments of at least €200,000. The RIF will co-fund up to 50% of the equity-based investment, with a maximum grant of €300,000 per company.

This strategic approach aims to foster a more robust ecosystem for innovative ventures by blending private equity investments with public grants.

• Budget: €2 million

• Grant: Up to 50% of equity-based investment (capped at €300,000)

• Eligibility: Certified Innovative Companies with equity-based investment agreements of at least €200,000.

• Submission Deadlines:

  • 13 June 2025

  • 12 December 2025

This programme is a unique opportunity for innovative companies to double down on their growth by leveraging both private investment and public funding. BOOST also aims to attract investors by reducing financial risk and encouraging more equity-based funding for Cypriot startups.

FastForward spoke with Theodoros Loukaidis, Director General at Cyprus Research and Innovation Foundation

"Blended finance schemes are force multiplier that ease founders’ access to long-term patient capital to fuel growth. Through our very first blended finance programme, DISRUPT, 7 companies have secured a total of €23M, with €10.5M public money from the RIF and €12.5M of private investments. And now, with the launch of the BOOST programme we aim to support even more innovative companies to grow from Cyprus to the world. In line with our national strategy for R&I 2024-2026, we are supporting more startups and scaleups while also making it attractive for investors to invest in them. Very important to mention, the BOOST programme is open to any type of equity-based investment and to investors from anywhere in the world. And, the Government of Cyprus has in place tax incentives for investors in certified innovative companies."

For those interested in taking advantage of this programme, the following resources are available:

• Call Documents & FAQs: Download Here

• Webinar: Join the official webinar on 30 January 2025 at 11:00 AM to learn more about BOOST. Sign Up Here.

• Innovation Certificate: Information on obtaining an Innovation Certificate is available here.

• List of Certified Innovative Companies: View Here.

• Tax Incentives for Investors: Details Here.

RIF’s BOOST programme represents a significant step forward in bolstering Cyprus’s innovative landscape. It offers a much-needed blend of private and public sector support to help companies scale their operations, attract investment, and contribute to the local economy.

Aspiring applicants are encouraged to prepare early and take full advantage of the available resources to maximize their chances of success.

Don’t miss this opportunity to be part of Cyprus’s innovation journey!