Cyprus’s startup scene is making waves across Eastern Europe, according to the newly released “Venture in Eastern Europe 2024” report by How to Web and Infobip. The report, which examines investment deals in 22 countries, highlights a dynamic shift in the region’s investment landscape—one in which Cyprus is beginning to carve out a more prominent role.

Now in its fifth edition, the “Venture in Eastern Europe” report offers a panoramic view of how tech startups from early-stage pre-seed to late-stage deals are faring. Overall, 1,286 venture deals contributed a total of €3.89 billion across Eastern Europe. While a handful of countries—Turkey, Poland, Greece, the Czech Republic, Lithuania, Estonia, Romania, and Slovakia—command the lion’s share (over 90% of investment volume), Cyprus is increasingly turning heads with notable funding rounds and a growing number of deals.

Despite not yet appearing in the region’s top-tier investment brackets, Cyprus’s presence is growing, with 27 recorded transactions in 2024 and a total investment volume of ~ €85.2 million.

• Investment Volume (Total): ~ €85.2 million

• Pre-seed Investment: €5.63 million

• Seed Investment: €13.83 million

• Series A Investment: €69.99 million

• Series B Investment: €10.55 million

The data shows that while Cyprus continues to secure early-stage funding (pre-seed and seed), it has also successfully attracted larger rounds—including Series A and B—indicating that some local startups have matured past the initial concept stage and are attracting follow-on capital.

The report spotlights 5 standout deals in Cyprus:

1. MetaTrace (€22.5M, Series A) – Investors: Unknown

2. Redox One (€18M, Series A) – Investors: Tharisa

3. Eschatology Entertainment (€10.1M, Series A) – Investors: GEM Capital, Krafton, The Games Fund

4. Top App Games (€9M, Series B) – Investor: Vladimir Nikolsky

5. Mika Games (€9M, Series A) – Investor: Flint Capital

Notably, the presence of gaming and entertainment companies underscores the growing diversity in Cyprus’s tech offerings.

Cyprus accounted for 1.9% of the region’s follow-on deal volume in 2024, reflecting that the country has enhanced the necessary infrastructure to support startups beyond their initial phases.

Meanwhile, the island contributed 5.6% to the first-round deal volume in Eastern Europe, positioning it among the top 10 countries for initial investments, alongside powerhouses like Turkey and Romania.

The overarching message of the report emphasizes a shift in the European venture market toward disciplined growth, capital efficiency, and building startups capable of enduring market fluctuations. Investors are increasingly looking to support companies that show real traction and resilience.

With the report predicting that Eastern Europe will continue to rise as one of the world’s leading startup powerhouses, Cyprus appears poised to grow its share of the region’s venture capital pie. As the survey states, bridging the funding gap in the very early and late stages, alongside developing more robust tech hubs, remains essential to sustaining this momentum.