The Cyprus-based investment fund 33East officially inaugurated its operations yesterday in a special event held at the Nicosia Municipality’s Council and Events Hall, in collaboration with the Bank of Cyprus. According to an official announcement, the event marked a significant milestone for the growth of Cyprus' entrepreneurial ecosystem.

33East is the first venture capital fund in Cyprus to receive backing from the European Investment Fund (EIF), the Cypriot government through the National Recovery and Resilience Plan, the Bank of Cyprus, and other local investors. The fund has successfully completed its first fundraising phase, securing €26 million, with the goal of investing in startups connected to Cyprus. Beyond financial support, it aims to provide strategic guidance and networking opportunities to entrepreneurs.

>>33East Closes €26M Fund to Invest in Cyprus<<

The European Investment Bank (EIB) welcomed the launch of 33East, with Vice President Kyriakos Kakouris stating that the fund will help ambitious entrepreneurs scale their businesses and drive innovation in the region. EIB Chief Executive Marjut Falkstedt expressed excitement about the fund’s first investments, emphasizing that innovative ideas from Cypriot entrepreneurs have the potential to expand beyond the local market and make a global impact.

Similarly, Andreas Zachariadis, Director General of the Ministry of Finance, described the establishment of 33East as a crucial step in fostering an innovation-driven economy. Meanwhile, Eliza Leivadiotou, Chief Financial Officer of the Bank of Cyprus, highlighted that the bank’s participation in the fund reflects its commitment to innovation and the diversification of Cyprus’ economic model in line with sustainable development goals.

Nicosia Mayor Charalambos Prontzos reiterated the city’s commitment to supporting innovation and creating an environment where startups can thrive. He emphasized that the concentration of organizations and businesses in the city center aims to foster a collaborative community that promotes entrepreneurship and synergies, forming an innovative startup ecosystem.

Founders of 33East, Dimitris Zoppos and Yiannis Eftychiou, outlined the fund’s mission to support ambitious founders by providing funding, guidance, and connections to scale their companies globally. They stressed that 33East’s contribution extends beyond financing, as it seeks to play a role in building an ecosystem where startups can flourish.

Startups interested in applying for funding or engaging in a casual discussion with the 33East team are encouraged to reach out via the fund’s official website, the announcement concluded.