Cyprus has been awarded the Best Global Climb Award Among EU Countries in the 3rd Edition of the StartupBlink Startup Ecosystem Awards, marking one of the country’s most significant recognitions in innovation to date. The distinction highlights the strength, ambition and international progress of Cyprus’ growing startup ecosystem.

According to Theodoros Loukaidis, Director General at the Research and Innovation Foundation (RIF), the achievement is the result of a coordinated five-year effort to position Cyprus not just on the global map of innovation, but as a country impossible to overlook. The Foundation’s initiatives have expanded far beyond promotion. They include participation in major global events such as Slush, 4YFN at MWC, GITEX Global and the Doers Summit, as well as the creation of first-of-their-kind blended finance schemes like Disrupt and Boost, and the deployment of strategic tax and talent mobility incentives.

Loukaidis noted that the recognition comes after an intense period of international activity that took him from Barcelona to Beijing, Helsinki, Dubai and Athens. He reflected on the first time RIF led a national delegation to a major startup event. Back then, Cyprus was promising but relatively unknown. Today, the country’s ecosystem is producing globally competitive companies, drawing international investors and demonstrating that excellence can be built and scaled from Cyprus.

Showcasing Cypriot Success Stories

Loukaidis highlighted several standout examples across different sectors:

2050 Materials, funded under RIF’s Seed Programme, recently achieved an exit by joining the Once For All group, expanding its sustainability solutions across Europe.

From the same Seed cohort, Nodes and Links has raised over €25 million in private investment, aiming to transform project management with AI and disrupt the global construction industry.

Malloc, funded through RIF’s Pre-Seed Programme, became the first Cypriot company to enter Y Combinator, secured US-based investors and surpassed one million downloads.

In biotech, Cyprus celebrated its first major deep-tech exit as Philippos Patsalis transformed an ERC grant into a globally competitive company that attracted private investment and exited successfully. This paved the way for a cluster of emerging biotech players including RSL Revolutionary Labs, Theramir, Promed Bioscience, Biogena, Novamechanics, Embio Diagnostics and AnaBioSi-Data.

The momentum extends across multiple industries:

• EnergyIntel, led by Eugenia Herodotou, leveraged RIF programmes to scale its energy-transition solutions globally.

• Odyssey continues expanding internationally, with its Clearskies product positioned in the Gartner Magic Quadrant.

• Blend now serves over 300 businesses in 24 countries, gaining strong traction in the US.

• Radiacode develops and exports the world’s first series of pocket-sized radiation detectors and spectrometers.

• Engino produces award-winning STEM toys distributed worldwide.

• CYPET Technologies manufactures injection stretch blow molding machines at scale.

• In femtech, Soula by Natallia Miranchuk offers an AI therapist for women’s mental health.

• In foodtech, The Mighty Kitchen has expanded Cyprus-made meat alternatives into Greece and the UK.

• Ask Wire, led by Pavlos Loizou, is modernizing proptech through improved real estate data intelligence.

• In fintech, DynamicWorks continues global expansion with its Syntellicore platform.

Loukaidis emphasized that these examples represent only a fraction of the remarkable momentum building across Cyprus. Founders in the country are innovating across sectors, entering global markets and rewriting what is possible for a small but fast-growing ecosystem.

A Milestone and Motivation

For RIF, the award is not just a distinction but a powerful validation of its strategy. Entrepreneurs repeatedly credit the Foundation’s support for giving them the confidence to take risks, innovate and scale internationally.

Loukaidis concluded with a clear message: the progress so far is only the beginning. “We will be doing more and better,” he said, calling on the community of innovators to continue pushing forward.

A full list of RIF funding beneficiaries is available at www.research.org.cy

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