Cyprus is an idyllic island located at the crossroads of the Mediterranean Sea. Its strategic location has made it a hub for trade and commerce between Europe, Africa, and Asia. The island is blessed with a rich history and a diverse culture, which is now creating a thriving innovation space.
In recent years, Cyprus has emerged as an up-and-coming player in the startup ecosystem. The government is actively promoting entrepreneurship on the island, encouraging a new startup culture to develop. At the same time, there has been a steady increase in capital available to startups in recent years and the future looks good for the region’s ecosystem. In 2021, Cyprus broke records with €85.5 million raised by startups. In 2022, the nation counted over 446 startups and scaleups, with a combined value of €3.7 billion.
Edtech has emerged as one of the most promising sectors for startups in Cyprus. The island is also famous for its thriving tourist industry, and so it also has strong potential to develop further in this sector as well as the health and wellness, sports and lifestyle segments.
Thanks to its rich culture, desirable lifestyle, and startup-friendly economy, Cyprus is marking itself as an attractive destination for entrepreneurs and investors, especially as remote and hybrid work cultures have grown. We think Cyprus could be a dark horse in EUrope’s startup ecosystem, capable of bringing big European success stories to the fore in the next few years. It’s already brought us the likes of Nexters and Outfit7, two fast-growing unicorns. Even more, Nexters is actively investing in the local ecosystem, helping nurture fresh startups to follow their example.
We decided to scout the top startups that you should be watching. Find here, 10 super-promising Cyprus-based startups that we believe have an exciting future ahead of them.
Fibery: Headquartered in Nicosia, Fibery is a work and knowledge hub built with startups in mind. Its single-connected tool makes companies more intelligent, bringing together previously disconnected tools into one comprehensive platform. The result is to make information discovery and sharing easier, increasing the quality of data-based insights that companies have. The solution has also been designed to grow with the companies that use it, providing the building blocks to create a personalized workspace as teams scale. Founded in 2017, the Cyprus-headquartered company began 2023 with a $5.2 million fundraise and enjoyed 2x MRR in 2022.
Ask Wire: Fintech startup Ask Wire provides real estate intelligence to banks, insurers, companies, and ESG-conscious investors. The platform creates a comprehensive profile of each European property by gathering data from various sources, including government databases, satellite images and so forth. The profile can then be used to access the information needed to create bespoke products and services connected to real estate, including automating ESG reporting, gaining market insights and monitoring environmental risk. Founded in 2020, it has raised a total of €1 million since its inception and is helping create a more sustainable real estate market – demand for which is on the rise.
fitolio: Limassol-based fitolio is a social fitness platform that offers premium fitness mentorship. With the fitolio mobile app, users can access their favourite creator’s health and wellness content, allowing them to lead healthier and happier lives. Creators can use the platform to monetize their social media presence and build a stronger connection with their followers. The app is designed to support users throughout their health and wellness journey on a holistic basis, encouraging nutritional wellness, mindfulness and complete wellbeing. Founded in 2019, it has raised a total of €950 k.
Uitrial: With headquarters in Limassol, Uitrial offers a “testing as a service” solution for game developers to obtain quick qualitative insights about their products without a research team. Different game builds or features can be tested by individuals from the target audience, with playtest videos, voice commentary, transcripts, and survey responses available within 24 hours. The insights obtained from testing can be used to iteratively improve the product and confidently release it to the market. Founded in 2020, the team has raised a total funding amount of €2.36 million.
Pay.: Registered in Limassol, Pay. is a reputable payment gateway that specializes in providing secure online payment solutions to a wide range of e-commerce businesses. The startup’s goal is to create a comprehensive economy that caters to all types of merchants, from big entrepreneurs to micro-merchants pursuing their biggest dreams. Launched in 2020, Pay.com has rapidly expanded with 5 global offices, providing exceptional customer service to clients worldwide.
Soula: Limassol-based Soula is a personalized app that provides emotional and physical support for expectant mothers during and after pregnancy, bringing them closer to doula knowledge and care. With expert chatbot guidance, evidence-based content, and a forthcoming pregnancy planner/tracker, Soula aims to smooth the transition into motherhood while promoting the importance of doula support. It was founded in 2022 and has raised €142 k to date.
Yoloco: Yoloco is a comprehensive analytical platform designed to facilitate effective influencer marketing. The company offers an all-in-one solution that helps brands find relevant influencers with a quality audience. Headquartered in Limassol, the startup is simplifying, streamlining, and personalizing brand relations with influencers, and as such, empowering brands to move forward and achieve their marketing goals. Founded in 2019, the startup is tapping into an ever-growing influencer-driven world, and we can expect it to keep growing.
Workstories: Limassol-based Workstories is a corporate communication tool that delivers news in a user-friendly “stories” format, ensuring that all employees read the important updates prepared for them. The 2021-founded platform offers customizable templates, deep personalization, and detailed analytics. Workstories claims to increase employee engagement by 80%, work effectiveness by 22%, and company profits by 21%. Internal comms can be a tricky thing for companies to manage, and yet it’s essential to smooth business operations. Workstories has a lot of potential to help companies of all sizes, verticals and geographies.
OSAI: Nicosia-based OSAI is a cutting-edge data company that uses AI/ML and Computer Vision to digitize sports in real-time. With a focus on sports betting, broadcast, and sponsorship activation, OSAI has been offering multiple products such as AI data scouts, real-time mixed reality, and quick bets since 2020. OSAI’s technology provides accurate and timely data, expands betting markets, and increases engagement among younger audiences. Additionally, OSAI offers high-performance analytics, auto-generated social media content, and new formats for match centres.
Simple: Mindful nutrition app Simple is on a mission to help people move to a healthy diet through a gradual change of habits and the introduction of food discipline. Based in Limassol, the startup’s app uses tools such as data collection, pattern selection, advice, magazines, and education about health and food. The app integrates the data from the Health app (HealthKit) to keep track of your body status, such as steps, weight, and water intake. The app also provides personalized insights based on the user’s behavioural patterns and helps them to improve their daily fasting routine. Founded in 2019, the foodtech innovators secured €4.1 million in 2020.
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