Cyprus, the third-largest Mediterranean island, strategically stands at the crossroads of Europe, Africa, and Asia. Its rise as a premier business destination is attributed to the leveraging of competitive advantages and consistent refinement of its business landscape.
The nation’s commitment to fostering an innovative, diverse, and investor-friendly environment is evident through various incentives, including tax benefits for investment and innovation, the provision of a startup visa, and abundant funding opportunities. Notably, Cyprus is making significant waves as an innovation and entrepreneurial hub, marked by a rapidly growing ecosystem of startup accelerators, incubators, and collaborations with esteemed local and international institutions engaged in substantial innovative projects.
The continuous influx of innovation and entrepreneurship events, collaborations, and discussions contributes to a vibrant business environment. In this article, we present a curated list of the 10 most promising Cyprus-based startups, all founded post-2020, and set to make a mark in 2024.
Ask Wire: Nicosia-based Ask Wire uses data analysis to provide a comprehensive understanding of diverse properties. Tailored for banks, insurers, real estate investors, and ESG-conscious individuals, it enables informed decision-making, automates processes, and transforms advisory services into marketable products. Founded in 2020, they have secured €1.7 million aiming to expand its activities.
BrightCart: Founded in 2022 and headquartered in Limassol, BrightCart offers global processing solutions for VISA and MasterCard transactions. Their advanced card-acquiring capabilities empower businesses to accept major credit cards globally at competitive rates while simplifying the management, downloading, and analysis of monthly sales. They have secured €230K to support their initiatives.
Buildbuild: Limassol-based Buildbuild offers specialised project management software tailored for the construction industry. Their objective is to transform the sector by providing construction teams with advanced and collaborative tools. Established in 2020, they have secured €1.1 million aiming to reshape the landscape of construction project management.
Etolls EU: Founded in 2023, the ETolls EU app offers a convenient method for toll payments, allowing users to bypass cash lanes on toll roads. They also provide useful alerts about toll prices and assist in trip planning by offering cost estimates. This Nicosia-based fintech ensures a seamless journey to your destination, free from surprises. They have raised €600K in total.
Fibery: Based in Nicosia, Fibery is a no-code work management platform that adapts to companies and grows with them. Founded in 2022, the platform integrates various tools into a cohesive, single-connected solution, enhancing organizational intelligence. Since its foundation, they have successfully secured over €7.6 million.
Gameram: PPaphos-based Gameram is a free social network app catering to gamers across various platforms, including mobile, PC, consoles, and board games. Founded in 2020, the app facilitates networking, socialising, and fun interactions, allowing users to make friends, find teammates, and much more. Since its foundation, it has obtained €3.5 million to support further development.
Mad Curve: Nicosia-based Mad Curve provides a predictive business intelligence solution designed to assist businesses in forecasting revenue for growth and funding purposes. Founded in 2022, their mission is to equip companies with tools that enable clear business and marketing decisions based on reliable data sources, predictions, metrics, and business goals. They have raised over €1 million.
Soula: Limassol-based Soula provides emotional and physical support for expectant mothers during and after pregnancy, bringing them closer to doula knowledge and care. With 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. Founded in 2022 they have raised €350K
UITrial: Founded in 2020, UITrial helps game developers gather valuable insights quickly. It eliminates the need for a dedicated research team, allowing developers to efficiently test game builds and receive comprehensive feedback within 24 hours. Based in Limassol and Berkeley, this startup has secured €2.3 million in funding for further growth and innovation.
Zero10: With offices strategically located in Limassol and New York, ZERO10 is a fashion AR try-on company, offering innovative tech solutions for brands venturing into the digital realm. Zero10 provides fashion brands, designers, and users with an exceptionally realistic and top-notch virtual try-on experience leveraging AR technology. Founded in 2021, they have successfully raised €6.7 million.
By the way: If you’re a corporate or investor looking for exciting startups in a specific market for a potential investment or acquisition, check out our Startup Sourcing Service!
