Nestled in the heart of the Eastern Mediterranean, Cyprus is a country where rich history, vibrant culture, and stunning natural beauty converge. However, it’s not just the past that’s thriving—Cyprus is gradually emerging as a hub for innovation. With strong government support, private investments, and a talented workforce, the country’s startup ecosystem has been flourishing. In 2024, Cyprus achieved an impressive milestone, jumping nine spots in the Global Startup Ecosystem Index to secure a place in the top 50 for the first time, now ranking 45th globally. This growth is driven by booming sectors such as fintech, gaming, blockchain, and edtech.
In this listicle we explore the startup scene in this country, showcasing 10 innovative companies all founded between 2020 and the present that are paving the way for the nation’s entrepreneurial future. These leading startups are not only making waves with their tech solutions and creative ideas but are also playing a key role in establishing Cyprus as a rising star in European innovation.
Breezy: Headquartered in Limassol, Breezy offers a sustainable solution for individuals and businesses through a trade-in service for used tech devices. This initiative focuses on refurbishing and reusing electronics, reducing waste, and promoting eco-friendly practices.
The startup’s platform enables customers to exchange their old devices for value, contributing to a circular economy while supporting the efficient reuse of technology. Their services cater to both consumer and corporate needs, aiming to make tech recycling more accessible and responsible. Founded in 2020, the company secured €953k to expand its activities.
Eschatology Entertainment: Founded in 2022, this game startup studio focuses on creating immersive, narrative-driven experiences. Their first project, a hardcore, Souls-like first-person shooter set in an apocalyptic Western world, follows a gunslinger on a journey through a desolate landscape. With a strong emphasis on innovation and storytelling, Eschatology Entertainment pushes the boundaries of gaming. Based in Nicosia, the pioneering startup has raised €14.6 million, reflecting significant investor confidence in its vision.
Kek Entertainment: This Limassol-based startup specialises in multiplayer mobile games, offering engaging and competitive experiences for users worldwide. Renowned for its high-quality game design, the company is dedicated to delivering fun and collaborative gameplay. Since its launch in 2021, Kek Entertainment has secured €10.5 million in funding to support its growth and development within the gaming industry.
Magify: This startup helps mobile game developers optimise game performance through advanced data analytics and A/B testing. It provides real-time insights into user engagement and monetisation strategies, enabling developers to personalise game experiences and enhance their games’ lifetime value.
Founded in 2021, Magify also integrates with major tools like Unity and various third-party APIs, streamlining data management and delivering actionable insights to improve user experience and profitability. Headquartered in Limassol, the startup has successfully raised €1 million in funding.
Malloc: Founded in 2021 and based in Nicosia, this cybersecurity startup specialises in mobile security solutions for individuals, enterprises, and organisations. Having secured €1.8 million in funding, their flagship app, Antistalker, protects users from phone spyware and unauthorised access to microphones or cameras. It also features data monitoring tools that detect and block malicious data leaks in real-time.
For enterprises, Malloc provides robust privacy compliance solutions to safeguard sensitive information and ensure regulatory adherence. By addressing the growing threats in mobile security, Malloc has established itself as a trusted partner in protecting personal and corporate privacy.
Peech: This text-to-speech platform enables individuals and publishers to transform written texts into audiobooks. Launched in 2022 in Nicosia, the innovative app helps users save time by converting written material into audio, making it particularly beneficial for people with disabilities such as dyslexia, ADHD, or vision impairment.
Peech features AI-powered language detection, diverse voice options, and compatibility with various content formats, including web articles and e-books. For publishers, it provides an affordable and efficient way to create high-quality audiobooks in multiple languages. The startup has successfully raised €524k in funding.
Placy: Founded in 2023, this innovative startup has developed an AI-powered assistant tailored for real estate agents and developers. It streamlines tasks by automating lead management, matching leads with properties, answering queries, and scheduling appointments.
The platform also enhances customer support with 24/7 multilingual assistance, leveraging a comprehensive knowledge database to address real estate-related enquiries. With advanced tools for workflow automation and data privacy, Placy reduces manual work and boosts sales efficiency, making it an indispensable tool for real estate professionals. The Limassol-based startup has secured €1.3 million in funding to drive innovation in real estate technology.
SOULA: Based in Limassol, this startup specialises in 24/7 support for women’s well-being, particularly during pregnancy, childbirth, and motherhood. The app provides personalised, evidence-based content alongside a proactive AI chatbot to guide users through their journey. It also includes a well-being tracker that tailors advice based on individual assessments. Soula’s mission is to empower women by offering continuous emotional and informational support, helping to reduce anxiety and burnout during these pivotal life stages. Founded in 2022, Soula has successfully raised €1.2 million in funding.
Top App Games: This game development company focuses on creating innovative and competitive gaming experiences. One of their standout titles, LUDUS, is a real-time battle game where players build and deploy decks of units to compete strategically against one another.
Based in Nicosia, this startup prioritises engaging gameplay, bringing players together in dynamic, fast-paced matches. Their games aim to redefine industry standards through creativity and strategy. Founded in 2024, the company has successfully raised €9.5 million in funding.
ZERO10: Headquartered in Limassol, with additional offices in New York, this tech startup specialises in augmented reality (AR) technology, creating immersive virtual experiences for digital fashion. Their platform enables brands to design, showcase, and sell digital clothing items, allowing users to “try on” outfits in real time using AR.
Founded in 2021, ZERO10 bridges the gap between traditional fashion and the digital world, offering tools for creating AR collections that captivate tech-savvy consumers in innovative ways. The startup has closed a funding round of €7.2 million.
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