Cypriot startup accelerator ARIS (A Really Inspiring Space) this week announced the signing of a Memorandum of Understanding (MoU) with finance firm XM, resulting in the company becoming an official sponsor.

ARIS is a non-profit organisation established in association with Deloitte Cyprus, for the purposes of offering innovative enterprises with the necessary structure, mentorship, and network to grow successful business ventures.

ARIS supports startups that want to speed up the execution time of their projects and expedite their go-to-market speed and scale-ups, particularly in instances where startups need business or financial support to develop and expand.

The announcement explained that XM’s sponsorship of ARIS aims to support its efforts in empowering innovative enterprises and strengthening Cyprus as a leading startup hub in the Middle East and Western Europe.

In addition, through this collaboration, ARIS and XM aspire to support the acceleration of startups and scale-ups and help them accelerate their growth.

Constantina Stylianou, Head of CSR of XM, said that the company is “delighted of this new collaboration with ARIS that opens new opportunities for us”.

“As a human-oriented company, XM is committed to upholding our Corporate Social Responsibility (CSR),” Stylianou explained, noting that the company “strives to make a positive difference to the life of individuals, irrespective of their culture, religion, or ethnic background, and help them achieve their potential, fully aligns with ARIS vision to make an impact on the entrepreneurial scene”.

“That’s why we decided that the best way to support the innovation and entrepreneurship ecosystem in Cyprus was by joining forces with the ARIS accelerator,” she added.

Founded in 2009, XM is a well-established international investment firm, with over 900 professionals in its ranks.

The company has reported that it has had 10 million clients from over 190 countries since it was founded.

Meanwhile, George Martides, Financial Advisory Services Leader of Deloitte in Cyprus and Member of the Board of Directors of ARIS said that “this MOU is an important milestone in the journey of ARIS”.

“We are very excited for this collaboration which highlights our vision for ARIS to become a meeting point between corporates and high-growth innovative enterprises, actively helping to drive the future of innovation on our island,” Martides concluded.