Cyprus-based start-ups lead Deloitte Fast 50 regional rankings

Over 20 tech start-ups and scale-ups from Cyprus and the Middle East gathered in Limassol this week, for a joint event by the Deloitte Technology Fast 50 programme and ARIS, A Really Inspiring Story accelerator, aiming to inspire and support the next generation of entrepreneurs. 

According to the organisers, the evening was dedicated to cultivating success stories in innovation, with networking opportunities among founders, investors, and key stakeholders from the broader ecosystem. 

Deloitte, through its Innovation and Entrepreneurship Centre (IEC) in Cyprus, has long supported innovation across the region. ARIS, a non-profit accelerator curated by the IEC and established in association with Deloitte, also reflects the company’s commitment to helping early-stage ventures scale.  

Meanwhile, the Deloitte Technology Fast 50 programme, launched in 2021, continues to recognise the fastest-growing tech companies in Cyprus and the Middle East. 

All these initiatives form part of Deloitte’s wider strategy to foster a dynamic environment for start-ups, offering them the recognition, tools, and resources needed to grow, it said. 

The event featured remarks by Theodoros Loukaidis, Director General of the Research and Innovation Foundation, who said that “Cyprus has emerged as a strong hub of innovation, with local start-ups and technology companies proving every day that resilience is the key to their success.”  

He added that the Deloitte Technology Fast 50 programme and the event itself had highlighted the impressive growth of these companies, which are shaping the future of technology both regionally and globally. 

According to the statement, Loukaidis also noted that the foundation, as the national funding agency, is proud to empower these companies through funding tools and value-added services, and remains committed to strengthening the innovation ecosystem, aiming to foster breakthrough ideas and promote sustainable development. 

A panel discussion followed, moderated by Carolina Arbelaez DeLa Espriella, Director of Deloitte Private Growth at Deloitte Middle East.  

Panellists included Marios Tannousis, CEO of Invest Cyprus, and Violetta Skittidi, Co-founder and COO of Formulaw.ai, who discussed what defines a “success story” in today’s tech landscape and how Cyprus is developing a supportive ecosystem for innovation.  

They also explored the role of accelerators and the local business environment, while offering insights on how founders can navigate challenges and adapt as they grow. 

According to the statement, Anthi Chatzikyriakou, Manager, Strategy and Transactions at Deloitte Cyprus, and Constantina Stylianou, Head of Events and CSR at XM, the main supporter of ARIS, also delivered presentations during the event.  

Chatzikyriakou gave a detailed overview of ARIS’ work, stressing the importance of mentorship, funding access and networking in helping entrepreneurs succeed. 

Stylianou, meanwhile, explained XM’s approach to its collaboration with ARIS, saying it helps build a sustainable innovation ecosystem in Cyprus that transcends borders and “connects the new generation of entrepreneurs with international markets, giving them the inspiration, tools, and opportunities to take the next step.” 

The event also featured stories from members of the latest ARIS cohort and alumni, who shared their personal and professional experiences, illustrating how ARIS had supported their development and business growth. 

Later in the evening, Kyriacos Charalambides, Strategy and Transactions Partner at Deloitte Cyprus and leader of the Fast 50 programme, presented the results of the 4th edition of the Deloitte Middle East and Cyprus Technology Fast 50 and awarded the winning companies.  

It said that “the growing number of applications each year highlights the increasing maturity of the start-up ecosystem in the region.”  

Notably, Cyprus-based companies topped the rankings in all four editions, with Municorn leading the 2025 list, achieving a remarkable growth rate of 20,164 per cent. 

Charalambides stated that entrepreneurs have the power to create real impact and change the world, with the capacity to transform communities, influence their sectors, and expand their ecosystems.  

He added that initiatives like ARIS and Fast 50 can motivate new entrepreneurs while also nurturing the wider ecosystem, as they showcase best practices and help strengthen the innovation network. 

“Think globally early. Chase your ideas with determination. Develop a clear strategy on how to develop your product or service and a go-to-market strategy on how you want to get there; adapt whilst staying committed in spite of any challenges you may encounter along the way,” Charalambides concluded.