Startup investment in Cyprus nears 2025 total as funding activity accelerates

Cyprus startups raised €112.8 million across 28 funding rounds in 2026, bringing the sector close to its full-year total for 2025 with three months remaining, according to analysis by Dionysis Partsinevelos, an associate at venture capital firm 33East and an analyst at G4 Ventures.

In an update published on Tuesday, Partsinevelos said 21 additional rounds had been announced over the five months since his previous funding review in May, with 17 disclosing their amounts and collectively raising €100m.

The total for 2026 stands at $131.9m, with a median investment of $1m, while the €112.8m raised so far compares with approximately €120m in 2025.

Partsinevelos counts funding rounds by announcement date, uses the currency reported by each company and converts amounts at a year-to-date average exchange rate of approximately $1.16 per euro, excluding grants.

He also disclosed that 33East has invested in four of the companies covered.

Omilia recorded the year’s largest funding round, raising $67m (€57.8m) in a Series B announced on August 6 and led by Expedition Growth Capital.

The company develops artificial intelligence voice agents for enterprise contact centres and is now headquartered in Larnaca, having been founded in Athens by Dimitris Vassos.

Its first external investment was a $20m round from Grafton Capital in May 2020, while the latest deal ranks as the fourth-largest raised by a Cyprus-based startup in Partsinevelos’ records dating back to 2020.

Two crowdfunding campaigns run by Crowdbase also exceeded their targets, bringing in a combined €835,706 from 213 individual investors.

Nicosia-based AI recruitment platform Cleedee raised €300,000 from 117 investors at a pre-money valuation of approximately €1.7m, closing its campaign on May 31.

Founded by Michalis Georgiou and Stavros Kasinos, the company has also won funding through the Research and Innovation Foundation’s SEED call and joined the first Plug and Play Cyprus cohort.

Student housing platform MyStudentFlat raised €535,706 from 96 investors between May and July, exceeding its €500,000 target at a pre-money valuation of €1.8m.

Founded by Demetris Economou and Elena Orfanidou, it leases verified flats from landlords and sublets them to students.

Several other companies secured funding from venture capital investors.

AI game-development tools startup Code Maestro raised $720,000 (€620,000) in a summer seed round involving Davidovs Venture Capital, Mount Venture Capital Fund, 33East and angel investors.

Founded by Alexander Goldybin and Max Slobodyanyuk, it developed an AI copilot for Unity before shifting its focus to a Playable Ads Creator, which turns screenshots or briefs into playable advertisements that meet advertising network requirements.

Short and medium-term rental operations company Piney raised €1.6m in September in a round led by existing investor Uni.fund, with 33East participating, bringing its total funding to €2.8m.

Founded by Cypriot Nicolas Chrysostomou, the company provides cleaning, laundry, linen and amenities through its platform and in-house teams, and operates in the United States with a Cypriot team.

Robotics testing company Positronic Robotics raised $2m (€1.72m) in September in a pre-seed round led by 33East, with RTP Global, Davidovs Venture Collective, Orion VC and angel investors participating.

Founded by Sergey Arkhangelskiy, who is based in Paphos, it tests robotics models on physical robot rigs in Cyprus, providing customers with video recordings and scores for each test on the same day.

Other announced rounds included Limassol-based travel eSIM app eSIMo, which raised $10m in January from an unnamed UK investment fund, and Neofleet Capital, which secured $4m in a pre-seed round combining equity and debt, announced on October 8.

Neofleet Capital finances taxi and ride-hailing fleets in Senegal, Cote d’Ivoire and Peru, with DMTech VC participating in its latest round and some team members having previously worked at inDrive.

Limassol-based AI mental wellness app SOULA raised $750,000 in February, following founder Natallia Miranchuk’s €500,000 investment win on Shark Tank Malta in 2024 and backing from the Research and Innovation Foundation’s DISRUPT programme.

Paphos-based telecoms operator Intergo Telecom raised €600,000 in an angel round in April, having operated since 2016 under founder and chief executive Marios Italos.

Restaurant payment startup DigitalFox raised €350,000 in a pre-seed round earlier in the year, while AI companion startup Nooah secured $100,000 in May.

DigitalFox, founded by Bane Patchev, integrates QR-code table payments with restaurant point-of-sale systems and joined Plug and Play Cyprus’s first cohort.

Nooah’s AI assistant uses long-term memory through Telegram and WhatsApp and sends daily morning briefings, with co-founder and chief executive Andrey Belozerov based in Cyprus.

Cyprus gaming studio F*Bastards secured a seven-figure investment in June to expand its portfolio of more than 50 slot and casino games, with Laedan Bridge advising.

Nicosia-based defence technology company Fractal Networx received an undisclosed strategic investment in August from Greek dual-use technology group EFA Group.

Its products include ORION CX, a command-and-control system, and ALECTO EW, a modular counter-drone and electronic warfare system, both described as already in operational use.

Larnaca-based G6X7 also announced a reported $20m private investment in September from unnamed investors in Japan and the United Arab Emirates, although Partsinevelos cautioned that the round was not fully verified.

The company describes itself as a contemporary art and visual technology platform producing limited-edition artworks from layered aluminium and acrylic, with photography positioned between the layers.

Partsinevelos also identified several funding developments not included in his main list, including two undisclosed Series A extensions for Limassol-based education technology company Headway, from Endeavor Catalyst in January and Horizon Capital in April.

Limassol-based self-improvement microlearning startup RiseGuide raised a $2m Series A in January, according to VCBacked, while Integral AI secured a €250,000 seed round in January for its machine-learning technology targeting mobile performance marketing.

Nicosia-based mobile puzzle game developer Burny Games also brought in NAVI owner Maksym Krippa as a co-owner in March, although the size of his stake was not disclosed.

Despite the funding growth, Partsinevelos warned that the three largest rounds account for approximately 75 per cent of total funding, limiting the extent to which the headline figure reflects broad-based investment.

However, he said the 28 rounds recorded so far, including undisclosed deals, indicate a widening range of activity, with new companies also attracting investor interest.

Moreover, Partsinevelos said that “investors are starting to realise that the island can now produce and export technology and not just import it”.

“With three months left into the year, and a few more deals remaining unannounced, I expect another record-breaking year for Cyprus startups,” he concluded.