Cyprus-based 33EAST, backed by the European Investment Fund, has raised €26 million to launch its first venture capital fund, with the main aim of developing the island's startup ecosystem and fostering innovation.
The fund, which will be launched in January 2025, is backed by the Cypriot government through the National Recovery and Sustainability Plan, the Bank of Cyprus and local investors who have provided funding for the development of Cypriot startups. Of the funds raised, €19 million came from the Cyprus Equity Fund, €7 million from private investors and a further €2 million from the Bank of Cyprus.
Incidentally, 33East will invest in pre-seed and seed stage start-ups whose business plan requires an initial investment of between €500,000 and €1 million. An additional €2.5 million has been earmarked for an initiative to accelerate the development of early-stage companies.
Cyprus has a lot to offer technology start-ups. We want to help make Cyprus a centre for innovation and entrepreneurship," said Dimitrios Zoppos, who co-founded the fund with Yannis Efthihiou.
For his part, Eftychiou said 33East's mission is to accelerate Cyprus' tech ecosystem by providing local startups with capital, support and connections for rapid development.
Our focus is not just on providing capital to startups. We strive to support founders who want to go global. We approach each partnership in a friendly and optimistic manner, helping them to succeed in practice," concludes Efthihiou.