Startups connected to Cyprus raised a total of €112.8 million across 28 funding rounds from January through October 2026. For comparison, total funding for all of 2025 was around €120 million.
The figures were compiled by Dionysis Partsinevelos, a venture capital analyst at 33East and G4 Ventures. Since his previous market review in May, another 21 funding rounds have been added. Investment amounts were disclosed in 17 of those rounds, bringing in a combined €100 million for the companies involved.
In U.S. dollar terms, the total amount raised reached $131.9 million. The median deal size was $1 million. For his calculations, the analyst uses the date on which each funding round was announced, keeps the currency reported by the company, and converts amounts using an average exchange rate of around $1.16 per euro. Grants are not included in the statistics. Partsinevelos also notes that 33East invested in four companies on the list. At the same time, the total amount does not mean that funding was distributed evenly among startups: around 75% of all capital raised came from the three largest deals.
Omilia raises €57.8 million to expand voice AI
The largest funding event of the year was the round announced by Omilia, a company developing voice AI agents for contact centers. On August 6, 2026, the company announced that it had raised $67 million, or €57.8 million, in a Series B round led by Expedition Growth Capital. Omilia was founded in Athens by Dimitris Vassos and is now headquartered in Larnaca. The company develops technologies that help automate customer service using artificial intelligence.
The startup received its first external funding of $20 million from Grafton Capital in May 2020. According to the company, its annual recurring revenue has since grown by more than tenfold and exceeded $60 million.
The August deal became the fourth-largest funding round among Cyprus-based startups in Partsinevelos’s records, which he has maintained since 2020.
Omilia’s clients include banks Capital One and Discover, as well as restaurant chain Taco Bell. The company plans to use the new funding for further international expansion, including opening its first office in the United States. In addition to Omilia, startups in robotics, artificial intelligence, travel technology, short-term rentals, and telecommunications also secured funding in 2026.
In September, Positronic Robotics raised $2 million, or €1.72 million. Investors included 33East, RTP Global, Davidovs Venture Collective, Orion VC, and angel investors. Company founder Sergey Arkhangelsky lives in Paphos. The startup tests robotic models on physical test rigs in Cyprus and provides customers with video footage and performance assessments on the same day the test is conducted.
That same month, Piney, a service for short-term rental operators, raised €1.6 million. The round was led by Uni.fund with participation from 33East. The company’s total funding has now reached €2.8 million. Piney was founded by Cypriot entrepreneur Nicolas Chrysostomou and serves the U.S. market with a team based in Cyprus. During the summer, Code Maestro, which develops artificial intelligence tools for the gaming industry, raised $720,000, or €620,000. Investors included Davidovs Venture Capital, Mount Venture Capital Fund, 33East, and private investors. Other notable deals in 2026 included:
- eSIMo: in January, the Limassol-based travel eSIM app raised $10 million from an unnamed British fund.
- SOULA: in February, the Limassol-based mental wellness app secured $750,000.
- Intergo Telecom: in April, the Paphos-based telecommunications operator raised €600,000.
- Neofleet Capital: on October 8, the company announced that it had raised $4 million. It finances taxi fleets in Senegal, Côte d’Ivoire, and Peru.
- G6X7: in September, the Larnaca-based company reported raising $20 million in private investment from Japan and the UAE. However, according to Partsinevelos, the deal could not be fully verified.
Crowdfunding in Cyprus: €835,706 from 213 investors
Another source of funding for local startups has been the Crowdbase crowdfunding platform. Two campaigns on the platform raised a combined €835,706 from 213 investors, exceeding their initial targets. Nicosia-based startup Cleedee, which uses artificial intelligence for recruitment, completed its campaign on May 31, 2026. The company raised €300,000 from 117 investors at a pre-money valuation of approximately €1.7 million. Cleedee was founded by Michalis Georgiou and Stavros Kasinos. The company had previously received support through the SEED competition of the Cyprus Research and Innovation Foundation and joined the first cohort of the Plug and Play Cyprus accelerator.
The second successful campaign was MyStudentFlat, a company operating in the student housing market. From May through July, the startup raised €535,706 from 96 investors, exceeding its initial €500,000 target, at a company valuation of €1.8 million.
MyStudentFlat was founded by Dimitris Economou and Elena Orphanidou. The company rents verified apartments from property owners and then leases them to students. The Crowdbase model allows private investors to invest from as little as €100 and receive an equity stake in a company. Before launching a campaign, a startup announces its fundraising target and company valuation.
The platform operates under a license from the Cyprus Securities and Exchange Commission (CySEC) and in accordance with European crowdfunding regulations. According to Crowdbase, its team also invests in every campaign on the same terms as other participants.
Why investment in Cyprus startups is growing
According to Partsinevelos, the 2026 results reflect growing investor interest in technology companies connected to Cyprus. At the same time, the record total funding figure is largely driven by several major deals, so it does not by itself show how evenly investment is distributed across the market.
The analyst believes international investors increasingly view the island not only as a market for selling technology, but also as a place where products for global audiences are being developed. He expects more funding announcements before the end of the year and believes total investment in Cyprus startups could set a new record.
Overall, during the first ten months of 2026, Cyprus-based startups raised nearly as much funding as they did during the entire previous year. Large investments in AI and robotics, active venture capital funds, and successful crowdfunding campaigns show that Cyprus’s technology sector continues to develop. However, the large share accounted for by the three biggest deals indicates that the overall result still depends heavily on a small number of major funding rounds.