10 most promising startups in Cyprus

Cyprus has been attracting foreign companies for many years.

This is because the island remains one of the most convenient entry points to the international, especially European, market. This is facilitated by favorable legislation, an active entrepreneurial community, and government policy towards technology business: both startups and large companies are attracted by preferential tax rates and various state support programs. Today there are more than 50 startups in Cyprus in various industries.

EU-Startups.com has named the 10 most promising ones to watch in 2024. Among them were:

1. Ask Wire, a Nicosia-based company that analyzes data to provide comprehensive analytics. The startup provides services to banks, insurance companies, real estate investors, and individuals. Ask Wire was founded in 2020. Since then, the company has managed to raise €1.7 million to expand its operations.
2. BrightCart offers global processing solutions for VISA and MasterCard transactions. Advanced card-acquiring capabilities allow businesses to accept major credit cards worldwide at competitive rates while simplifying the management, loading, and analysis of monthly sales. The company came into existence in 2022 in Limassol. Since its inception, BrightCart has raised 230 thousand euros for the development of its initiatives.
3. Buildbuild is another startup that is based in Limassol. The company was founded in 2020. Its main activity is the development of specialized software for project management in the construction industry. Buildbuild's main goal is to transform the sector by providing construction companies with advanced tools to work with. In three years, the company has already raised €1.1 million for its development.
4. ETolls EU is an app for fast toll payment on toll roads. It allows drivers to avoid waiting in queues. Users of the app can access all information about toll road prices. The startup was founded in 2023. It is headquartered in Nicosia. The startup has raised a total of 600 thousand euros.
5. Fibery is a work task management platform that adapts to companies and grows with them. It integrates different tools into a single solution that improves the efficiency of organizations. It is headquartered in Nicosia. The startup was founded in 2022 and has already raised over €7.6 million.
6. Gameram is a developer of a free app for gamers on various platforms including mobile devices, PCs, consoles and even desktop games. The app facilitates networking, socializing and any other interaction. The startup was launched in 2020 in Paphos. Since then, investors have invested €3.5 million in it.
7. Mad Curve is a company that helps businesses with revenue forecasting for their growth and funding. Mad Curve was founded in 2022 in Nicosia. It has raised over €1m to date.
8. Soula is a company that provides emotional and physical support to expectant mothers during and after pregnancy, effectively acting as an interactive Doula. Through chatbots, evidence-based content and a pregnancy planner, Soula helps women adapt to motherhood. The Limassol-based company came into existence in 2022. Since then, it has attracted 350 thousand euros of investment in its development.
9. UITrial helps game developers get valuable information quickly. It eliminates the need for a dedicated research team, allowing developers to efficiently test game builds and receive comprehensive feedback within 24 hours. The startup is founded in 2020 in Limassol. It has a funding amount of €2.3 million.
10. Zero10 is an innovative app that works on the principle of augmented reality. It provides fashion brands, designers and users with a realistic experience of virtually trying on clothes. The startup came into existence in 2021 in Limassol. The company also has an office in New York. Investments in the development of the startup have already exceeded 6.7 million euros.

There are excellent conditions for the development of startups in Cyprus.

For example, new companies can get a so-called startup visa, under which it is possible to live and work in Cyprus for at least two years. This program was launched in 2017 and since then has been extended several times and its conditions have been revised (for example, the initial funding threshold has been lowered).

Startup visas are designed for companies with one owner and a team of a maximum of five people (this can be the co-founder and top managers) - all third-country nationals with specialized education and a good command of English or Greek. In addition, the company must have access to seed funding of at least 20,000 euros, sources of which may include venture capital, crowdfunding, and others.

In addition, the company must be "innovative", that is, it must have allocated at least 10% of its operating expenses to research and development for at least one of the three previous years. If the company has not yet been economically active, it is assessed based on its business plan. A prerequisite for obtaining this status is that the company has its head office in Cyprus and is a Cypriot tax resident. Applications for the status are reviewed by the Sub-Ministry of Research, Innovation, and Digital Policy. If approved, a certificate is issued, which is valid for three years.

Startups are given two years for promotion, during which the owners, employees, and their family members have the right to reside and work in Cyprus. If the project is successfully launched, this period can be extended indefinitely.