The Startup Ecosystem of Cyprus

Cyprus has 3 cities in the top 1000 and is the leading startup hub in Western Europe.


Cyprus’s startup scene saw an increase in 2023 and jumped 1 spot from the previous year, outranking Uruguay.



Regional Ranking

In Western Europe

Global Ranking



Startup Ecosystem Overview

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The island of Cyprus has built a relatively modern, free-market, service based economy. The country is a famous tourist destination, but lacks recognition for its startup activities, due largely to a lack of funding. The resulting lack of success stories affects the motivation of the local population toward entrepreneurship.
The government has been working on different initiatives to attract investors and entrepreneurs, including various tax incentives for investment and innovation, the availability of a start-up visa, and funding opportunities. One strength of the island is the talent pool, as it has one of the EU’s highest number of graduates per capita. The local talent has recently been strengthened by tens of thousands of Russian and Ukrainian IT professionals who migrated to Cyprus to escape instability created by the war.
The Cyprus Startup Visa program allows talented entrepreneurs from third world countries outside the European Union (EU) and the European Economic Area (EEA) to develop a startup with high growth potential in Cyprus.
Notable initiatives to support entrepreneurs and attract foreign investors include Invest Cyprus and ARIS, a program jointly funded by Bank of Cyprus and the consulting firm Deloitte. Moreover, CYENS is a multi-stakeholder research and innovation center with the participation of the Municipality of Nicosia, three public universities in Cyprus, and two international Partners (the University College London and the Max Planck Institute for Informatics) to empower knowledge and technology transfer in the country. Another organization that contributes to the innovation ecosystem in Cyprus is Tech Island, an NGO with a mission to turn Cyprus into a world-class destination for tech talent.
Cyprus has established itself as a growing fintech hub. The dynamic fintech movement includes startups offering services from real-time investment portfolio securitization and advanced performance analytics to automated order processing. Besides fintech, it is also home to some of the leading names in RegTech, IoT, cybersecurity, and the gaming industry. Cyprus has seen growth in Blockchain technology, and the University of Nicosia is the first university in the world to offer a Masters course in Digital Currency.
Cyprus has an unrealized startup potential which is now being leveraged by an increasing number of start-up accelerators, incubators, and research institutions developing innovative projects. The government should create policies and incentives that support the launch of venture capital funds to promote entrepreneurship and startup culture. In this way, the island can produce more success stories and become more powerful in the global startup scene.

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The Startup Ecosystem in Cyprus

In 2023, Cyprus register a rise in Health startups. Some of the most notable success stories in this industry are those of ,

Global Rank

Cyprus is ranked within the top 100 startup ecosystems globally.

Top Industries

Cyprus’s startup scene is best represented in Health, Social & Leisure, and in and Fintech.

Top Cities for Startups in Cyprus - Ranked by StartupBlink
StartupBlink ranks the startup ecosystems of 100 countries and 1,000 cities. Download our latest Global Startup Ecosystem Report.
2023 National Rank & Change ▲
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Notable Startups in Cyprus startup icon
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Successful Health startups in Cyprus


Startups Ranking by Industry

Health icon
#37 worldwide

On our map, you can explore a total of 26 startups for Health.

Social & Leisure icon
Social & Leisure
#42 worldwide

In Western Europe, Cyprus' Social & Leisure is in top 42. Cyprus has a concentration of about 12 of the region's total Social & Leisure startups that are represented on our map.

Fintech icon
#44 worldwide

Cyprus' Fintech is ranked 44th in the world. Our database contains 8 for this industry.

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