The Startup World Cup Nicosia Finals 2024 concluded this week, with DISPL, a Cyprus-based startup leveraging AI technology for real-time offline marketing automation, taking home the top prize.
The event, which showcases the island’s growing role in global technological advancement, saw startups from across the country competing for a chance to represent Cyprus at the global finals in San Francisco later this year.
DISPL, a platform designed to help brick-and-mortar businesses better understand customer behaviour, secured its victory by offering a solution that bridges the gap between offline and online retail data.
The company’s CEO and co-founder, Serge Gale, highlighted the importance of their work in the retail sector.
“At DISPL, we’ve developed a platform that helps brick-and-mortar businesses better understand their customers’ behaviour in physical spaces,” he said.
With 90 per cent of global retail sales still occurring in physical stores, Gale said that the market for retail media technology is vast.
The sector incorporates $530 billion in trade marketing budgets, and DISPL’s platform is well-positioned to digitise offline operations.
According to an announcement, the company has reported a fourfold increase in cash inflow and added 200 new clients in the last 10 months alone.
Gale noted that the company’s Lifetime Value (LTV) is six times higher than its Customer Acquisition Cost (CAC), proving the long-term value DISPL brings to its clients.
Looking ahead to the global finals in San Francisco, Gale said “we’re incredibly excited to represent Cyprus in San Francisco”.
“The momentum is strong, and we’re seizing every opportunity to make the most of this exciting journey,” he added.
The Startup World Cup Nicosia Finals was also supported ASBIS, a company that has invested heavily in Cyprus’ innovation ecosystem.
At the event, ASBIS CEO Siarhei Kostevitch spoke about the company’s commitment to fostering technological growth.
“At ASBIS, we foster innovation through technology,” he said.
“Our investment philosophy is to empower visionary companies driving positive change through groundbreaking innovations,” he added.
In addition to supporting individual startups, ASBIS plays a crucial role in mentoring and guiding companies like DISPL as they scale their operations.
Kostevitch expressed confidence in Cyprus’ potential as a hub for technological growth, a sentiment echoed by other key figures at the event.
Andrei Avsievich, Co-Founding Investor and Super Angel, praised the calibre of startups participating in the competition.
“I am impressed by the levels of talent, products, and traction displayed at the Startup World Cup Nicosia Finals 2024,” he stated.
“Events like these highlight the entrepreneurial spirit in Cyprus and show the potential of our local startups to make a global impact,” Avsievich added.
Another key theme of the event was inclusivity, particularly the strong presence of female founders.
Angel investor Andrei Kouzel noted the importance of representation. “I was thrilled to see the strong representation of female co-founders in the Cyprus startup ecosystem, with 4 out of 7 startups led by women,” he said.
