Cyprus-based venture capital company 33EAST, supported by the European Investment Fund, has raised €26 million to launch its first venture capital fund, aiming to boost the island’s start-up ecosystem and foster innovation.
The fund, launched in January, is backed by the Cypriot government through the ‘National Recovery and Resilience Plan’, the Bank of Cyprus, and local investors.
Its initial capital includes €19 million from the Cyprus Equity Fund, a programme under the plan, and €7 million from private investors, with €2 million contributed by the Bank of Cyprus.
Targeting pre-seed and seed-stage start-ups, 33East offers investments ranging from €500,000 to €1 million per company.
An additional €2.5 million has been allocated to an accelerator initiative designed to nurture earlier-stage ventures.
“Cyprus has a lot to offer tech start-up founders. We want to help shape Cyprus into a hive of innovation and entrepreneurship,” saidDemetrios Zoppos, who co-founded the fund with Yiannis Eftychiou.
Zoppos, an entrepreneur and investor with over 25 years of experience in early-stage technology companies, added that 33East’s mission is “to play a catalytic role in this vision for Cyprus by supporting founders with the capital, support, and connections to create fast-growth businesses.”
Yiannis Eftychiou, a venture capital professional with extensive experience across Europe, Africa, and Asia, highlighted their hands-on approach.
He said “We focus beyond providing capital to startups. We try to support founders who have the ambition to expand internationally.”
“We approach every partnership in a friendly and optimistic way, and we practically help founders to succeed,” Eftychiou concluded.
The fund’s team believes Cyprus offers unique opportunities for young entrepreneurs.
By leveraging their expertise in early-stage investments, they aim to support the country’s growing tech ecosystem and attract high-potential start-ups. Those interested can contact the team here.
