Cyprus fund to support local startups

by | Jan 22, 2025 | Business

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33East, a Cyprus-based venture capital firm, announced the launch of its inaugural fund with a first close of 26 million euros.

The fund will invest in pre-seed and seed-stage founders and startups with a connection to Cyprus, offering capital, support and network to help drive Cyprus’ transformation into a hive for innovation and entrepreneurship.

33East is the first VC fund in Cyprus to receive backing from the European Investment Fund (EIF), supported by the government of Cyprus, the National Recovery and Resilience Fund (RRF), the Bank of Cyprus, and other prominent local investors. This marks a transformative step for the country’s startup ecosystem.

The €26 million first close comprises €19 million from the Cyprus Equity Fund (CEF), a program backed by the National Recovery and Resilience Plan, and €7 million from private investors, including a €2 million contribution from the Bank of Cyprus.

The fund will invest in startups in the pre-seed and seed-stages, with initial investments ranging between €500,000 to €1 million per company. The fund will also allocate €2.5 million in an acceleration compartment to support entrepreneurs at the earliest stages of their journey.

 

https://www.ekathimerini.com/economy/1259304/cyprus-fund-to-support-local-startups/

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