Cyprus has made a significant leap in the global startup scene, officially entering the Top 40 worldwide for the first time, according to the latest StartupBlink Global Startup Ecosystem report. This marks a major milestone for the country’s innovation and entrepreneurship efforts.
The Research and Innovation Foundation (RIF) celebrated the news, noting that Cyprus climbed five spots from its 2024 ranking, now standing at 40th globally — its highest ever position. With an annual ecosystem growth rate of over 28%, Cyprus now ranks among the fastest-growing startup environments worldwide.
On the European front, the country also moved up two places, securing a position in the Top 25 ecosystems in Europe. For the second year in a row, Cyprus is the most improved EU member state, reinforcing its upward trajectory in tech and innovation.
The report highlighted some standout stats:
-
A 71% increase in startups since 2024
-
2nd globally among countries with under 2 million people
-
The only country with four cities (Limassol, Nicosia, Larnaca, Paphos) featured in the index
-
4th in Southern Europe overall
-
2nd globally in the gaming sector
-
3rd in fintech in Southern Europe
-
9th in blockchain within the EU
Limassol stood out as the fastest-growing city in Cyprus, jumping nine places to rank 230th globally and now 12th in Southern Europe, closing in on the 11th spot. With a growth rate of over 26%, Limassol continues to shine as a regional hub for innovation.
RIF also emphasized its critical role in accelerating this growth, citing its strategic use of financial tools and innovation programs to nurture the local tech ecosystem.
During the global unveiling of the report, RIF General Manager Theodoros Loukaidies spotlighted Cyprus’ strategic progress. He described the new ranking as proof of long-term commitment to supporting startups and innovation through deliberate policies, resources, and forward-thinking investments.
Source: Stockwatch.com.cy
