Cyprus: A rising Mediterranean hub for tech and innovation
Cyprus has rapidly emerged as a vibrant and fast-growing tech ecosystem,
fueled by strategic investment, strong government support, and an expanding
startup community. The country is now accelerating its digital transformation
through a series of national initiatives aimed at integrating artificial
intelligence across public and private sectors, expanding ultra-high-speed
network connectivity, and strengthening the digital economy.
Key priorities include developing digital skills, supporting research and
innovation, promoting startup entrepreneurship, and enhancing cybersecurity.
These efforts are already delivering results: in 2024, the tech sector
contributed €8.5 billion to the economy and supported over 62,000 full-time
jobs (KPMG).
The ICT workforce has grown significantly, reflecting the sector’s robust
expansion.
However, this rapid growth has driven rising demand for skilled talent. As
more international professionals fill key roles, Cyprus is increasingly reliant
on foreign expertise, highlighting the urgent need to invest in local talent
development to ensure long-term sustainability.
Through targeted reforms and strategic planning, Cyprus is building a strong
digital infrastructure and positioning itself as a leading Mediterranean hub
for global tech, innovation, and entrepreneurship.
These are the
companies to keep on your radar in 2025.
Eschatology Entertainment
Amount raised in 2024: €10.2M
Eschatology Entertainment is a Cyprus-based game studio founded in 2022 by industry veterans. With a global, remote team, the studio is crafting a narrative-rich, AAA Souls-like first-person shooter set in an apocalyptic Wild West world.
In August 2024, Eschatology closed a Series A round of €10.2 million to fund final development, complete a showcase vertical slice, and build an internal publishing team.
The studio aims to create immersive, story-driven experiences with rich philosophical and cinematic depth. Its IP is designed to grow into a lasting cultural franchise beyond just one game.
Obelisk Studio
Amount raised in 2024: $2M
Obelisk Studio is a game and CG outsourcing studio excelling in high-fidelity assets for games, film, and cinematics.
Serving independent developers and AAA studios alike, its skilled team of art directors and artists, each with over a decade of industry experience, produces top-tier 3D character art, environmental modelling, sculpting, and cinematic visuals. The studio is also developing Displacement, a first-person horror-action title set in a near-future alternate reality.
Obelisk Studio raised $2 million in 2024 to fuel its transition from supporting AAA franchises to developing its own original IP.
Moving Doors
Amount raised in 2024: €1.2M
Moving Doors is a proptech company offering designer, fully furnished rental apartments across cities, including Limassol, Larnaca, Paphos, and Dubai.
Through its online platform, customers can explore real-time listings, book accommodations instantly, and manage support and services via a tenant app.
The company raised €1.2 million in 2024 to deliver flexible long-term stays for professionals and digital nomads.
Magify
Amount raised in 2024: €1M
Magify is an analytics and LiveOps platform, designed specifically for mobile game developers. It enables studios to scale user engagement, optimise monetisation, and forecast revenue growth through advanced tools like predictive analytics, remote A/B testing, hyper-personalised segmentation, and purchase validation.
With a lightweight SDK and intuitive dashboard, Magify helps developers maximise LTV and ROAS while reducing development and QA overhead. Its clients include studios whose games collectively engage over 350 million players worldwide.
Magify raised €1 million in seed funding in September 2024 to fuel product development and expansion.
Placy
Amount raised in 2024: €1M
Placy is a Cyprus-based proptech startup, offering AI-powered assistants tailored for the real estate sector.
It provides two main products. The first, Placy is a consumer-facing AI assistant for property buyers and sellers, available via WhatsApp and Telegram, handling tasks like valuations, appointment scheduling, and property agreements. The second, Placy Pro, is a white-label SaaS solution for real estate professionals and agencies, integrating with MLS systems and CRMs. It automates lead qualification, booking, follow-ups, upsells, and multilingual client engagement—all without technical overhead.
With pre-seed funding of €1 million secured in October 2024, Placy aims to streamline real estate workflows, boost agent productivity, and enhance conversion rates globally across EU and MENA markets.
Wild Forest
Amount raised in 2024: Undisclosed
Wild Forest is a free-to-play real-time strategy game developed by Zillion Whales, blending fast-paced PvP battles with card-collecting mechanics and NFT rewards powered by the Ronin blockchain.
Players build a custom deck of unit cards, wage single-screen battles to control territory, and upgrade their assets (mines, barracks, and towers) to gain tactical advantage. A distinctive day-night cycle with fog of war enhances strategy and decision-making.
The game supports NFT progression: players collect units, mint NFTs, upgrade their rarity, and trade them on the marketplace for real rewards.
The company raised an undisclosed investment in 2024 to support its growth and expand development efforts.