Limassol named top startup city in Southern Europe
Cyprus has leapt nine places in the 2024 StartupBlink Ecosystem Index, marking it as the fastest-growing startup ecosystem within the European Union, the Research and Innovation Foundation (RIF) has reported.
According to the RIF, this jump showcases Cyprus’ rising prominence in this space, especially among countries with populations under 2 million, where it now ranks fourth globally.
RIF also noted that Cyprus is sixth globally in terms of startup exits under $1 billion and ninth in investor density per capita.
The startup sector in Cyprus has expanded fivefold since 2020, reflecting rapid growth.
Notably, it is the only country of its size with four cities recognised in the global startup rankings.
In the sectors of fintech and gaming, Cyprus ranks 39th and 25th globally, respectively.
Limassol, in particular, stands out as the leading city in Southern Europe for startups.
RIF director general Theodoros Loukaidis, provided further insights. He said that “Cyprus’ startup ecosystem is expanding rapidly.”
“This recognition,” he continued, “reaffirms our commitment to strengthening innovation and entrepreneurship.”
He explained that “with strong government support, targeted funding programmes, investment incentives, and talent attraction initiatives, we are fostering a favourable environment for startups.”
“These measures”, according to Loukaidis, “help startups to develop products, secure private investment, and scale internationally, and succeed.”
“As Cyprus continues to establish itself as a regional hub for research, innovation, and technology, these achievements validate the country’s strategic vision and its ability to bring it to life,” Loukaidis concluded
