Newsroom
33East, a new venture capital firm in Cyprus, has just launched its first fund with an impressive €26 million to help local startups. This fund is aimed at early-stage businesses tied to Cyprus, offering them financial backing and support to grow and innovate. This is a big win for Cyprus since 33East is the first local VC fund to be backed by the European Investment Fund (EIF), the Cypriot government, the National Recovery and Resilience Fund, and the Bank of Cyprus, among other investors.
The €26 million is made up of €19 million from the government’s Cyprus Equity Fund and €7 million from private investors, including €2 million from the Bank of Cyprus. The fund plans to invest between €500,000 and €1 million in early-stage startups, with an additional €2.5 million set aside to help entrepreneurs at the very start of their journey.
33East was co-founded by Demetrios Zoppos, a veteran entrepreneur, and Yiannis Eftychiou, a venture capital expert. Both have years of experience working with businesses in Europe, Africa, and Asia. They believe Cyprus has a lot of potential to be a hotspot for innovation and want to help the country grow its technology ecosystem.
Their goal goes beyond just providing funding; they want to help startups expand internationally and succeed with strong partnerships, guidance, and valuable connections. 33East is now inviting startups to apply for funding or chat with their team on their website.
