Cyprus has solidified its position as a rising force in the global startup ecosystem, recording the largest rise worldwide in the StartupBlink Ecosystem Index 2024.

According to a press release by the research and Innovation Foundation (RIF), the country climbed nine spots in the global ranking, earning the title of the fastest-growing startup ecosystem in the European Union.

This success is further highlighted by Cyprus’ outstanding performance across key indicators. Specifically Cyprus ranks 4th globally among countries with a population under 2 million, 6th globally in the number of startup exits below $1 billion and 9th globally in the number of investors per capita.

Cyprus has also a fivefold increase in startups compared to 2020, demonstrating the sector’s rapid expansion and is the only country under 2 million population with four cities ranked in the global startup index.

Additionally, Cyprus continues to stand out in specific sectors, ranking 39th globally in Fintech and 25th in Gaming, with Limassol securing 1st place in Southern Europe.

The Director General of RIF, Theodoros Loukaidis, commented that Cyprus’ startup ecosystem is expanding rapidly.

“This recognition reaffirms our commitment to strengthening innovation and entrepreneurship. With strong government support, targeted funding programs, investment incentives, and talent attraction initiatives, we are fostering a favorable environment for startups to develop products, secure private investment, scale internationally, and succeed,” he said.

He added that 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.