33East: Pioneering Cyprus’ Startup Revolution With €26M Venture Fund

by THEFUTURE.TEAM

January 23, 2025

33East, a Cyprus-based venture capital firm, has officially launched its first fund, securing an initial close of €26 million. Focused on pre-seed and seed-stage startups with ties to Cyprus, the fund aims to catalyze the island’s evolution into a hub for innovation and entrepreneurial growth.

This milestone is particularly significant as 33East is the first VC fund in Cyprus to secure support from the European Investment Fund (EIF). The EIF’s backing, facilitated through the Government of Cyprus and the National Recovery and Resilience Fund (RRF), is complemented by contributions from the Bank of Cyprus and leading local investors, marking a transformative moment for the nation’s startup landscape.

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The fund’s initial €26 million pool consists of €19 million from the Cyprus Equity Fund (CEF)—a program aligned with the National Recovery and Resilience Plan—and €7 million from private investors, including a notable €2 million from the Bank of Cyprus.

33East plans to invest in early-stage startups, with initial funding between €500,000 and €1 million per company. Additionally, the fund has set aside €2.5 million for an acceleration program to nurture entrepreneurs in the earliest phases of their ventures.

The firm is founded by seasoned experts Demetrios Zoppos and Yiannis Eftychiou and benefits from its leaders’ wealth of experience. Zoppos, a veteran entrepreneur and angel investor, brings over 25 years of expertise in early-stage technology ventures. Eftychiou, with his background in venture capital, has worked with high-growth companies across Europe, Africa, and Asia.

Their shared vision for Cyprus as a burgeoning tech and innovation hub drives the fund’s mission. “Cyprus is brimming with potential for entrepreneurs,” said Zoppos in an interview with CNA. “Our goal at 33East is to provide not just capital but also the guidance and networks founders need to create scalable businesses.”

Eftychiou echoed this sentiment: “We’re not just funding startups; we’re building partnerships. We’re here for founders with bold ambitions to scale internationally, offering them optimism, support, and unwavering commitment to their success.”Startups interested in collaborating with 33East or learning more are encouraged to connect with the team via their website: www.33east.vc.

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Cyprus Hits Historic Tourism Peak As Overtourism Risks Mount

by THEFUTURE.TEAM

February 13, 2026

Record-Breaking Performance In Tourism

Cyprus’ tourism sector achieved unprecedented success in 2025 with record-breaking arrivals and revenues. According to Eurobank analyst Konstantinos Vrachimis, the island’s performance was underpinned by solid real income growth and enhanced market diversification.

Robust Growth In Arrivals And Revenues

Total tourist arrivals reached 4.5 million in 2025, rising 12.2% from 4 million in 2024, with momentum sustained through the final quarter. Tourism receipts for the January–November period climbed to €3.6 billion, marking a 15.3% year-on-year increase that exceeded inflation. The improvement was not driven by volume alone. Average expenditure per visitor increased by 4.6%, while daily spending rose by 9.2%, indicating stronger purchasing power and higher-value tourism activity.

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Economic Impact And Diversification Of Source Markets

The stronger performance translated into tangible gains for the broader services economy, lifting real tourism-related income and overall sector turnover. Demand patterns are also shifting. While the United Kingdom remains Cyprus’ largest source market, its relative share has moderated as arrivals from Israel, Germany, Italy, the Czech Republic, the Netherlands, Austria, and Poland have expanded. This gradual diversification reduces dependency on a single market and strengthens resilience against external shocks.

Enhanced Air Connectivity And Seasonal Dynamics

Air connectivity has improved markedly in 2025, with flight volumes expanding substantially compared to 2019. This expansion is driven by increased airline capacity, enhanced route coverage, and more frequent flights, supporting demand during shoulder seasons and reducing overreliance on peak-month flows. Seasonal patterns remain prominent, with arrivals building through the spring and peaking in summer, thereby bolstering employment, fiscal receipts, and corporate earnings across hospitality, transport, and retail sectors.

Structural Risks And Future Considerations

Despite strong headline figures, structural challenges remain. The European Commission’s EU Tourism Dashboard highlights tourism intensity, seasonality, and market concentration as key risk indicators. Cyprus records a high ratio of overnight stays relative to its resident population, signalling potential overtourism pressures. Continued reliance on a limited group of origin markets also exposes the sector to geopolitical uncertainty and sudden demand swings. Seasonal peaks place additional strain on infrastructure, housing availability, labour supply, and natural resources, particularly water.

Strategic Investment And Market Resilience

Vrachimis concludes that sustained growth will depend on targeted investment, product upgrading, and continued market diversification. Strengthening year-round offerings, improving infrastructure capacity, and promoting higher-value experiences can help balance demand while preserving long-term competitiveness. These measures are essential not only to manage overtourism risks but also to ensure tourism remains a stable pillar of Cyprus’ economic development.

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