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 Government Surplus Rises To €1.61 Billion In First Nine Months Of 2026

by THEFUTURE.TEAM

November 5, 2026

Cyprus recorded a general government surplus of €1.61 billion in the first nine months of 2026, equal to 4.0% of gross domestic product, as revenue growth outpaced the rise in public spending. Higher receipts from income taxes, social contributions and value-added tax (VAT) drove the improvement, while lower capital expenditure helped restrain spending.

Preliminary figures released Tuesday by the Statistical Service of Cyprus show the surplus rose to €1.17 billion, or 3.0% of GDP, up from € 442.1 million in the same period of 2025.

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Total government revenue increased 6.5% to €12.09 billion, while expenditure rose 2.9% to €10.48 billion.

Key Fiscal Measure	January–September 2025	January–September 2026
Total revenue	€11,353.9 million	€12,091.8 million
Total expenditure	€10,186.2 million	€10,482.1 million
Government surplus	€1,167.6 million	€1,609.7 million
Surplus as a share of GDP	3.0%	4.0%

Income Taxes And VAT Lead Revenue Growth

Taxes on income and wealth made the largest contribution to the increase in revenue. Receipts in this category climbed by €442.2 million, or 15.3%, to €3.34 billion, compared with €2.89 billion a year earlier.

Social contributions rose by €235 million, or 6.6%, to €3.78 billion. Taxes on production and imports increased by €251.5 million, or 7.2%, reaching €3.77 billion.

Net VAT receipts, after refunds, totalled €2.64 billion, up €293.1 million, or 12.5%, from €2.35 billion in the first nine months of 2025.

Some Revenue Streams Decline

Not all revenue categories moved higher. Capital transfers fell by €74.6 million to €96.7 million, while current transfers declined by €71.6 million, or 20.5%, to €278.2 million.

Revenue from services slipped 1.0% to €743.5 million. Interest and dividend receipts dropped by €37 million, or 28.6%, to €92.4 million.

Social Benefits And Personnel Costs Increase

On the expenditure side, social benefits rose by €199.6 million, or 4.9%, to €4.27 billion. Compensation of employees—which includes imputed social contributions and public-sector pensions—increased by €108.3 million, or 3.8%, to €2.99 billion.

Intermediate consumption, covering goods and services used in the delivery of public services, rose by €114.3 million, or 11.0%, to €1.16 billion. Interest payments increased by €8.7 million, or 2.6%, to €340.7 million. Current transfers were up €68.7 million, or 10.6%, at €714.7 million.

Lower Capital Spending Limits Expenditure Growth

The overall increase in spending was tempered by a decline in capital expenditure. Capital-account spending fell by €189.9 million, or 16.9%, to €936.2 million from €1.13 billion in the same period last year.

Investment in fixed capital declined by €94.1 million, or 12.1%, to €686.4 million. Other capital transfers fell by €95.8 million, or 27.7%, to €249.8 million. Subsidies also decreased, dropping by €13.9 million, or 15.5%, to €75.8 million.

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