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.
